Israel to Tax Cryptocurrencies

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Israel is going to put a tax on cryptocurrencies including bitcoin, regulators in the country said yesterday. According to a circular by Israel Tax Authority yesterday, the government said it looks at cryptocurrencies as a property rather than a currency, and therefore it will be taxable. According to the circular, translated by multiple reports, cryptocurrencies will […]. Cryptocurrency Exclusive Bitcoin cryptocurrency

Thailand to Tax Cryptocurrencies

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Taxes on cryptocurrency? According to a report by Nikkei Asian Review, after a cabinet meeting suggested that crypto traders could be charged with as much as 7% value added tax as well as up to 15% tax on capital gains. Taxing cryptocurrency is a way for […]. Compliance Cryptocurrency Exclusive Bitcoin cryptocurrency regulationsThat’s what regulators in Thailand are planning to institute.

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Arizona Considers Accepting Tax Payments In Cryptocurrency

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Two years after legislators in New Hampshire decided that they would not allow their citizens pay their taxes with bitcoin, the Arizona state legislature is mulling a bill that would pave the way for people to pay their Arizona taxes with cryptocurrencies, Coindesk reported. Jeff Weninger, one of the bill’s co-sponsors, said the bill is meant to make his state a friendly place for users of cryptocurrency technology.

South Korea’s Crackdown on Cryptocurrency

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South Korean government’s skepticism on the cryptocurrency phenomenon has taken a new form as reports emerge that the government is looking to ban all digital currencies as well as prominent exchanges. Reuters reported that two of the country’s largest exchanges Coinone and Bithumb were raided this week by police and tax agencies on allegations of […]. Cryptocurrency Exclusive Bitcoin cryptocurrency South Korea

Bitcoin Daily: Venezuela May Collect Taxes In Crypto; Russian Agency Proposes AI To Track Crypto Transactions

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Venezuela may be going forward with a plan to allow the use of the Petro (PTR) cryptocurrency to pay taxes, according to Cointelegraph. His charges involve Q3 telling investors the company used a proprietary algorithm that guaranteed returns trading on cryptocurrency.

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Swiss Ski Resort Accepts Bitcoin For Taxes

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Zermatt, a ski resort town of 5,400 residents in Switzerland, has decreed that cryptocurrency bitcoin can now be utilized to pay taxes and other government services, Bloomberg reported. Everyone is talking about cryptocurrencies and blockchain, and if you don’t try it out, you don’t get smarter,” Biner-Hauser said. The New York Times reported this week that bitcoin prices, trading and shopping are all lower, but illegal uses of cryptocurrency are at an all-time high.

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Many Bitcoin Investors Don’t Plan To Deduct Losses On Tax Returns

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Bitcoin investors took a massive hit in 2018 – and, according to personal finance company Credit Karma, most of them don’t realize they can write off the losses on their tax returns. According to a report in MarketWatch , citing Jagjit Chawla, general manager of tax at Credit Karma, U.S. Credit Karma surveyed bitcoin investors to get a sense of how they plan to treat the losses and gains on their taxes.

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Crypto Fails To Impress For Corporate Tax Payments

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When the state of Ohio partnered with cryptocurrency company BitPay last year, it meant the state would become the first in the U.S. to allow businesses to pay their corporate taxes in bitcoin. “We really want to roll out the red carpet, and welcome all sorts of blockchain companies to Ohio — not just in the cryptocurrency space, but in a variety of different use cases,” he said. Ohio’s effort signaled a renewed push for corporate adoption of cryptocurrency.

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India Moves To Outlaw Cryptocurrencies

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The Indian government has drafted a bill that would ban cryptocurrencies and attempt to regulate any official digital money, according to reports. . The proposed bill is appropriately called the “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019,” and the draft has been distributed to various different government departments. Many government agencies feel the need to move on cryptocurrency is urgent.

Overstock To Pay Some Ohio Business Taxes With Bitcoin

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3) that it will pay a portion of its state business taxes in Ohio in bitcoin, becoming the first major U.S. company to pay state taxes in bitcoin. In a press release , Overstock said it plans to pay its commercial activity taxes (CAT) in Ohio this coming February using the state’s recently launched OhioCrypto.com platform, which lets taxpayers pay state business taxes with bitcoin. Cryptocurrency bitcoin cryptocurrency News ohio taxes What's Hot

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Bitcoin Daily: S. Korea Eyes Crypto Capital Gains Tax; Crypto Lawyers See Rise In Demand

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South Korean crypto users might soon see 20 percent taxes on their currency, according to Cointelgraph. Proposed amendments to existing bills want to classify cryptocurrencies as goods rather than currencies. A South Korean court referenced the coins saying they “have been recognized only as a function of currency and have not been subject to income tax, but recently, virtual assets (like Bitcoin) are increasingly being traded as goods with property value.

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Bitcoin Daily: OCC: US National Banks Can Hold Digital Assets; S. Korea Eyes 20 Pct Tax On Crypto Trading

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This opinion clarifies that banks can continue satisfying their customers’ needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency.” 3, while the revamped tax code could become live as of Oct.

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Libra Could Pose Tax Challenges In Europe

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With the idea of pegging Libra’s value to a basket of international currencies, Facebook ’s proposed cryptocurrency would bring tax challenges to European users, per tax lawyers. Clifford Chance Partner Dan Neidle said, per the report, “In most countries, gains will be taxable, meaning consumers will have to file a detailed tax return showing all their transactions and the exchange rate at the time, and pay any tax due.

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Bitcoin Daily: ECB Tightens Scrutiny On Crypto Transactions; Tax Bill Would End Double Crypto Tax

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The European Central Bank (ECB) said in a report that fixing cryptocurrency asset data gaps still presents a sizable challenge for financial institutions as well as regulators, Cointelegraph reported. Ted Budd (NC) has reintroduced the Virtual Value Tax Fix Act, Coindesk reported. Budd noted prior to an introduction of the bill earlier in the summer that the code puts a 40 percent tax rate on transactions.

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Ohio To Let Businesses Pay Taxes With Bitcoin

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Ohio is leading the charge in terms of accepting bitcoin as a payment method, as it is the first state to accept bitcoin to cover tax bills. According to a report in The Wall Street Journal , reported businesses in the state will be able to go to OhioCrypto.com and register to pay for a range of taxes, from cigarette sales taxes to employee withholding taxes, with bitcoin. The state will eventually open it up to individual tax filers as well.

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Why Timing Is Everything On Tax Day

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Tax Day for Americans is here, or at least it will be on Tuesday, April 17. This year is a bit of an unusual year as far as taxes are concerned, since April 15 actually falls on a Sunday. Normal protocol would automatically push the tax filing deadline to April 16, but this year, April 16 marks Emancipation Day in the nation’s capital, and so, as a holiday gift to all of us, the Internal Revenue Service (IRS) has given Americans until April 17 to file their taxes.

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In South Korea, Treating (And Taxing) Crypto Gains As Income

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To get a better handle on crypto – and to boost government coffers, perhaps – change the tax designation (and rules, of course). To that end, reports came this week that in South Korea , the Ministry of Economy and Finance is considering a 20 percent tax on income generated from cryptocurrencies – a policy that would codify tax policy where no real foundation yet exists. By way of contrast, capital gains can be taxed at more than 40 percent.

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NY Creates Cryptocurrency Task Force

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A New York State politician announced the creation of what he called the nation’s first cryptocurrency task force, to “study how to properly regulate, define and use” the currency, according to a Facebook post and reports. Cryptocurrencies , like bitcoin, Ethereum, Litecoin and Ripple , are digital assets designed to work as a medium of exchange that uses strong cryptography to secure transactions,” he said. Cryptocurrency, however, is more than just an asset that stores value.

Ohio Treasurer Suspends Bitcoin Business Tax Payment Program

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The state of Ohio has decided to end its support for bitcoin tax payments, state Treasurer Robert Sprague announced this week. In a statement published on Sprague’s official website this week, the treasurer said “OhioCrypto.com,” the website that allows businesses to pay their taxes in cryptocurrency, would be suspended immediately. “It Ohio first announced its BitPay partnership last year to become the nation’s first state that allows businesses to pay taxes in bitcoin.

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IRS Finds Discrepancies In Crypto Holders’ Tax Returns

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The Internal Revenue Service has issued another warning to cryptocurrency investors with federal returns that don’t match the information received from virtual currency exchanges. Last month it was revealed that the IRS was sending letters to about 10,000 cryptocurrency holders warning them about the penalties they will face if they don’t report their income or pay taxes on the transactions.

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Swiss ski resort Zermatt now accepts bitcoin to pay taxes

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The town’s 5,400 residents will be able to settle bills for taxes and other government services such as work permits using the cryptocurrency, Mayor Romy Biner-Hauser said. Switzerland Digital payments Bitcoin Cryptocurrencies

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Bitcoin Daily: Bitcoin Briefly Breaches $3,700; NH Eyes Crypto Tax Payments

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In other news, New Hampshire is considering a law that would allow residents to pay their taxes with cryptocurrency. CoinDesk reported that NH House Bill 470 would allow state agencies to accept digital currency for tax payments. If the bill becomes a law, the state treasurer would have until November to figure out how it can accept crypto for tax payments. Bitcoin bitcoin bitcoin price crypto cryptocurrency etf litecoin News NH SEC tax payments What's Hot

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Bitcoin Daily: S Korea Eyes New Crypto Income Tax; Less Network Traffic Causes Drop In Bitcoin Fees

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South Korea is pondering a modification to its tax law which could place taxes on cryptocurrencies. Though not much information is currently available, the new rules could impose restrictions on profitable sales of cryptocurrency and revenues gleaned from national crypto-mining projects, according to Cointelegraph. South Korea attempted to impose taxation on cryptocurrency early in 2020.

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In Asia, Focus On Big Tech Regs And Taxes

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Scrutiny of tech firms is spreading across the globe, hinting at broader regulations over privacy and, possibly, bigger tax bills. To that end, in Southeast Asia, a number of countries, including Indonesia, Vietnam and the Philippines, are looking to regulatory actions that will levy more taxes on marquee tech names, such as Google, as they do business in that region. The tax would be in force even when the companies are located offshore.

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Bitcoin And The Bitter Tax Bite

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By now you know South Korea is a prime mover for cryptocurrencies — be it up or down. And lest you think changes in tax policy sow confusion only in the United States, think again. Bitcoin breeched a key psychological barrier on news that the South Korean government would tax income earned by virtual currency exchanges to the tune of 24.2 he continued, there’s almost no reason to use cryptocurrencies across an actual use case. Which cryptocurrencies will dominate?

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New Digital Taxes Loom On Tech Firms In Europe

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Amid the continuing drumbeat for taxes on global commerce done through digital means, the Czech government has approved a new seven percent digital tax on global Internet firms which will, as Reuters reports , be levied on revenues tied to Czech users across advertising, digital marketplaces and data sales. Czechoslovakia becomes only one of latest in a sting of European countries that are implementing, or will seek to implement digital taxes.

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Bitcoin Daily: Binance Tells US Users To Take Out All Funds; OKEx To Reportedly Restart Withdrawals; S Korea Seeks To Postpone Crypto Tax Law; Coinbase To Only Provide IRS Form 1099-MISC

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The potential amendment to bring in the tax plan is intended to take effect in October of next year, but the legislative body is aiming to have the taxation timeframe begin in the first month of 2022. Bitcoin Binance cryptocurrency digital currency international News OKex What's Hot

Bitcoin, Peers Slammed On South Korean Tax Fears

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Bitcoin, the marquee name and poster child for cryptocurrencies, had a rough go of it on Monday (Jan. As for the rumors (confirmed through a government announcement), in South Korea, several exchanges might be on the hook to pay taxes of as much as 24 percent on earnings from 2017. Separately, ZDNet reported that South Korea will ban foreigners and minors from trading cryptocurrencies or creating bank accounts for them within the country.

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Libra Forces Cryptocurrency Regulators To Reexamine Procedures

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Facebook’s Libra project has renewed focus on how cryptocurrencies are regulated, with current rules on the sector patchy and varying from country to country. This week , it was reported that the Financial Action Task Force (FATF), the global anti-money laundering organization, is monitoring the planned Libra cryptocurrency, a signal of the growing scrutiny on cryptocurrency’s potential for money laundering and terrorism financing. Cryptocurrency and Blockchain.

Nordea Institutes Cryptocurrency Trading Ban For Employees

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Due to high risks and “insufficient” protection, the Nordic region’s largest bank will ban its approximately 31,000 employees from trading in cryptocurrencies such as bitcoin, the company said on Monday (Jan. While Nordea will not force employees to sell cryptocurrencies that they currently own, the bank recommends that they do so. For employees who do wish to trade in cryptocurrency, they will not be able to do so from Feb.

Hedging Bets, Hedging Taxes As Taxman Cometh For Cryptos  

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If the world of cryptocurrencies is relatively nascent, unformed, without a clear roadmap … guess what else is equally opaque? Tax policy. The investors are dozens of hedge funds, the financial publication has said, with billions of dollars invested in cryptocurrencies. The move to grab billions of dollars in holdings amid wild speculation has come against a backdrop where tax policy remains unsure. The upshot may be taxes owed, or penalties looming … or both.

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Bitcoin Daily: New Zealand Might Change Crypto Tax Rules; Singapore Rules Against eCurrency Operator; ConsenSys To Use Crypto In Healthcare Projects

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New Zealand is considering changes to its treatment of cryptocurrencies, including dropping a tax on goods and services that many people are unhappy with, according to CoinDesk. The goods and services tax (GST) is unpopular with some. Bitcoin is treated as a property, with all the normal rules of taxation applying, which means crypto is liable to be taxed 15 percent under the GST. It said the GST may be dropped in terms of cryptocurrencies.

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Bitcoin Daily: UK Tax Agency Defines Crypto As Commodities; Crypto Exchange Bittrex Sued For SIM Card Bitcoin Theft

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s tax authority has released cryptocurrency tax guidance for businesses, revealing that crypto assets will still be defined as commodities. That means that companies that participate in trading exchange tokens must make tax payments. The type of tax paid — capital gains tax, corporation tax, income tax, national insurance contributions, stamp taxes or VAT — will be decided by the tax authority. The U.K.’s

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What is cryptocurrency ?

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Cryptocurrency is a digital currency that used cryptographic technology and works as a virtual medium of exchange. The most common feature of cryptocurrency is it has no central authority to control the currency and it has no physical form. Cryptocurrency uses blockchain technology that makes it impossible to counterfeit and maintain the proper integrity of the transaction. The history of cryptocurrency is not new. This is the basic principle of cryptocurrency.

Bitcoin Daily: IRS Eyes Hiring Contractors To Help With Crypto Taxes; Phemex Exchange To Launch Subscriptions Instead Of Charging Per Trade

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The IRS is seeking to have contractors assist in auditing digital currency tax returns, according to a post on CryptoTrader.Tax ‘s website. CryptoTrader.Tax is a tax software platform and is used by bitcoin as well as digital currency investors to manage their reporting. The firm said it would not seek to work on the contract, noting in the post that its “full focus is on serving our customers and making the cryptocurrency tax reporting process as seamless as possible.”.

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