Qualifying transactions will be subject to a tax rate of 20%, according to the Ministry of Economy and Finance, which drew up an amendment following a change in the rules in 2020.
The law charges a digital services tax on all digital marketplaces and services, as the government seeks to raise $46 million from the sector.
In his recent blog post, Dr. Craig Wright delves into how Bitcoin’s immutable ledger allows for authorities to link transactions with individuals.
In a recent op-ed, former head of the IRS Criminal Investigation Division Dan Fort warned the tax agency will shift from education to enforcement in 2021.
The IRS has released revised draft instructions that clarify the virtual currency question that they added to the 1040 tax form.
The central government believes that the industry could provide up to $1 billion worth of taxes once the taxes are imposed, according to reports.
The Tax Authority has been reportedly sending inquiries to local and global exchanges, pressuring them to divulge information about Israeli digital currency owners.
The days of digital currency being used in unmarked trades that result in profit or loss are over–and that’s not a bad thing, Patrick Thompson writes.
Public officials in Russia must include digital currencies owned by their spouses and children, and must report by June 30, 2021.
The government’s tax agency is reportedly monitoring the industry, seeking to impose as much as 30% tax on digital currency earnings.
The South Korean Strategy and Finance Committee has approved an amendment that delays South Korea's digital currency tax plan until January 2022.