The Ministerio de Hacienda said digital holdings were considered taxable income by the authorities, and that there were sizable penalties for those who failed to disclose their holdings in full.
Her Majesty’s Revenue and Customs published the updated guidance to address the issue of proof-of-stake rewards, which had previously been treated informally in the same way as mining rewards.
Kentucky Governor Andy Beshear has signed a pair of legislative bills that enable block reward miners to take advantage of tax breaks in the energy-rich Commonwealth.
Officials at the Ministry of Corporate Affairs processed an amendment to Schedule III of the Companies Act, 2013, requiring companies both public and private to disclose information about their digital currency holdings and dealings in other digital assets.
The National Tax Service has identified some 2,400 suspected tax evaders relying on digital currencies to hide their assets, thought to amount to over KRW36.6 billion.
The U.S. state will issue tax and energy incentives to the miners in a move they hope will create jobs and spur economic growth.
The Token Taxonomy Act would also exempt swaps between digital currencies from taxation as well as change the tax structure for digital currencies in an individual retirement account.
The Turkish Ministry of Treasury and Finance tweeted that it was beginning work with a number of regulatory bodies to assess the risks posed by cryptocurrency, and to devise a government solution.
South Korea is reportedly bringing forward—yet again—plans for a tax on digital currency profits, which will see gains liable to a 20% tax.
The measures would apply from the 2020-21 tax year, and are expected to be brought in by a circular, according to reports.
Domestic residents from Russia and elsewhere, as well as domestic and foreign organizations established in the country, will be covered by the act.
The tax agency’s audit request is the first requiring South Africans to disclose their digital currency activities, according to local reports.
