In a letter to the IRS, the lawmakers explain how taxing staking rewards as income could lead to excessive tax burdens.
Authorities are looking into the source of a leak that exposed South Korea government’s digital currency taxation plan.
The latest amendments mean it will no longer be an offence punishable by prison to facilitate digital currency trades in Russia.
The proposal will be voted on September 3, 2020, and is expected to take effect on October 1, 2021—if passed.
Researcher Jim Harper received a letter stating the IRS “had reason to believe” he had not paid full tax on his digital currency dealings.
Blockchain and digital currencies are “fully compatible” with existing legal frameworks, according to the Swiss Department of Finance.
CryptoPrep collects information on a user’s trades made on and off major exchanges and compiles it into a downloadable 8949 tax form.
Finance Minister Hong Nam-Ki told a parliamentary finance committee the government will introduce a taxation regime for digital currency.
Taro Aso said he would be unwilling to push for taxes on digital currency-related income to be reduced to 20%.
IRS is recruiting digital currency tax professionals to help them audit tax returns on digital currency earnings.
The US-owned territory has a new law on the books that will make considerable changes to digital currency tax incentives.