South Korea stresses the need to uphold fair taxation principles as it busted digital asset investors who failed to settle taxes, with authorities netting nearly $200 million from the operations.
Gov. Jared Polis made good on his promise earlier this year, announcing on September 19 that Colorado residents can now use PayPal’s digital asset service to pay taxes.
District of Columbia Attorney General Karl A. Racine announced that his office was suing the MicroStrategy founder over allegedly having “lived in the District for more than a decade but has never paid any D.C. income taxes.”
South Korea heightens its digital asset regulation with the finance ministry announcing that airdropped assets are now subject to a 10% to 50% levy, a move seen as a measure to counter gift tax evaders.
The lower chamber of the state Senate in Oklahoma approved the bill, which seeks to tax block reward miners like other manufacturers to attract mining operators to come to the state.
The U.S. Infrastructure Bill has a number of new rules aimed at controlling digital asset use, including an eight-word alteration to Section 60501 of the U.S. tax code, defining digital assets as cash for the first time.
The tax agency posted its 1040 form last year to ask about virtual assets; however, a query led to confusion among U.S. citizens who wondered if buying and holding counted as a digital currency transaction.
The country’s National Assembly resolved to push the tax after months of fierce back and forth between the government and members of parliament.
After much deliberation and debate, the $1.2 trillion bipartisan infrastructure bill passed 228-206, making funds available for much-needed upgrades to America’s critical infrastructure.
The bill is set to be limited to the use of digital currencies for buying and selling, and the conversion of Bitcoin assets into fiat currency.
The Florida county has created a task force that will look into the feasibility of using digital currencies to pay taxes and will be borrowing a leaf from Wyoming’s progressive regulations.