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.
The law division of the U.S. Library of Congress’s report highlights the discrepancies in the tax treatment of digital currency rewards between different jurisdictions.
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.
