Firms are requested to turn over their customers’ personal details and the type and value of their digital currency holdings for tax purposes.
Under the existing Israeli laws, digital currencies are considered assets and therefore, their sale or conversion attracts a 25% capital gains tax.
Payments made in digital currency will have a CHF100,00 ceiling, and both companies and private individuals are allowed to pay with digital currency.
There are three types of letters, each indicative of the degree to which the IRS thinks individuals are underreporting digital currency transactions.
The digital currency tax reporting service suffered a breach, resulting in 13,000 rows of data and 1,082 customer email addresses stolen.
The National Tax Harmonization Agreement will implement an information exchange and monitoring system for companies that will allow them to pay taxes in Petro.
With the coronavirus pandemic weighing heavily on the government’s hand, the tax will assist Kazakhstan in its recovery efforts.
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.