As the crackdown on tax evasion continues, the U.S. Treasury Department is lobbying for stringent regulations, which would include the disclosure of users' trading activity to the IRS.
Once an investor has dominion and control over the staking rewards, they become taxable income, says the IRS in latest ruling, despite SEC’s staking crackdown.
The top accounting official at the U.S. Securities and Exchange Commission cautioned auditors against having their non-audit work being used by crypto firms as financial statement audits.
Faruk Fatih Özer said he couldn’t access the documents as Thodex was under a trustee, but the judge rejected the defense—he awaits a verdict on $2 billion 'crypto' scam.
The bill passed a preliminary reading in parliament and will also lower taxes on digital asset options for employees as Israel seeks to become a digital currency hub.
IMF says tax systems have yet to evolve to cover digital assets, and the volatility, pseudonymity, and lack of global definition make taxation difficult.
The Finance Bill has come under heavy criticism for its new taxes, including a 3% tax on digital asset sales, which exchanges must remit within 24 hours.
The National Council of Slovakia voted 112-2 in favor of the amendment, which will lower the taxes from a maximum of 25% to “simplify their use in everyday life.”
Under the old tax rules, companies that issued and held their own digital tokens in Japan were subjected to 30-35% taxation on value gains if those tokens were listed on an open trading market.
Some say the tax is an endorsement and legal recognition by the Nigerian government, but others say the tax is too high and could milk the nascent industry dry.
Dubbed the Crypto-Asset Reporting Framework, the new tax reporting standard by the Organization for Economic Cooperation and Development received input from tax authorities from G20 nations.
Bill 1751 seeks to slash the tax breaks BTC miners enjoy in Texas, while bill 1666 wants exchanges to hold reserves high enough to cover customer obligations.
