Philippines finance secretary urges BIR and BoC to embrace digitization
Benjamin Diokno allayed the fears of citizens by stating that there would be no increase in taxes. Rather the agencies would only pursue effective tax models.
Latest Taxation News
South Korea halts 20% digital assets gains tax until 2025
The regime was initially slated to come into force by October 2021, but lawmakers delayed the plan until January 2022 and ended up postponing it until 2023.
India’s economic crime agency questioning digital asset exchanges: report
The Directorate of Enforcement has been questioning executives at CoinSwitch Kuber, CoinDCX, and WazirX regarding violating foreign exchange regulations.
Taiwan’s XREX digital currency exchange suspends INR trading as India’s TDS law kicks in
According to Business Insider, XREX sent out a notice to users on June 30 directing them to withdraw their INR balances two days before the 1% TDS kicked in on July 1.
Argentina revenue service recovers over $800M after tax delinquents’ digital wallets seizure
AFIP has seized 1,269 digital asset wallets linked to tax delinquents since February 2021 with the backing of courts around the country, local media reports.
Russian parliament approves VAT exemption for digital currency issuers
The State Duma approved the draft law in the second and third readings but will still need to be approved by the Upper House and signed by President Vladimir Putin before it can become a law.
Argentina’s customs authority seizes block reward miners worth estimated $21 million
The Customs Authority of Argentina has seized 2,233 block reward mining rigs worth $21 million that it alleges were overvalued in an attempt to evade taxes.
Albanian digital currency tax regime to be unveiled in 2023: report
The draft proposes to tax income derived from business transactions involving digital assets or block reward mining; individuals will be subject to an investment income tax of 15%.
Spain introduces new digital currency tax reporting model
The previous framework only required holders to declare the earnings of their trading. Once the new legislation is approved, it will come into force in 2023 but will apply to operations in 2022.
India clarifies rules for filing controversial 1% TDS for digital assets
The circular from the CBDT amends the Income Tax rules to specify how firms and individuals should comply with the law. It also adds how the reporting format for the TDS should be spelled out.
How to file your digital currency taxes in India? Tax expert explains
According to Archit Gupta, founder and CEO of India-based digital currency tax filing startup Clear, India's tax regime for digital assets has some intricacies that need to be threaded with caution.
Coin Center sues US Treasury and IRS over unconstitutional digital currency tax reporting rule
The tax law amendment requires individuals and businesses that receive $10,000 or more in digital currencies to report the sender's name, date of birth, and social security number to the government.