Taking notes on the mess that hit El Salvador in 2021, Australia decided against taxing digital assets as foreign currency while working on providing clarity on the definition of virtual currencies.
Japanese investors can pay up to 55% in taxes on their digital assets, with firms forced to pay taxes on unrealized gains, leading to capital flight from the country.
Colombia is ramping up its fight against tax evasion with a plan to set up a digital bank currency. The move also seeks to ease consumer transactions and improve payment traceability.
The filings also mention M.Y. Safra Bank, which partnered with SFOX in 2019 to offer its customers cash deposit accounts backed by the FDIC.
The South African Revenue Service defines digital assets as all items stored on a distributed ledger on decentralized networks, including currency and non-currency assets.
The NTS is also looking into individuals using digital assets to evade inheritance and gift taxes, as well as online platforms relocating their servers to tax havens.
The lobby groups specifically asked for the practice of taxing unrealized gains to be removed, while a uniform 20% tax regime with exemptions to allow for unrealized gains to be carried forward.
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.
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.
The Directorate of Enforcement has been questioning executives at CoinSwitch Kuber, CoinDCX, and WazirX regarding violating foreign exchange regulations.
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.
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.
