India is weighing a 28% Goods and Service Tax (GST) for digital asset transactions, just a month after imposing a 30% tax on personal income from digital assets.
Newly-elected president Yoon Suk-yeol announced that his government would push back the tax scheduled for 2023 in favor of consumer protections.
In its first guidance on NFTs, J5 listed phishing scams, fake token giveaways, and wash trading as some of the ‘strong’ red flags that users should watch out for.
The country is now testing the digital yuan—e-CNY—for use in payments of tax, stamp duty, and social security premiums with Zhejiang, a province in Eastern China, pioneering the effort.
Source of funds is a set of rules that order banks and other financial institutions to know where and how their clients obtained funds before accepting them into their bank accounts.
Prime Minister Phillip Davis unveiled a white paper that charts out his plans for the digital asset future of the island, which he wants to make it the leader in the Caribbean.
The country’s taxman said that transactions will also be charged a value-added tax of 0.1%, way below the 11% charged to other goods and services in Indonesia.
The Indian Parliament passed the Finance Bill 2022-2023, which confirmed the 30% tax rate on all virtual digital assets (VDAs) that will take effect from April 1 in addition to other regulations.
Thai Finance Ministry announced new tax rules that seek to promote digital currency trading, a month after a public outcry that led to the scraping of 15% capital gains tax.
Her Majesty’s Revenue and Customs (HRMC) also seized $6,700 worth of digital assets and arrested three people alleged to have defrauded the gov’t of $1.9 million in taxes.
The proposal by the Minister of Finance will also see miners pay a monthly tax on their mining rigs, whether they use them to mine or even if they’re not in operation.