By CCN.com: Big Four accounting firm Ernst & Young (EY) wants to make filing your crypto tax returns easier. To this end, the auditing giant launched the second generation of its EY Blockchain Analyzer, a blockchain analytics tool. EY rolled out the product at its annual Global Blockchain Summit this week. In a statement, EY says it invested millions of dollars during the past two years to...
South Africa’s tax agency is looking into methods for identifying tax-dodging cryptocurrency traders, the acting head of the authority has revealed. The South African Revenue Service (SARS) is studying ways to spot non-compliant cryptocurrency traders in order to investigate any scenario of failure to declare profits from investments, acting Commissioner Mark Kingon said while speaking at the...
France has more than halved its cryptocurrency income tax rate on capital gains, incentivizing citizens to invest and even take some profits in the market. The French Council of State has decided to change the classification of cryptocurrency capital gains, thereby lowering the tax rate from as high as 45% to a flat rate of 19%, a French online publication revealed. With the added...
South Africa’s tax agency has told taxpayers that cryptocurrency-related income will fall under normal tax rules and may also be liable for capital gains tax. The South African Revenue Service (SARS) has reminded taxpayers that the onus is entirely on them to declare cryptocurrency gains or losses as part of their taxable income. Crypto-related gains or losses can occur through mining or trading...
Spain’s official tax agency has reportedly sought names and trading data of cryptocurrency adopters by requesting the details from over 60 companies. Citing an official from the Agencia Estatal de Administración Tributaria (AEAT), the revenue service of the kingdom of Spain, El Confidencial is reporting that the authority is launching the country’s biggest dragnet yet to look into tax evasion and...
South Korea’s ministry of strategy and finance is reportedly planning to announce a cryptocurrency taxation framework by June’s end this year. The government is expected to begin taxation in 2019. In the aftermath of the recently concluded Finance Ministers’ meeting at this year’s G20 summit, South Korea is planning to unveil its cryptocurrency tax plan alongside the G20’s own plan to field...
Thailand’s Ministry of Finance has outlined its proposed tax rates for cryptocurrency trading and investments amid the ongoing legislative process to regulate and tax the sector. Speaking after a weekly cabinet meeting on March 27, Thai finance minister Apisak Tantivorawong announced the government’s tax framework for cryptocurrencies that will reportedly encompass all retail trading and returns...
Australia’s official taxation department has opened a public consultation to hear feedback about its tax guidelines on cryptocurrencies. In a statement this week, the Australian Taxation Office (ATO) confirmed an update of its cryptocurrency tax guidance after admitting to fielding a number of community queries ‘about how to approach specific tax events.’ In light of the increasing number of...
A new partnership between major cryptocurrency exchange Zebpay and tax filing platform Cleartax aims to assist cryptocurrency investors file taxes on capital gains from their crypto assets. As Indian authorities continue to be perfectly ambiguous over guidelines or regulations for cryptocurrency adopters and the industry respectively – bitcoin and cryptocurrencies are neither legal nor illegal...
Wyoming just gave Americans another reason to live there. In a one-two punch to the US Fed, the Wyoming Senate Bill 111 was introduced on Feb. 16, moving to exempt cryptocurrencies from property taxation, solidifying the state's business tax-friendly reputation and lifting its profile for blockchain businesses in the interim. If the bill passes, not only would it be a boon for Wyoming's economy...