Coinbase Says IRS Seeks ‘Unlimited Tracking’ in Proposed Tax Rules

Coinbase warns proposed IRS tax rules allow unlimited tracking of Americans and overload agency with useless data on small transactions.

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Senator Warren Grills US Gov’t Over 2-Year Delay on Crypto Tax Rules

Senator Elizabeth Warren has voiced concerns over the delayed implementation of US crypto tax rules, warning that the government could miss out on billions of dollars in revenue. The post Senator Warren Grills US Gov’t Over 2-Year Delay on Crypto Tax Rules appeared first on BeInCrypto.

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US lawmakers urge Treasury, IRS to hasten implementation of crypto tax rules by 2 years

U. S. Senators Elizabeth Warren and Angus S. King, Jr. are pressing the U. S. Department of the Treasury and the Internal Revenue Service (IRS) to hasten the implementation of recently proposed tax reporting rules for cryptocurrency brokers.

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India’s Hefty Crypto Tax Rules Will Last Two More Years, WaxirX Chief Says

India has continued in its hawkish stance on crypto, and while most people expect the government to introduce crypto-friendly rules, Nischal Shetty, CEO of India-based crypto exchange WazirX expects the opposite.

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South Koreans declare overseas crypto holdings worth $98.5 bln

Crypto held overseas constituted 70. 2% of the total value of foreign assets declared by South Korean nationals. The tax agency warned that individuals who break tax rules will face fines.

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G20 calls for ‘swift’ creation of crypto tax reporting rules and info exchange

G20 leaders are moving rapidly toward a Crypto Asset Reporting Framework, according to a report from The Times of India on Sept. 9. That framework would see G20 member countries collect and share information about the use of cryptocurrency and digital assets.

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New tax rules for crypto in the US: Law Decoded

The United States Internal Revenue Service has released proposed regulations on the sale and exchange of digital assets by brokers.

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Crypto community reacts to Biden’s proposed crypto tax reporting rules

Many prominent crypto commentators are concerned that this will make crypto firms even more reluctant to do business in the United States.

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Will US Treasury proposals kill defi? Critics blast new crypto bill

The US Treasury Department recently revealed a proposal outlining new tax rules for the cryptocurrency industry. Among the updates is the introduction of a 1099 form for crypto transactions. The new guidelines also clarify tax obligations for digital asset miners. …

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Rep. Patrick McHenry calls proposed crypto tax rules an ‘attack on the digital asset ecosystem’

Patrick McHenry, Chairman of the House Financial Services Committee, commented on newly proposed crypto taxation rules on Aug. 25. The IRS, along with the U. S. Treasury, proposed those taxation rules earlier in the day.

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Treasury, IRS propose crypto tax rules defining DeFi platforms as brokers

The U. S. Treasury Department has proposed updated tax rules aiming to streamline the crypto tax landscape, as reported by the Wall Street Journal. The proposed rules, when fully implemented, will obligate crypto businesses to interact with the IRS in a similar fashion to traditional brokers handling stock and mutual fund portfolios.

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US Treasury And IRS Propose Regulations On Bitcoin & Crypto Transactions By Brokers

The proposed rules require brokers of digital assets to adhere to stringent tax reporting standards.

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Brazil's Congress moves to levy higher taxes on cryptocurrencies

If approved, the legislation would place crypto assets held by Brazilians overseas subject to the same tax rules governing traditional assets.

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Brazil’s Congress moves to levy higher taxes on cryptocurrencies

If approved, the legislation would make crypto assets held by Brazilians overseas subject to the same tax rules governing traditional assets.

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Apple’s 30% tax rules will stay for now, crypto and NFTs may have to wait

A Supreme Court judge has rejected a request from Epic Games that would've immediately loosened Apple's App Store payment rules, to the potential benefit of crypto and NFT apps.

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US senators call to implement strict tax reporting rules for crypto

US Senators urge Treasury and IRS to implement crypto tax rules by December 2023, warning of potential $1.5 billion revenue loss. Four U.S. Senators, Elizabeth Warren, Robert P. Casey, Jr., Richard Blumenthal, and Bernard Sanders, have sent a letter to…

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Taxing the Cryptoverse: IMF Report Claims AML Rules Not Enough to Stop Tax Evasion

According to a report recently released by the International Monetary Fund (IMF), current anti-money laundering (AML) policies are inadequate for effectively dealing with tax evasion in the cryptocurrency industry.

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Slovakia Stands to Lose €30M Through Crypto Tax Cuts

Slovakia relaxes tax rules for cryptocurrency profits and payments below 2,400 euros.

The post Slovakia Stands to Lose €30M Through Crypto Tax Cuts appeared first on BeInCrypto.

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Japan Grants Exemption From 30% Crypto Tax On Paper Gains To Token Issuers

The National Tax Agency of Japan released an updated version of its corporate tax guidelines, introducing significant changes to the crypto taxation rules for digital token issuers. This revision focuses explicitly on eliminating taxes on unrealized gains derived from crypto assets issued by companies.

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Token issuers in Japan exempt from 30% crypto tax on paper gains

Japan’s National Tax Agency has partially revised its corporate tax guidelines, implementing new tax rules for token issuers.

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Japan’s token issuers are now exempt from corporate tax on unrealized gains

Japan’s National Tax Agency revised the corporate tax rules for cryptocurrency issuers earlier this week. The revised rules exempt crypto token issuers from paying corporate tax on unrealized gains for their holdings.

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U.S. Lawmakers Urge IRS, Treasury to Hurry Crypto Tax Rules

Congressmen Brad Sherman and Stephen Lynch called the crypto industry "a major source of tax evasion" in a letter asking for the prompt release of proposed regulations.

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Updated European tax directive requires reporting on all crypto asset transfers

DAC8 extends tax reporting procedures to crypto transfers in line with the OECD crypto reporting framework and EU AML rules.

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New Rules on Sharing Crypto Tax Data ‘Unanimously Supported’ by EU Members

Officials are optimistic finance ministers will formally agree on laws allowing the sharing of information on crypto and NFT holdings between tax authorities next week.

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Biden calls for end to tax loopholes that benefit ‘wealthy crypto investors’

U. S. President Joe Biden called for an end to unspecified crypto tax rules on May 9. On Twitter, Biden posted an infographic that read: “We think Congress should cut tax loopholes that help wealthy crypto investors.

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UK Crypto Tax Advisors Welcome Proposed Changes to DeFi Lending, Staking Treatment

The country’s tax authority is consulting the public on new rules it said are aimed at reducing the burden on crypto users.

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UK Crypto Tax Advisers Welcome Proposed Changes to DeFi Lending, Staking Treatment

The country’s tax authority is consulting the public on new rules it said are aimed at reducing the burden on crypto users.

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New 1099-DA Reporting Creates More Headaches for Taxpayers

You might think that new tax reporting rules for exchanges should mean less work for the taxpayer, but it’s the opposite, says CPA Kirk Phillips.

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New tax rules could mean a US exodus for crypto companies

A change to R&D tax rules means that a tech company could lose more than $1 million — but still be on the hook for hundreds of thousands in taxes.

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India Raked In Over $19.2M in Crypto Tax in the 2023 Fiscal Year

India disclosed that it made nearly $20M in tax after new rules subjected income from crypto transfers to a flat tax rate of 30%. The post India Raked In Over $19.2M in Crypto Tax in the 2023 Fiscal Year appeared first on BeInCrypto.

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IRS Seeks to Tax NFTs Like Other Collectibles

Digital proofs of ownership will be taxed like the underlying assets until rules on how to treat assets in retirement accounts are finalized

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Biden to propose changing crypto tax rules: WSJ

United States President Joe Biden will propose changes to crypto taxation in an upcoming budget plan, according to a report from the Wall Street Journal on March 8. The post Biden to propose changing crypto tax rules: WSJ appeared first on CryptoSlate.

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India Keeps Restrictive Crypto Tax Rules in 2023 Budget

Indian Finance Minister Nirmala Sitharaman has unveiled the 2023 budget for the nation.

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Crypto India Looks for Relief but Holds Out Little Hope in Budget Speech

India is unlikely to change its restrictive crypto tax rules when Finance Minister Nirmala Sitharaman unveils the country’s new budget on Wednesday, CoinDesk has learned.

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Indians Moved Over $3.8B to Foreign Exchanges Since Crypto Tax Rules

A research study found that Indians moved more than $3.8 billion in cumulative trading volume from local to international crypto exchanges after the nation announced stiff crypto tax rules last year.

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Indians Moved Over $3.8B to Foreign Exchanges Since Crypto Tax Rules: Research Study

A research study found that Indians moved more than $3.8 billion in cumulative trading volume from local to international crypto exchanges after the nation announced stiff crypto tax rules last year.

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U.S. delays crypto tax reporting rules, as it still can’t define what a 'broker' is

Congress passed a law in November 2021 that required the new crypto rules to be issued.

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US delays crypto tax reporting rules, as it still can’t define what a ‘broker’ is

Congress passed a law in November 2021 that required the new crypto rules to be issued.

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Ukraine regulator drafting crypto tax rules

A special council has just been created in Ukraine to draft crypto taxation regulations and strengthen existing laws.

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Crypto Users Want to Pay Taxes, but We Need Clearer Rules

The need for comprehensive crypto tax reform will only become clearer as people start interacting with blockchains – and incurring capital gains taxes – without realizing.

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The Key to Taxing Digital Assets Is Finding the Right Cubbyhole

The government may write special rules regarding the treatment of the new asset within the cubbyhole, but there will be an existing tax bucket for every new idea, says KPMG's Tony Tuths.

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Reddit NFT trading volume hits all-time high: Nifty Newsletter Oct. 19–25, 2022

Apple published rules for NFTs for the first time that included a 30% NFT “tax” and geo-limiting exchanges.

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IRS Drafts New Crypto Reporting Rules for Tax Year 2022

The Internal Revenue Service (IRS) has released a draft of new instructions to U.S. taxpayers on reporting digital asset activity. IRS Releases Draft Tax Document The IRS is expanding its...

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Japanese Crypto Self-Regulatory Body to Loosen Token Vetting Process: Report

Japan has been looking to gradually ease rules for crypto startups, with the government also considering corporate tax breaks for companies.

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Portugal’s Draft Budget Includes New Crypto Taxes

Portugal could soon impose taxes on crypto investors through new rules set out in its draft budget. Portugal Includes Crypto In Budget Portugal may impose a 28% tax on crypto...

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Tax on income you never earned? It’s possible after Ethereum’s Merge

IRS rules weren’t ready for the Ethereum upgrade. It’s unlikely to become the fiasco that taxpayers experienced when Bitcoin forked in 2017, but there are measures they can take to prepare for whatever the IRS decides.

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New High Tax Rate On Crypto Miners In Kazakhstan, Here’s Why

Kazakhstan has imposed new tax rules on crypto miners, this new taxation system shall be differentiating the tax rates on crypto mining. It also includes crypto miners that use renewable energy resources.

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Kazakhstan imposes new tax rules on crypto miners

The President of Kazakhstan signed a bill to apply a differentiated tax rate based on the energy consumption of crypto miners on July 11. The post Kazakhstan imposes new tax rules on crypto miners appeared first on CryptoSlate.

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How Should DeFi Be Taxed? The U.K. Government Wants to Know

Her Majestys Revenue and Customs is seeking views from investors, professionals, and firms engaged in the DeFi space. U.K. Mulls New Tax Rules for DeFi The U.K. government wants help...

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