Biden opposes agreement that could protect “tax cheats and crypto traders”

U.S. President Joe Biden expressed opposition to a proposal that could result in low taxes for crypto investors, The Hill reported on May 21. Biden wants to cut crypto tax loopholes Following a G7 summit in Hiroshima, Japan, Biden said: “I’m not going to agree to a deal that protects wealth tax cheats and crypto […] The post Biden opposes agreement that could protect “tax cheats and crypto traders” appeared first on CryptoSlate.

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Crypto tax liability reduction strategies may be changing in US

Glassnode has revealed some effective strategies that could enable crypto investors to minimize their tax liability, including relocation, self-directed Individual Retirement Accounts (IRAs), and tax loss harvesting.

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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 Tax Authorities Consider Seizing Crypto From Businesses 

The UK's HMRC may get powers to seize digital assets from crypto exchanges.

The post UK Tax Authorities Consider Seizing Crypto From Businesses  appeared first on BeInCrypto.

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Kenya eyes 3% tax on cryptocurrency transfers

Kenya’s Treasury Secretary outlined the tax proposals in a document sent to parliament on 4 May, 2023. The 3% crypto tax will target cryptocurrencies and NFT transfers on exchanges and by individuals.

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Robert Kennedy Jr. condemns Biden’s proposed 30% Bitcoin mining tax

Presidential hopeful Robert F. Kennedy Jr. on May 3 condemned a 30% crypto mining tax proposed by the Biden administration and responded to concerns around crypto. Kennedy says crypto regulation is a power grab Kennedy, who is running in the 2024 U.

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Kazakhstan’s Bitcoin mining industry has several challenges ahead

In May 2023, Kazakhstan’s share of the global Bitcoin mining hashrate stood at 4%, down from its peak of 18% in October 2021. Kazakhstan’s mining industry boomed between 2020 and 2021, driven by cheap electricity, hosting demand, access to cheap Chinese machines, relaxed regulations, and tax benefits, according to a Hashrate Index report.

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MicroStrategy says it could sell Bitcoin to pay long-term debt obligations

MicroStrategy hinted that it could sell some of its Bitcoin (BTC) holdings to fund its long-term debt obligations in the aggregate of $2. 208 billion, whose principal is due by 2025. According to its May 1 filing, MicroStrategy has long-term cash requirements for obligations related to its operating leases, transition tax, and various purchase agreements.

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Is transferring crypto between wallets taxable?

Do you have to pay taxes when transferring cryptocurrency from one wallet to another? No, you won’t experience any tax consequences when transferring your coins between wallets. However, it’s important to note that this only applies in the US – other countries may have different taxation regulations.

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Is Bangkok, Thailand Becoming Asia’s Next Crypto Hub?

According to recent research from crypto tax software company Recap, Thailand’s capital city of Bangkok is emerging as a new crypto hub, but the future may not be so rosy. The post Is Bangkok, Thailand Becoming Asia’s Next Crypto Hub? appeared first on BeInCrypto.

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India Maintains Position on Crypto Tax in Budget

Coinspeaker India Maintains Position on Crypto Tax in Budget There are fears that India may use its position as president of the G-20 in its fight against the cryptocurrency industry. India Maintains Position on Crypto Tax in Budget

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Argentina legislation may force citizens to declare their digital asset holdings

Argentina is set to introduce a new draft bill requiring citizens to declare their cryptocurrency holdings. Otherwise, they could face hefty tax penalties.  Argentina’s new draft bill targets crypto assets The bill is meant to tighten the country’s anti-money laundering…

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Crypto Tax: An In-Depth Look at OECD Plans for 2023 and Implications for Your Crypto

Crypto tax standards in the upcoming year may prove to be a trying time for the industry. Global tax regulators are applying more pressure on centralized and decentralized exchanges. This could even affect your own personal crypto holdings.

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If You Lost Money on FTX, You May See Some Tax Relief

What you need to know for your 2022 tax filing if you lost money or used the FTX crypto exchange.

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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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Tax: You May Owe Money for Receiving an Airdrop you Likely Didn’t Even Want

Tax struggles are real. If you’re an Ethereum holder in the United States, you may owe taxes for receiving an airdrop you likely didn’t want. The post Tax: You May Owe Money for Receiving an Airdrop you Likely Didn’t Even Want appeared first on BeInCrypto.

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Portugal Proposes a 28% Crypto Tax In the 2023 National Budget

Portuguese authorities are proposing a 28% crypto tax in their 2023 budget. The new policy may become effective in next year's national budget.

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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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Ethereum’s Merge Triggers Confusion Over Tax Status In The UK: Here’s How

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LUNC's 1.2% tax burn may lead to a brighter future, what about the present

The much-awaited 1. 2% tax burn was implemented on the Terra Classic [LUNC] blockchain recently. Thus, giving massive hope to investors for the token's revival. Though the protocol received much supporThe post LUNC's 1.

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LUNC investors may have some short-term hopes, however caution is advised

The entire crypto community’s excitement reached another level as the much awaited 1.2% Terra Classic [LUNC] tax burn protocol got implemented. The new protocol was successfully implemented at a bloThe post LUNC investors may have some short-term hopes, however caution is advised appeared first on AMBCrypto.

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US IRS Can Issue Summons to Bank Serving Crypto Broker SFOX Customers in Search of Tax Evaders

The John Doe summons will require M.Y. Safra Bank to provide information about SFOX customers who used the bank and may owe taxes on crypto transactions.

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Terra Classic's 1.2% tax burn supports bullish outlook but here's an issue

Terra Classic [LUNC] had quite an exciting time in the last few days as it approached a major milestone implementation. Ever since the May crash, the community has expressed concerns over the excess LThe post Terra Classic's 1.

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Ethereum Merge and the hefty tax bill you could be in for

The Ethereum Merge may constitute a taxable event if it results in a chain-splitting hard fork, tax experts warn.

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Solana-hacked crypto could be claimed as a tax loss: Experts

Australian, Canadian & U.K. crypto investors may potentially claim hacked crypto as a tax loss, but U.S. investors will miss out, according to tax experts.

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Japan may see a reduced 20% tax on crypto earnings with new proposal

The proposal calls for a separate 20% tax on crypto earnings and exemptions of any tax on crypto gains, with losses carried forward for up to three years.

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Paraguay’s new bill may turn the country into mining heaven

On July 14, the Senate of Paraguay sent a bill to the President’s approval to allow crypto miners to use excess energy and be exempt from Value Added Tax (VAT). The post Paraguay’s new bill may turn the country into mining heaven appeared first on CryptoSlate.

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Indian crypto trading volumes slump following hefty taxes

Indian crypto traders may be giving up since they must now factor in a 30% income tax and a 1% tax per transaction on crypto trades, forcing exchange volume to plummet.

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Welcome to a Day in the Life of a 'Chief Metaverse Officer'

A tax accountant with decades of experience may be the world’s first “CMVO” with an office in Decentraland.

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Reduce Your Crypto Tax Bill With Koinly’s Tax-Loss Harvesting Guide

Tax-loss harvesting allows you to claim capital losses by recognising and selling your assets at a loss. These capital losses may also be carried forward against...

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Indian Terra investors facing 30% tax on LUNA 2.0 airdrop despite losses

After losing millions to Terra’s crash, Indian investors who have recovered part of their losses through the LUNA 2 airdrop may have to pay taxes equivalent to 30% of the value due to India’s tax policies on cryptocurrency, Bloomberg News reported.

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Portuguese Parliament Rejects Bill to Tax Crypto, but Bows to the Inevitable

The Portuguese parliament has rejected two separate proposals to tax digital assets, but the days of tax-free crypto may be coming to an end. The post Portuguese Parliament Rejects Bill to Tax Crypto, but Bows to the Inevitable appeared first on BeInCrypto.

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WEF 2022, May 24: Latest updates from the Cointelegraph Davos team

The third day of WEF 2022 will see OECD’s secretary-general share his thoughts on a reimagined global tax system and industry experts discuss DeFi as the future of decentralized governance.

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How Do You Tax an NFT?

Plans to share bitcoin data with foreign tax authorities may be hard to adapt to transparent, decentralized blockchains – but once in place, new rules are hard to shift.

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Best Coinbase Tax Calculator [2022] – How To Calculate Your Coinbase Taxes

We all hate paying taxes, but if you bought or sold cryptocurrencies on Coinbase Uncle Sam still wants his share of that. I know, I know, it may not be a fun topic for most, but it’s vital to know so we’ll try breaking it down in the most accessible and simple way possible.

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Indonesia Set To Tax Crypto Transactions And Investments From May

An Indonesian tax official reveals that the country will impose taxes on the crypto market. According to the report, crypto transactions will be subject to VAT below 11%, and income tax will be pegged at 0.

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Indonesia to impose 0.1% crypto tax starting in May: Report

The government is still reportedly considering how to implement crypto taxes, but legislation passed in response to the pandemic laid the groundwork.

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Indonesia to Charge 0.1% Tax on Crypto Transactions, Investments: Report

Indonesia is planning to charge value-added tax (VAT) on crypto transactions and capital gains on investments at 0.1% from May 1.

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India’s Crypto Industry Fears Proposed Tax Rules Will Increase ‘Brain Drain’

The new tax proposals are set to formally become law on Thursday amidst little hope that the government may soften the tax blow.

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Indian Crypto Industry Mulls Supreme Court Move as Tax Break Expectations Disappear

The fading hope is that the government may reduce the 1% tax deducted at source, but expectations of a tax break on crypto capital gains have all but disappeared.

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BTC’s Bearish Streak May Soon Be Over, Thailand Eases Up on Crypto Tax Laws, Binance Gives Away SHIB: Crypto News Digest by U.Today

Take a closer look at the latest crypto events with U.Today’s news digest!

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A Bitcoin Tax Reporting Nightmare Is Coming In 2023

As bitcoin investors prepare for tax season, they may not be surprised to learn that misguided regulation will make tax reporting even harder in the future.

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Lender Beware: The Potential DeFi Tax Trap

Uncle Sam may collect tax on every loan and repayment of cryptocurrency which may catch users by surprise, creating a tax trap that could impair the rapidly emerging DeFi industry.

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NFTs Are the Latest Crypto Tax Events Nobody Understands

Casual collectors may be in for a rude awakening this year.

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New tax proposal in Kazakhstan could push crypto miners out

Kazakhstan may soon prove to be a hostile location for crypto miners as the Asian country’s government has proposed a hike in its electricity tariff and taxes for crypto miners. The post New tax proposal in Kazakhstan could push crypto miners out appeared first on CryptoSlate.

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No, IRS may not write off taxes on crypto staking rewards so easily, claim experts

Crypto news was abuzz recently with speculation of the U.S Internal Revenue Service (IRS) writing off the tax on income generated from unsold staked cryptocurrencies. Many, including crypto influencerThe post No, IRS may not write off taxes on crypto staking rewards so easily, claim experts appeared first on AMBCrypto.

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South Korean lawmakers inch closer to deal to delay crypto tax by one year

The long debate in the country’s legislature could soon be over meaning cryptocurrency gains made in South Korea may not be considered taxable events until 2023 at the earliest.

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India: both Income tax and GST may apply to crypto

The Indian government is likely to levy both direct and indirect taxes on crypto assets, as per a local report. A source to the media outlet noted, "One of the key issues is taxation. If there is gaiThe post India: both Income tax and GST may apply to crypto appeared first on AMBCrypto.

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Philanthropic Impact Maximized Through Crypto Donations

There may be substantial tax benefits for both the charity and the donor if crypto is donated directly to a charity. The post Philanthropic Impact Maximized Through Crypto Donations appeared first on BeInCrypto.

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