Tax Financial News

05.07 / 20:37

cryptocurrency Tax Spanish Crypto Holders to Be ‘Burdened’ with Fresh Crypto Declaration Rules

Crypto industry insiders have hit back at the Spanish government’s latest plans for the sector: A fresh effort to make citizens who hold coins on overseas platforms declare their holdings.

05.07 / 15:11

cryptocurrency Binance Tax Bitcoin foreign Indian Early winter for Indian crypto exchanges as trading volumes slump, users flock to foreign exchanges

Winter has come early for Indian cryptocurrency exchanges, which are experiencing a slump in the value of transactions as investors flee to overseas exchanges after the implementation of a 1 per cent tax deducted at source (TDS) on July 1.

01.07 / 05:43

cryptocurrency Personal Finance Tax Six important money matters that need your attention this July

Whether you’re an investor in a mutual fund or a cryptomaniac or an income-tax payer, there are a number of important money changes that will affect your money box in July. Read on to find out what they are.

30.06 / 07:51

cryptocurrency Personal Finance Tax Selling cryptocurrencies bypassing exchange? Here’s how you need to deduct 1% TDS

From July 1, you will have to pay 1 percent TDS (tax deducted at source) on transfer of a virtual digital asset (VDA), as per a new income-tax section, 194S, introduced in the Finance Act, 2022. The TDS is required to be made at the time the buyer makes the payment to the seller. In its previous circular, dated 22 June, the Central Board of Direct Taxes (CBDT) made it clear that onus of withholding TDS will be on the buyer, exchange or broker. Read more about it here.

29.06 / 16:59

cryptocurrency Tax Russia approves tax break on crypto and digital assets to soften blow of Ukraine sanctions

Russian lawmakers on Tuesday approved a draft law that would potentially exempt issuers of digital assets and cryptocurrencies from value-added tax.

28.06 / 23:39

Adoption Binance Tax Kazakh President Says Government Must Make ‘Favorable’ Conditions for Crypto Industry Development

Kazakhstan’s President Kassym-Jomart Tokayev has told ministers to create “favorable conditions” for a new “digital” ecosystem that makes use of “cryptocurrencies and digital assets.”

23.06 / 23:13

cryptocurrency Tax Holdings Spanish Government Wants Crypto Holders to Report their Transactions & Holdings from 2023

Spanish authorities will force crypto owners to declare their crypto-related operations and coin holdings. The nation’s finance chief also stated that crypto exchanges will be forced to report on their customers’ activities from next year – and warned that similar European Union-wide measures were now in the pipelines.

13.06 / 11:57

regulation Legal Tax Coin Center Attempting to Sue US Treasury, IRS Over ‘Unconstitutional’ Infrastructure Act

The Washington-based crypto industry pressure group Coin Center says it has filed a lawsuit against the United States Treasury Department and the Internal Revenue Service – claiming that the crypto tax reporting requirements included in President Joe Biden’s Infrastructure Investment and Jobs Act last year are “unconstitutional.”

06.06 / 10:57

Altcoins Airdrop Tax Terra Indian Indian Terra Investors Brace for Another Blow After LUNA 2.0 Airdrop Under New Tax Laws

Terra network coin holders in India are facing a “double whammy” following the LUNAC and UST crash last month – and could be hit with 30% tax bills from the recent LUNA 2.0 airdrop.

03.06 / 14:23

cryptocurrency Tax CRYPTONEWS Blockpit: The Perfect Tool to Declare Your Cryptocurrencies

Disclaimer: The text below is an advertorial article that was not written by Cryptonews.com journalists.

01.06 / 12:11

Central Bank Tax Russian Central Bank Prepared to Make Some Concessions on Crypto Regulation

Russia’s staunchly crypto-skeptic Central Bank has indicated that it is prepared to soften its stance on crypto somewhat in order to allow a key piece of legislation to pass – but still favors a block on all domestic crypto-related activity.

31.05 / 03:07

Adoption regulation Tax reform open Japan’s Prime Minister Reportedly Open to Idea of Crypto Tax Reform

The Japanese Prime Minister Fumio Kishida has indicated that he may be open to reforming the nation’s much-maligned crypto tax laws in a bid to spark Web3-related growth.

27.05 / 16:37

Adoption regulation Tax PM Says Web 3 Is an Opportunity for Japanese ‘Economic Growth’

The Japanese Prime Minister has spoken to the nation’s parliament about Web 3, claiming that it will spark economic growth – a further indication that pro-business legal reform could be on the cards in the nation.

26.05 / 11:57

regulation Tax Two Crypto Tax Proposals Defeated in Portugal, but Gov’t Likely to Follow up With Own Bill

Portugal’s status as a crypto tax haven remains in serious doubt – despite the defeat of two bills calling for the rollout of taxes.

24.05 / 18:03

Adoption regulation Tax Cooperation As Countries Advance Fiscal Cooperation, Higher Taxes Could Come Crypto's Way - Davos

Developed countries from across the world are moving towards increased fiscal cooperation that could lead to tighter taxation of corporations but also of personal assets under the so-called wealth tax, as indicated by the participants of a panel held during this year’s edition of the World Economic Forum in Davos. This development could lead to the tightening of the world’s fiscal regimes on crypto assets and crypto businesses, among others.

23.05 / 23:09

regulation Tax boost reform Japanese Opposition Leader Urges Crypto Tax Reform to Provide Nation with Web3 Boost

Japan could be set to overhaul its crypto tax system – with opposition leaders joining a chorus of MPs and business leaders calling for a change in tax law to stop an “outflow” of crypto-related talent and convince Japanese crypto firms not to relocate overseas.

20.05 / 23:35

regulation privacy Tax Spain’s Basque Country Readies its Own Crypto Tax Laws, Exchanges to Be Forced to Report on Clients

While central governments continue to hum and haw about the how, whens, and whys of crypto taxation and regulation, some provincial governments have decided to go it alone – particularly in the Basque Country, Spain.

20.05 / 16:13

regulation Central Bank Tax Russian Crypto Regulation Can’t Be Delayed any Longer, Claims Top MP

Russia’s parliament, the State Duma, will debate a crypto regulation bill that was formulated by the Ministry of Finance at the start of the year in the coming weeks, a senior MP has claimed.

29.04 / 03:13

CBDC Adoption Tax Digital Yuan Now Being Used to Pay Taxes in Chinese Pilot Zones

Some Chinese citizens now appear to be paying their taxes in the digital yuan, with the pilot gathering pace in the nation’s fast-growing pilot area.

14.04 / 23:07

cryptocurrency regulation Tax Lawyers Spanish Crypto Investors ‘Fleeing to Portugal to Escape Taxes,’ Say Lawyers

Increasing levels of scrutiny from the Spanish taxman are forcing Spaniards to flock to Portugal – or at least declare their legal residence of their Iberian neighbor nation. And it is a phenomenon that could one day turn Spain into what legal experts have called a “crypto desert.”

14.04 / 11:05

cryptocurrency Personal Finance Tax virtual digital assets Nuts and bolts of how cryptos and digital assets will be taxed this year, and the challenges

There has been a spike in dealings related to virtual digital assets (VDAs) in recent times. Further, a market is emerging where payment for the transfer of a VDA can be made through another such asset. Hence, tax authorities have introduced a new scheme for the taxability of such transfers:

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