On Sept. 22, a U.S. judge granted the Internal Revenue Service’s (IRS) petition that requires M.Y. Safra Bank to submit records of taxpayers who may not have reported or paid taxes on crypto transactions. Specifically, the IRS is interested in the records of cryptocurrency prime broker SFOX’s users, according to a press release. New York-based…
Matt Hancock, former Secretary of State for Digital, culture, music, and sport, said the U.K. must take a long-term approach and lower crypto taxes to allow digital innovation to grow. “HMRC has taken a revenue-maximizing approach…applying it in a sledgehammer way… what we need to do is take a growth-maximizing view where revenues in the…
South Korean authorities have seized approximately $185 million worth of digital assets from tax delinquents since 2021, Yonhap news agency reported on Sept. 22. In the second half of 2020, tax authorities implemented a system of seizing the virtual assets of tax delinquents to pressure them to pay taxes. The authorities seized the delinquents’ accounts…
Colorado residents can now pay their taxes using cryptocurrencies, Axios reported on Sept. 20. According to the report, Governor Jared Polis made this revelation at the Denver Startup Week. Residents would now be able to pay their individual income tax, severance tax, withholding tax, and excise fuel tax in crypto. The crypto payment option will…
CryptoSlate spoke with Tony Dhanjal, Head of Tax at Koinly, a crypto-focused tax software company. Koinly allows users to create tax reports by linking wallets and exchange accounts and then using on-chain data to calculate any tax liabilities. Creating tax reports for crypto can be almost impossible for the average user and can lead to…
Coincub’s annual tax ranking report shows that Germany offers its residents the best tax policies in the world, while Belgium is one of the worst places to own crypto due to its high taxation. The Coincub annual report ranks countries using a scoring system obtained from aggregating indicators such as government policy, tax, regulation, trading…
On August 31, D.C. Attorney General Karl A. Racine said his office is taking legal action against Michael Saylor and MicroStrategy for tax fraud and seeks to recover over $100 million in unpaid taxes and penalties. Since then, Saylor has released a statement claiming he resides in Miami Beach, Florida, and has no tax liability…
The Japanese Government indicated a possibility of reducing the tax burdens on crypto startups with the 2023 tax reform to prevent startups from leaving the county to set up their businesses, Yomiuri Shimbun Online reported. Rakuten Group President Hiroshi Mikitani spoke at the Government’s Digital Society Initiative Conference in April and brutally self-criticized by saying:…
South Korean officials have interpreted existing laws to mean crypto airdrops may be subject to “gift tax,” according to local media outlet Yonhap News Agency (YNA). Officials at the Ministry of Strategy and Finance, which oversees the country’s financial and social development policies, said: “In this case, a gift tax will be levied on the…
Japan’s strongest crypto lobbying groups say that current tax rates prevent industry growth and call for lower taxes to prevent talent outflow. Bloomberg News reported that two of the top lobbying groups, the Japan Cryptoasset Business Association (JCBA) and the Japan Virtual and Crypto assets Exchange Association (JVCEA), are working on a proposal to submit…