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Canada Revenue Agency’s Crypto Audit Raises Some Hackles

Canada’s tax department appears to be ramping up the pressure on cryptocurrency holders with its latest questionnaire to taxpayers. Canada Revenue Agency (CRA), the government body responsible for tax collection across the provinces has sent out a detailed questionnaire to those suspected of owning cryptocurrencies. The survey targets those who may not have revealed the total and circumstances of their …

Crypto Tax Returns Need Extra Care with Increasing State Scrutiny

Cryptocurrency investors are needing to treat their income tax returns with more care as increasing scrutiny is cast over private crypto assets as the industry continues to develop. Many countries around the globe have revised their tax laws over the past 12 months in order to integrate cryptocurrency assets into the annual tax return procedure. Last year, the G20 had …

US State of Wyoming: Bill Recognizes Cryptocurrency as Money

US State of Wyoming_ Bill Recognizes Cryptocurrency as Money

The US State of Wyoming has recently thrown more weight behind the existence of cryptocurrency by allowing the class of asset to be treated as financial assets under the existing law, according to a bill passed on Thursday last week. The bill sponsored by Senator Nethercott, Driskill, Perkins and Rothfuss and Representatives Harshman, Lindholm, Loucks, Olsen and Wilson, was first …

Indiana Proposes Bill for Tax Payment in Crypto

Indiana Proposes Bill for Tax Payment in Crypto

The State of Indiana in the US has introduced a bill that will allow it to accept tax payments with cryptocurrency if passed. The bill tagged House Bill No. 1683 is targeted at amending the Indiana Code concerning taxation. It was introduced to the house on 24 January and is expected to be effective by 1 July 2019 and 1 January …

Kraken Bucks the Trend Regarding IRS Request For Users’ Crypto Details

Cryptocurrency exchange Kraken, the world’s largest bitcoin exchange in euro volume and liquidity, has said that it does not hand its client details to the Internal Revenue Service. It has become common for some cryptocurrency exchanges to share their clients’ details with the IRS for tax purposes; a practice that continues to annoy many investors in their quest for true …

Capital Gains Reminder for Crypto Investors as UK Tax Year Ends

Capital Gains Reminder for Crypto Investors As UK Tax Year Ends

Tax on cryptocurrency earnings has become an important factor at year’s end, which many UK cryptocurrency investors will soon find out as their 31 January deadline approaches. New regulations created in 2018 means that this month’s tax returns will need a little more care when completed by crypto enthusiasts and exchanges as well, although companies are still awaiting more details. …

Romanian Crypto Nest Eggs Decimated by New 10% Tax

Romanian Crypto Nest Eggs Decimated by New 10% Tax

Romania, Europe’s third-poorest nation (GDP per capita), has amended its taxation rules in order to accommodate those taxpayers with cryptocurrency earnings, now setting the rate at 10%. Income for cryptocurrencies is now regarded by the taxation authorities in Romania as “income from other sources” and are therefore taxable. It is a move very much in line with many other countries …

Swede Receives “Unreasonable” $1 Million Crypto Tax Bill from Government

Swede Receives "Unreasonable" $1 Million Crypto Tax Bill from Government

Tax concerns are always a worry, as some crypto enthusiasts under certain jurisdictions must now include a cryptocurrency element in their annual calculations, but spare a thought for Swede Linus Dunker who has been hit with a hefty USD 1 million tax bill. The beleaguered crypto trader has just received his annual tax bill from the Swedish Tax Agency (STA) and is …

South Korea Supports Blockchain Development With Tax Incentive

South Korea Supports Blockchain Development With Tax Incentive

The government of South Korea has taken an initiative to boost the development of blockchain industry in the country by adding the sector to the fields of research and development eligible for tax credit, as reported earlier this week by the Ministry of Strategy and Finance. The Ministry of Strategy and Finance had announced the proposed amendments to the enforcement …

Venezuela Calls for Crypto as Tax Payment

Venezuela Calls for Crypto as Tax Payment

The Venezuela state government now requires operators with crypto business in the country and overseas operators dealing in foreign countries to pay relevant taxes using cryptocurrency to boost the economy. The move further illustrates the move towards digital currencies, as the value of the bolivar continues to fall. Given the economic crisis, Bitcoin has fast become a financial refuge for …

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