Home Tag Archives: tax

Tag Archives: tax

Overstock, First to Pay Tax in Ohio Using Bitcoin

Overstock, First to Pay Tax in Ohio Using Bitcoin

As the tax season approaches, popular US-based online retailer Overstock has said in a press release on 3 January that it will be the first US company to pay some of its Commercial Activities Tax (CAT) to the Ohio State in Bitcoin. According to the press release, the payment will be done through the “state’s new cryptocurrency taxpayer platform, OhioCrypto.com,” …

WSJ Offers Creative Bitcoin Tax Avoidance Scheme

US business-focused news outlet the Wall Street Journal (WSJ) advised readers they could avoid shelling out taxes for their Bitcoin holdings by selling and quickly repurchasing the asset. The analysis assumes Bitcoin to be regulated in the US by tax laws akin to that of other traditional investment forms such as bonds, as the Internal Revenue Service (IRS) first advised in …

South Korea Contemplates Crypto and ICO Tax Laws

South Korea Contemplates Crypto and ICO Tax Laws

A plan to tax cryptocurrencies and initial coin offerings (ICOs) is underway in South Korea, this according to finance minister nominee Hong Nam-ki. Examination The Korea Times has reported that the nominee submitted a written answer to the National Assembly on Sunday, 2 December, during his confirmation hearing. According to the article, Hong said that the plan to tax crypto …

G20 Calls for Universal Crypto Taxation Rules

G20 Calls for Universal Crypto Taxation Rules

Cryptocurrency and taxation have found their way among the main headlines coming out of the latest 2018 G20 meeting in Buenos Aires, alongside further commitments to fight climate change. The G20 has now announced the desire for universal cryptocurrency taxation legislation to cover all jurisdictions within its remit with the body planning to regard itself as a “huge IT company” …

Bitcoin Adoption Milestone as Ohio Accepts Bitcoin for Tax Bills

Bitcoin Adoption Milestone: Ohio Accepting Bitcoin Payments For Tax Bills

In a milestone for Bitcoin and cryptocurrency adoption, the state of Ohio has officially begun to accept Bitcoin for tax payments via OhioCrypto.com, and will be adding more cryptocurrencies in the future. This effort has been spearheaded by the Treasurer of Ohio, Josh Mandel, and is the first time in United States history that a state government has accepted Bitcoin …

Identification, Tax, Self-Regulation Named Emerging Trends in Crypto Regulation

Ex-senior official at the US Commodity Futures Trading Commission (CFTC) Jeff Bandman recently shared his expectations on the future of cryptocurrency regulations, pointing to identity checks, a clearer tax obligation, and industry self-regulation as trending areas. Bandman said that a turning point for cryptocurrency regulation came in 2013 when the US government auctioned off the substantial amount of confiscated Bitcoin seized …

Poland Lifts Temporary Crypto Tax Freebie

Poland Lifts Temporary Crypto Tax Freebie

The Polish government has announced that it is lifting its temporary suspension of tax collection for digital currencies, introduced back in May of this year. At the time, the Polish government suggested that a temporary abandonment of tax collection allowed for an in-depth analysis of cryptocurrency in Poland including income tax. The ministry had issued a statement prior the end …

Thailand Pursues Errant Taxpayers with Blockchain Upgrade to Tax System

Thailand to Revamp Tax System with Blockchain

Thailand’s tax system is set to get an upgrade with blockchain technology, which the ruling junta says will increase the chances of catching tax evaders as well as provide a more efficient system for returning tax refunds. Ekniti Nitithanprapas, director-general of Thailand’s Revenue Department, said that blockchain and machine learning will be utilized in tax avoidance probes. Blockchain solutions will be …

Japanese Committee Fights to Simplify Crypto Tax

tax, Japanese, Taxation, Committee, Crypto, Tax

One Japanese political committee has taken it upon itself to fight for a simplified cryptocurrency tax plan. The Government Taxation Investigation Committee (GTIC), which serves as an advisory body to the Prime Minister, began discussions on Wednesday to propose a simplified cryptocurrency tax payment plan, which they say is currently unnecessarily complex in Japan. The committee argues that because there are many kinds …

Australian Securities Watchdog Prepares to Mitigate Potential Harm of Cryptocurrencies and ICOs

Australian Securities Watchdog Prepares to Mitigate Potential Harm of Cryptocurrencies and ICOs

The Australian Securities and Investments Commission (ASIC), as the nation’s chief securities regulator, has recently released its corporate plan 2018-2022 to focus on monitoring the potential dangers from emerging technologies and services such as cryptocurrencies and ICOs. Future Plans The ASIC will be launching a project to examine and study the usage and popularity of cryptocurrencies across various industries. In …

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