Tags : tax

Regulation

Indians could be charged an extra 2% tax on Bitcoin

Bitcoin (BTC) and other cryptocurrencies bought from exchanges outside the country could cost Indian investors additional tax, while the tax department is looking into whether crypto falls subject to the 2% equalization levy, reported the Economic Times. Google tax Services provided in India by overseas e-commerce companies are subject to the equalization levy, also colloquially […]Read More

Bitcoin

Korean tax officers seize $22M in crypto directly from exchange

South Korea’s Seoul metropolitan government has seized 25 billion won ($22 million) worth of crypto from tax evaders—directly out of their exchange accounts, local news outlet Yonhap reported yesterday. Per the publication, tax officers discovered digital assets belonging to 1,566 individuals and heads of various companies—referred to as “top tax delinquents”—across three cryptocurrency exchanges. The […]Read More

Cryptocurrency

$3.7 billion liquidated as crypto markets react to Biden’s tax

Over $3 billion worth of crypto positions were liquidated this morning amidst a broader sell-off, data from multiple sources showed. Some market watchers attributed the drop to a proposal made by US president Joe Biden yesterday. The crypto drop ‘Liquidations’ occur when traders borrow excess capital from brokerages/exchanges (i.e., ‘margin’ or trading futures) to place […]Read More

Regulation

U.K. tax authorities freeze capital gains tax signaling short term

U.K. crypto investors braced themselves for significant changes in the treatment of Capital Gains Tax (CGT). But these fears were ill-founded as Chancellor Rishi Sunak delivered his budget just after noon today. The government opted to freeze thresholds for Income Tax, Inheritance Tax, Pensions Allowance, VAT registration, and Capital Gains Tax. While this is welcome […]Read More

Regulation

U.K. tax authorities eye crypto assets in up-and-coming budget

According to chartered accountants HillierHopkins, Her Majesty’s Revenue and Customs (HMRC) will target crypto investors in the up-and-coming budget on March 3. Principal at the firm Thomas Gibbs predicts this will take the form of a hike in Capital Gains Tax (CGT) from 20% to 40%. “HMRC sees cryptocurrencies not as a currency but as […]Read More

Bitcoin

Bill Gates explains why he associates Bitcoin with tax avoidance

Billionaire Microsoft co-founder Bill Gates said he doesn’t hold Bitcoin, nor is he short against it. Instead, Gates claims he holds a neutral position as far as the leading cryptocurrency is concerned. However, his follow-on comments contradict his opening statement. While he’s all for the digitization of money, he believes Bitcoin encourages tax avoidance and […]Read More

Regulation

US DoJ charges tax evading ICO superstar who spent $10m

The founder of a high-flying ICO was charged by authorities in the US yesterday on charges of a massive tax evasion scheme. DoJ charges Oyster Pearl founder Amir Bruno Elmaani, the founder of Oyster Pearl, a storied 2017 ICO that raised millions in token sales before fizzling out like 98% of all the then-hyped coins, […]Read More