taxes - AllStocks Network

South Korea Might Impose 20 Percent Tax on Cryptocurrency Profits

Posted on January 22, 2020January 22, 2020 by Julie Williams

New report has it that South Korea’s Ministry of Economy and Finance is set to implement a crypto taxation legislation. According to an anonymous source, the topic of taxing crypto users have been in the pipeline for a while now. It is believed that South Korea’s government via the office of the Ministry of Finance has been flirting with a 20 percent tax rule on crypto profits. Going by the recent update, the Ministry of…

South Korea’s National Tax Service to Take $70M from Crypto Exchange Bithumb

Posted on January 1, 2020January 1, 2020 by Rehan Yousaf

In a shocking turn of events, South Korea’s National Tax Service (NTS) is planning to withhold tax from Bithumb, the largest crypto exchange in the country, on income from foreign clients. This is the first time that the NTS has moved to withhold tax on income obtained from cryptocurrency transactions. There exists no law in the country that dictates taxation for income gained from digital currency trading, although there had been reports it is in…

US Congressmen Demand Clarity on the Recent IRS Crypto Tax Rules

Posted on December 23, 2019December 23, 2019 by Julie Williams

Expertly analyzing the recent crypto tax guidance issued by the IRS, members of the Congressional Blockchain Caucus – a bipartisan group of members from Congress of the United States established to advance cryptocurrency and blockchain technology – penned down a detailed letter, exposing some of the flaws of these recent crypto tax guidance. In the letter addressed to the commissioner of the United State’s Internal Revenue Service (IRS), Charles P. Rettig, the congressmen commended the…

South Korea Plans Imposing Capital Gain Tax of Cryptocurrencies

Posted on December 9, 2019December 9, 2019 by Rehan Yousaf

South Korea’s Ministry of Economy and Finance has declared that from next year, it will be introducing new measures to impose taxes on cryptocurrency holdings. This move comes after South Korea has already established a legal framework for crypto. According to new regulations by the South Korean government, the country will now be imposing taxes on capital gains from virtual transactions of digital currencies. The information was shared by government sources last week. One South…

Brazil’s IRS Sets Rules to Fine Citizens Who Don’t Declare Crypto Holdings

Posted on December 8, 2019December 8, 2019 by Rehan Yousaf

The Internal Revenue Service (IRS) in Brazil has established a specified code to categorize punishment for taxpaying citizens who fail to declare their cryptocurrency operations and holdings. This can be seen as Brazil’s major attempt to take a stronger control over the Bitcoin(BTC)trade and other digital currencies trade and exchange in the country. The new rules have already been enforced in Brazil as per the Federal Official Gazette’s publication of the briefings of the executive…

IRS Wants to Investigate Crypto ATMs and Kiosks for Tax Evasion

Posted on November 18, 2019November 18, 2019 by Rehan Yousaf

An official from the U.S. Internet Revenue Service (IRS) has stated that the agency is going to investigate crypto-based ATMs and kiosks for potential criminal activities that include tax evasion and money laundering. Cryptocurrency ATMs and kiosks are increasingly gaining popularity among digital currency users in the United States as many owners of cryptocurrency use these machines to withdraw crypto funds. However, recently, the growing threat of money laundering and tax evasion has been surfacing…

IRS: Reinvested Crypto Holdings Are Not Exempted from Taxation

Posted on November 17, 2019November 17, 2019 by Rehan Yousaf

According to an official from the United States Internal Revenue Service (IRS), ‘like-kind’ tax exemption has not been applied for taxpayers with crypto transaction records. This holds true for transactions even before 2018. After changes were introduced to the 2017 taxation structure, taxpayers were prohibited from utilizing the tax exemption scheme to defer the payments. A like-kind exchange can be defined as a tax-deferred transaction that allows for the disposal of an asset and the…

IRS Successfully Unraveled ‘Dozens’ of New Cryptocurrency Cybercriminals

Posted on November 10, 2019November 10, 2019 by Julie Williams

With cybercrimes associated with virtual currencies are continuously on the rise, it is more critical than ever to have security agencies and financial regulators actively scouting this emerging crypto space. Although cyber crimes have been around for several decades now, we can all attest to the fact that these criminals take on new skills and methods with time. This makes it inherently essential for law enforcement agencies and other authorities to be on top of…

United Kingdom to Tax Crypto Transactions; Does Not Recognize It as Currency

Posted on November 5, 2019November 5, 2019 by Rehan Yousaf

As the development of blockchain technology and cryptocurrency around the globe increases, more nations have already started recognizing their use, and shifting and renewing their laws accordingly to suit the new world of digital transactions. The department of Her Majesty’s Revenue and Customs in the United Kingdom has also made alterations in its policies and recently updated the forms with new information regarding the processing of taxes for cryptocurrency transactions. Previously the tax agency has…

IRS Issues New Tax Guidelines to Accommodate Crypto Investors and Holders

Posted on October 14, 2019October 14, 2019 by Julie Williams

The issue of crypto taxation has attracted a monumental crowd of opinions lately in the U.S. While the government believes turning to virtual currency as a means of payment could pose a threat to the economy in terms of taxation, regulators are working hard to ensure this emerging class of assets can fit the bill of a currency – like the traditional fiat currency. Due to the controversies and blurry lines surrounding taxation and the…

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