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H&R Block Wants to Help Crypto Holders Who Received Letters from the IRS

Posted on September 26, 2019October 14, 2019 by Ravi Rd

H&R Block, a global consumer tax services provider, warns taxpayers that the increased volume of letters and notices sent by the Internal Revenue Service (IRS) indicates the possibility of cryptocurrency holders interacting with the tax agency would become much more difficult compared to what it used to be. And the company offers solutions to this growing predicament. The IRS has started sending letters to 10,000 taxpayers associated with cryptocurrencies and potentially failed to pay the…

France Exempts Crypto-to-Crypto Tax But Not Upon Conversion to Traditional Money

Posted on September 15, 2019October 14, 2019 by Rehan Yousaf

France’s economy minister Bruno Le Maire declared that France will exempt tax on crypto-to-crypto trade but will impose tax when cryptocurrency is converted to traditional money. Le Maire stated that when the capital gain of cryptocurrency is converted into traditional fiat currency, it is the ideal time to implement taxation. The United States has previously set a precedence for taxation on cryptocurrency by taxing the profits of crypto trades at short-term and long-term capital rate….

Portugal Reiterates a Tax Free Policy for Cryptocurrency Earnings

Posted on August 30, 2019October 14, 2019 by Rehan Yousaf

Cryptocurrency payments and trading using digital currencies are now tax free in Portugal, the European country’s tax authority has clarified. It should be noted that there is no income tax on cryptocurrency earnings in the country. Local Business newspaper Jornal de Negócios has reported earlier this week that the relevant tax authorities have maintained that both cryptocurrency trading in real currencies and remuneration in cryptocurrencies will be exempted from value-added tax (VAT). According to Portuguese…

New Zealand’s Tax Regulators Legalize Crypto Payments for Salaries

Posted on August 15, 2019October 14, 2019 by Ansab Gillani

According to latest official tax information bulletin in New Zealand, cryptocurrency salaries are now legal inside the country starting from September 1, 2019. With that legalization, the companies can now pay their employees salary in cryptocurrency. The past has not been very kind to cryptocurrencies and blockchain technology with the constant threat of criminals hijacking the prospect of the growing crypto industry. Numerous cases of money laundering, cyber crimes and an extremely volatile market have…

North Carolina Congressman Wants to End Double Taxation on Crypto with Proposed Tax Bill

Posted on August 11, 2019October 14, 2019 by Rehan Yousaf

The Virtual Value Tax Fix Act was reintroduced in the U.S. House of Representatives by North Carolina’s Rep. Ted Budd (R). The bill, which was first presented on July 25, aims to end the double taxation and record-keeping of cryptocurrency transactions by amending 1986’s Internal Revenue Code. Budd has called the bill a matter of national security. Under the Internal Revenue Code of 1986, gains and losses in trades and exchanges involving real property remain…

Brazilians Now Must Declare Cryptocurrency Gains to Brazil’s IRS Every Month

Posted on August 4, 2019October 14, 2019 by Julie Williams

The Brazilian government recently passed a new law, compelling every citizen to declare his or her crypto transactions at the end of every month. The law, which took effect on August 1, is aimed at curbing criminal acts in the crypto sphere including money laundering, trafficking, and tax evasion. According to a major news outlet in Brazil, Agencia Brasil, citizens of Brazil must report their crypto transactions and holdings to the country’s IRS before the…

IRS Advises Crypto Holders to Pay Taxes in Special ‘Educational Letters’

Posted on July 30, 2019October 14, 2019 by Ravi Rd

The U.S. Internal Revenue Services (IRS) has started sending ‘educational letters’ to cryptocurrency holders, advising them to pay taxes they may owe or file amended tax returns for those gains. On July 26, the IRS said that the agency has started mailing letters to taxpayers who failed to indicate crypto transactions, and the tax collector also urges them to pay the tax they may owe. According to the IRS official website, the letters or what…

Venezuela Converts Airport Taxes to Bitcoin to Bypass US Sanctions

Posted on July 29, 2019October 14, 2019 by Rehan Yousaf

The US has been pushing hard for an end of Nicolas Maduro’s presidency in Venezuela. Sanctions has been put in place by the US against the state’s company Petroleos de Venezuela (PDVSA), which caused a lot of damage to the country’s economy. Because of the nation’s reliance on the revenue generated through PDVSA, Maduro has tried to find his way around the sanctions by using the Venezuelan cryptocurrency Petro. The US is aware of Maduro’s…

The Republic of Georgia to Exempt Crypto Holdings from Value-Added Tax

Posted on July 16, 2019October 14, 2019 by Ravi Rd

Recently, Georgia has joined the short list of the nations that don’t ask crypto holders to pay value-added tax (VAT), which essentially earns Bitcoin-like digital currencies the status of real foreign currency. Apart from Georgia, the governments of several other countries, such as Singapore, have also begun the process of approving proposals that set to exempt cryptocurrencies from VAT. However, comprehensive tax policy and regulations are still not implemented by any government of any nation…

Singapore’s Tax Agency Bids to End Value-Added Tax on Cryptocurrencies

Posted on July 9, 2019October 14, 2019 by Rehan Yousaf

Singapore’s tax agency is thinking of removing goods and services tax (GST), also known as value-added tax (VAT), from cryptocurrency transactions that function or are meant to function as a medium of exchange. Last Friday, the Inland Revenue Authority of Singapore (IRAS) published a document detailing what the Authority refers to as “Digital Payment Tokens.” The IRAS proposed to exempt entities that deal with such digital assets from GST liabilities. Under the current existing rules,…

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