Israeli Court Defines Bitcoin as an Asset, Not Currency; Orders Capital Gains Tax to Be Applied

Israeli Court Defines Bitcoin as an Asset, Not Currency; Orders Capital Gains Tax to Be Applied

Capital gain tax on cryptocurrencies has always been a matter that annoys not only crypto traders but also lawmakers. Recently, Israel’s Central District Court accepted the interpretation made by Israel Tax Authority regarding Bitcoin and other cryptocurrencies being an asset not a currency. Hence, making a profit on its trading is liable to capital gains tax, local news site Globes reported on May 21. The Central District Court made the ruling in a case involving…

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Australian Taxation Office Set to Invade the Crypto Space to Sniff Out Tax Evaders

Australian Taxation Office Set to Invade the Crypto Space to Sniff Out Tax Evaders

Just when it felt like they will enjoy the ‘freedom’ forever, Australia Taxation Office (ATO) recently revealed that it is ready to conduct a thorough raid on the crypto space to sniff out Australians who are evading paying their due taxes. This raid is expected to come down on both those who are consciously evading tax payment and those who unintentionally avoiding it. This action was called for due to little amount of data the…

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First in Canada: Town of Innisfil Enables Payment of Property Taxes in Bitcoin

First in Canada: Town of Innisfil Enables Payment of Property Taxes in Bitcoin

The town of Innisfil in Ontario will become the first municipality in Canada to approve a one-year pilot program which will facilitate the acceptance of cryptocurrency as a method of payment for property taxes to the residents of the town. On March 27th, the Innisfil Council approved the formation of the partnership with the Toronto-based FinTech company, Coinberry Limited, which will be responsible for providing a new easy-to-use cryptocurrency payment solution and other related services….

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Ernst & Young Introduces New Accounting and Tax Tool for Cryptocurrency Transactions

Ernst & Young Introduces New Accounting and Tax Tool for Cryptocurrency Transactions

The evolving market of crypto assets has raised a number of challenges for both individuals and institutions that trade and invest in crypto. Calculating the user’s capital gain tax (CGT) and other similar necessary practices are becoming complex and lengthy. As we reported last month, to help solving these sorts of issues, BitcoinTaxes and TurboTax Online have joined the hands that allow the users to transport their crypto CGT directly into TurboTax Online’s platform. However,…

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CoinsTax and TurboTax Online Partner Up to Allow Importing Crypto Gains

CoinsTax and TurboTax Online Partner Up to Allow Importing Crypto Gains

Filing your 2018 taxes has just become much easier with the announcement that CoinsTax, LLC, the owner of BitcoinTaxes, has teamed up with TurboTax Online to help users import their data of cryptocurrency capital gains directly into TurboTax Online. This partnership will benefit even casual cryptocurrency traders who could save a substantial amount of time in preparing their taxes. The Internal Revenue Service has recently opened an e-filing to enable this new initiative. In order…

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New Hampshire Takes a Legislative Step to Accept Cryptocurrencies as Payment for Taxes and Fees

New Hampshire Takes a Legislative Step to Accept Cryptocurrencies as Payment for Taxes and Fees

The local governments of various states including New York, Delaware, Illinois, Arizona, Vermont, California, Ohio, Colorado, and Wyoming have already forged their own paths by passing the bills that support the advancements and legitimization of cryptocurrencies and blockchain in various domains of businesses, governance, and lifestyle. Lawmakers in the state of New Hampshire have also decided to join the crypto bandwagon by introducing a plan/NH HOUSE BILL 470-FN that allows the state to accept cryptocurrencies…

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South Korea Plans to Include the Blockchain Industry in its 2019 R&D Tax Relief

South Korea Plans to Include the Blockchain Industry in its 2019 R&D Tax Relief

The South Korean government pledged its support for the blockchain industry in 2018 and it hasn’t fallen short of its pledge since then. South Korea’s government provided lots of supports for the blockchain industry last year, and this year it has made a new plan to bolster the adoption and growth of the blockchain industry. Some of the support provided in 2018 included the launch of a scheme to train young blockchain experts and the…

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Overstock Breaks New Ground by Beginning to Pay Taxes in Bitcoin

Overstock Breaks New Ground by Beginning to Pay Taxes in Bitcoin

In a press release issued on January 3, American internet retailer Overstock.com announced that it would become the first major US company to pay a proportion of their state taxes in Bitcoin. This is a major step forward for crypto enthusiasts who want and foresee a crypto future on the horizon. Overstock is headquartered in the Utah city of Midvale, near Salt Lake City and primarily sells furniture, home decor, bedding as well as other…

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France Dismisses Crypto Tax Amendments in National Assembly Meeting

France Dismisses Crypto Tax Amendments in National Assembly Meeting

On Monday December 17, the National Assembly in France rejected four amendments to various cryptocurrency tax bills. Tensions have been high in France recently, due to riots that have spanned weeks. Police have used tear gas and water cannons on protesters, and violent clashes are continuing to happen between authorities and protesters. The protests began due to a rise in fuel tax, but has since expanded to include many other issues that affect finance, education…

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First Crypto Tax Guide Published by the UK’s HM Revenue and Customs

First Crypto Tax Guide Published by the UK’s HM Revenue and Customs

In 2018, cryptocurrencies and other crypto assets have seen a lot of progress when it comes to having oversight and investor protection. Governments in the USA, France, Thailand, and China have seen a push towards the adoption and implementation of blockchain powered technologies and crypto assets in different fields of life. Every major organization and government around the world seems to agree that even though cryptocurrencies have suffered through a brutal collapse in 2018, they…

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