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“# 8-word crypto amendment in Infrastructure Bill an ‘affront to the rule of law’ ” Legal experts have warned that a section of the Infrastructure Bill, which is due for a vote today, amends a part of the tax code and makes a failure by businesses and individuals to report digital asset transactions a criminal…
“# Puerto Rico sees resurgence of interest among crypto rich ” The United States territory of Puerto Rico is seeing a resurgence of interest among crypto investors attracted by the fact it doesn’t charge federal income tax and eligible investors can pay zero taxes on their crypto gains. Under local law Act 22, those who…
“# South Korean opposition set to tackle controversial crypto tax law ” Lawmakers belonging to South Korea’s opposition People Power Party have prepared a fresh challenge to the planned crypto tax law. According to The Korea Herald, opposition lawmakers are advocating for a one-year extension to the start of crypto taxation in the country. As…
“# Crypto tax ‘a top enforcement priority,’ reminds IRS commissioner ” The Internal Revenue Service (IRS) continues to propose new tax reforms to regulate the crypto investments in the United States, with the latest notice sharing tax obligations for the marijuana industry. The notice, signed by IRS Commissioner De Lon Harris, reflects the priorities of…
“# Korean Finance Minister vows to fight moves to delay the crypto tax code ” South Korea’s Minister of Strategy and Finance, Hong Nam-Ki has vowed that the controversial crypto tax code will come into effect on January 1st, 2022 despite moves this week by the majority Democratic Party to postpone it to 2023. The…
“# India’s Income Tax Department may soon target crypto trades and ecosystem ” As the Income Tax Department of India reportedly considers taxing crypto traders and crypto exchanges soon, experts believe investors should rest assured. According to ET Now’s report, the tax department, which operates under India’s Ministry of Finance, has signaled interest to tax…
“# Slovenian finance authority proposes 10% tax on crypto income ” According to local media reports, the Financial Administration of the Republic of Slovenia, or FURS, is considering imposing a 10% taxable income bill on cryptocurrency asset activity in the near future. Under the current legislation method, the authority analyses an individual’s digital asset activity…
“# EY aims to simplify cross-border withholding tax process with blockchain ” Global professional services firm Ernst & Young (EY) continues exploring the potential of blockchain technology to improve taxation processes with a new initiative. The company announced Wednesday that EY completed a blockchain-based project to address complexities and inefficiencies in the cross-border withholding tax…
“# Tennessee city wants to accept property tax payments in Bitcoin ” United States’ city of Jackson, Tennessee, continues exploring a potential dive into cryptocurrencies, now looking to accept Bitcoin (BTC) for property tax payments. Jackson Mayor Scott Conger announced late Thursday that the city’s blockchain task force had launched a study on potential methods…
“# Former pro sailer brokers tax-haven passports for wealthy crypto clients ” A Russian expatriate and former professional sailboat racer, Katie Ananina, Plan B Passport — a firm that brokers citizenship through investment schemes for tax-haven nations that don’t impose capital gains on crypto holdings to wealthy investors. According to a July 11 report from…