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” Crypto tax can wait, free coins can’t: S. Korea mulls ‘gift tax’ for airdrops “ The South Korean Ministry of Strategy and Finance on Monday cleared that virtual asset airdrops, staking rewards and hard forked tokens would be subject to a gift tax under the Inheritance and Gift Tax Act despite the postponement of…
” Biden is hiring 87,000 new IRS agents — and they’re coming for you “ The Inflation Reduction Act, signed into law this month by President Joe Biden, empowers the IRS with nearly $80 billion in new funds. The world’s most powerful tax collection agency is using the money to go on a hiring spree…
” Colombia to prevent tax evasion with national digital currency: Report “ Amid Colombia’s economic growth beat expectations in the second quarter, an official at the country’s tax and customs agency has hinted at some national digital currency plans. Luis Carlos Reyes, the head of the Colombian Tax and Customs National Authority, claimed that the…
” IRS takes out John Doe summons on crypto prime dealer SFOX to find tax cheat customers “ The Central District of California federal court entered an order Monday to authorize the United States Internal Revenue Service (IRS) to serve a John Doe summons on SFOX, a Los Angeles-based cryptocurrency prime dealer. The IRS filed…
“Dems’ spending bill hammers Americans with billions in new taxes” Tax experts are still trying to work out exactly what the so-called Inflation Reduction Act — a 755-page patchwork of giveaways, carveouts, and subsidies which purports to ease inflation by reducing the deficit and hiking taxes — will cost average Americans. However, they agree on…
“Harris, Dems push climate, energy, tax bill through initial Senate hurdle” Senate Democrats cleared a major hurdle Saturday to clears the way to the passing of a massive $433 billion tax, healthcare and climate-change package. Vice President Kamala Harris served as the tiebreaker vote joining Democrats to squeeze through the legislation in a 51-50 party…
” Crypto firms failed to deliver ‘promised benefits’ from lawmaker-backed incentives, says nonprofit “ The Tech Transparency Project, or TTP, a research initiative of the United States-based nonprofit watchdog group Campaign for Accountability, has released a report claiming crypto firms “provided little in return” for state governments offering financial incentives. In a report released Thursday,…
” Japan may see a reduced 20% tax on crypto earnings with new proposal “ The Japan Crypto-Asset Business Association (JCBA) and the Japan Crypto-Asset Exchange Association (JVCEA), the two prominent crypto advocacy groups in Japan, released a tax reform request that calls for lowering taxes for individual investors on crypto earnings. The fiscal 2023…
“Congress should raise taxes to fight inflation ‘right now’” Congress is missing an opportunity to combat decades-high inflation by failing to implement tax hikes, former Clinton administration Treasury Secretary Larry Summers asserted on Friday. Summers, a frequent critic of the federal response to inflation, argued that lawmakers should consider raising taxes as another means of…
” The regulatory implications of India’s crypto transactions tax “ The Indian crypto landscape lost some momentum this year as the government introduced two laws demanding crippling taxes on crypto-related unrealized gains and transactions. India’s first crypto law, which requires its citizens to pay a 30% tax on unrealized crypto gains, came into effect on…