Yearly Archives 2018

India May Tax Crypto Incomes

May 25, 2018 Taxation in India

Crypto currencyNEW DELHI – Cryptocurrencies will soon be taxed in India, although the move could lead to greater acceptance and legitimacy of the technology in the country.

Media rumours swirling in India about new tax rules for cryptocurrency in India have led to a fall in the prices of most major coins.

Earlier this week, rumours rose up in the media about the possibility that the government of India will rule that cryptocurrency transactions should be taxed under GST regulations.

If the rules come into force, then the earnings arising from trades involving cryptocurrencies will all under the scope of the country’s 18 percent GST.

If the transactions take place in India, then it would be regarded as the transfer of software or some intangible good.

Conversely, if the transactions involve foreign par...

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Hong Kong Needs to Drop Maritime Taxes

May 24, 2018 Taxation in Hong Kong

maritime industries Hong KongHONG KONG – Hong Kong should drop taxes for the maritime industry to boost up the flagging sector.

On May 21st Financial Services Development Council of Hong Kong released a new report with a suggestion of how to help the city develop a maritime financing and leasing industry.

Among the suggestion was a call for some significant overhauls for the tax system in place for the industry.

The Council called on the local government to enact tax concessions for maritime and ship leasing management and maritime and shipping-related supporting service activities.

However, instead of just calling for tax breaks, the Council encouraged the government to conduct full consultations with the industry when planning its tax review package.

Further, the report called for the negotiations and launch of ne...

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Drop The Petrol Tax, Says NZ National Party

May 23, 2018 Taxation in New Zealand

Fuel taxWELLINGTON – The New Zealand government needs to drop the idea of new petrol taxes, as the fuel prices are already at record-high levels, according to the major opposition party.

In a new press release issued on May 22nd the National Party of New Zealand, the major opposition party, called on the government to cancel the planned implementation of fuel taxes in the country.

The National Party claims that the current price of petrol is at a record high, hitting as much as NZD 2.30 per litre, and that some experts are claiming that the price could reach NZD 3 per litre in the foreseeable future.

The government of New Zealand is currently planning on enacting nation-wide hikes to the rate of fuel tax of NZD 0.03 to NZD 0.04 per litre per year for the next three years.

The national fuel tax ...

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UN Launches Own Digital Tax Research

May 22, 2018 International Tax Cooperation

Digital taxNEW YORK – The UN will is starting its research on the taxation of large multinational enterprises, with a focus on their impact on developing countries, despite similar work already being conducted by the EU and OECD.

Last week the UN decided that it will begin work on new rules and guides for the taxation of the worldwide digital economy and multinational enterprises, and it will not await the completion of investigations on the same subject from the Organization for Economic Cooperation and Development.

Many international organizations and national governments are currently scrambling to find an appropriate method of taxing large multinational enterprises operating in several countries.

The multinational enterprises are accused of operating internationally and deriving income around t...

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Poland Drops Crypto Tax

May 21, 2018 Taxation in Poland

Tax on cryptocurrencyWARSAW – Poland’s treatment of cryptocurrency used to result in tax burdens greater than the value of the transactions made, but new tax rules are set to change that.

The Ministry of Finance of Poland has issued a new statement confirming that it will not be taxing incomes derived from transactions on cryptocurrencies.

Prior to the announcement, Poland was considered by some to be one of the worst countries in which to transact with cryptocurrencies due to the highly punitive tax measures enacted by the government.

Cryptocurrency transactions or trades previously led to a tax of 18 percent to 32 percent, regardless of it made a net profit or not.

Further, all cryptocurrency transactions were additionally required to pay a tax of 1 percent, as they were considered to be a transfer of pr...

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