Germany Eases Taxes on Cryptocurrency

March 2, 2018 Taxation in EU

bitcoin tax in GermanyBERLIN – Germany is setting up new rules for taxation of cryptocurrency, and they are likely to be a hit with crypto-users.

On February 27th the tax authorities of Germany issued a new document detailing the taxation of cryptocurrency use in the country.

Unlike many other countries in the world, including the USA, Germany will consider Bitcoin, and other cryptocurrency, to be a digital currency and not an asset.

The impact of the decision is that purchases made with any cryptocurrency in Germany will not face capital gains tax, and will be taxed as though the transaction was carried out using standard payment methods.

In other countries, cryptocurrency can be considered to be an asset, and as such, can trigger capital gains tax obligations when sold or traded.

Further, any service provi...

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Property Taxes Variation in the USA

March 1, 2018 Taxation in USA

property taxes in the USAWASHINGTON D.C. – Property taxes vary widely between each state in the USA, with a difference of almost USD 7 000 between the most expensive and cheapest state.

New information released in a report by WalletHub has ranked the property tax burdens faced by taxpayers across each state In the USA.

Based on the conclusions of the research the state with the cheapest effective real-estate tax rate in the country was Hawaii, followed by Alabama, and Louisiana, which had tax rates of 0.27 percent, 0.43 percent, and 0.51 percent respectively.

The highest rates were found in New Jersey, Illinois, and New Hampshire, with a rate of 2.40 percent, 2.32 percent, and 2.19 percent.

The rates were calculated based on the taxes which would be charged on a home with a value equal to USD 184 700, the median ...

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European Commission Approaches Digital Tax

February 27, 2018 Taxation in EU

digital taxBRUSSELS – Lawmakers in Europe may soon be deciding on a generic new tax on large digital businesses.

The European Commission is understood to be working on a temporary new tax intended to stop large digital companies from diverting their profits to low-tax jurisdictions without facing any tax obligations.

It is hoped that the new tax will target the online businesses based on where they draw their customers, instead of where they register their offices or settle the arising profits.

The tax is aimed squarely at large firms and will apply only to businesses with global revenues exceeding EUR 750 million per year, with at least EUR 10 million being from an EU country.

The exact rate of the tax has not yet been determined but is currently suggested to be set at between 1 percent and 5 per...

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Property Taxes Shut Doors of Church of the Holy Sepulchre

February 26, 2018 Taxation in Israel

Church of the Holy Sepulchre, Jerusalem, IsraelJERUSALEM – Property taxes and land sales are at the centre of a growing dispute at one of the holiest Christian sites in Israel.

A dispute is escalating in Israel between Church of the Holy Sepulchre in Jerusalem and the national and municipal government, with taxation being at the centre of the disagreement.

The current culmination of the disagreement was the temporary closure of the Church to visitors, which was done as a protest by the Church against its perceived mistreatment by the state.

New regulations which are being enacted would remove the tax break currently enjoyed by the Church on all its properties.

The Jerusalem municipal authority is claiming that church-owned businesses and property which are not used as houses of prayer should not be able to enjoy a break from local p...

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Tax Confusions Reign in America

February 23, 2018 Taxation in USA

tax filing usaWASHINGTON D.C. – American taxpayers are confused by their tax obligations, with misunderstandings on what is legal and what isn’t, and even confusion on what their own tax brackets are.

The results of a survey conducted by NerdWallet has shown that many American taxpayers are unaware of the country’s tax rules or even their own tax situation.

The survey results were compiled from the responses provided by 2 000 US adults taxpayers.

It was found that approximately half of all the survey respondents didn’t know their own tax bracket.

Approximately a quarter of the respondents also didn’t know of the new tax bill which was signed into law in 2017.

Along with not knowing their own tax situation, the taxpayers also believed that many legal tax breaks were illegal, such as making extra ...

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