crypto-currency tagged posts

Cryptos to Be Taxed in South Africa

August 10, 2018 Taxation in South Africa

TokenBorsaPRETORIA – New rules being pushed by South African tax authorities will see cryptocurrencies be subject to income tax but not VAT.

The South African Revenue Service (SARS) is pushing for new regulation which would see a tax imposed on cryptocurrency.

Under current regulation in South Africa, cryptocurrencies are not considered to be currency in regards to the calculation of liability for capital gains tax and income tax.

As cryptocurrency is not yet widely popular as a means of payment of exchange, there is not yet any significant push for any coins to be considered and treated as a currency.

The SARS is considering cryptocurrencies to be an intangible asset, and are to be taxed as an asset.

If the classification is ratified, trades of cryptocurrency will be subject to income tax, as wo...

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Japan to Automate Cryptocurrency Tax Returns

July 17, 2018 Taxation in Japan

Crypto-tax in JapanTOKYO – Japan is simplifying tax filing for cypto-traders, meaning only those making significant profits will be filing returns.

The National Tax Agency of Japan has disclosed its revised rules and systems for declaring profits from cryptocurrency transactions, unveiling a system which automates away a lot of the complexity of calculating the tax obligations.

The tax authority is now working on the implementation of an automated process which would automate the process of calculating the tax obligations arising from trades of cryptocurrencies made by Japanese taxpayers.

Previously traders were required to calculate the profits earned from cryptocurrency by comparing the value of the coin at the time of purchase against the value at the time of sale, and also compare that against what in...

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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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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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Thailand Clamping Down on Bitcoin Trading

May 15, 2018 Taxation in Thailand

cryptocurrency in ThailandBANGKOK – Thailand is toughening the rules about the use, exchange, or sale of cryptocurrency, and calling for heavy fines and jail time for unregistered exchange.

As of May 14th new regulations came into effect in Thailand regarding the trading of and profits from cryptocurrencies, such as Bitcoin, which will see higher levels of oversight and taxation.

Cryptocurrency transactions will soon bear the burden of a heavy taxation, with a 22 percent duty on profits to be enacted soon, on top of the already announced 15 percent tax on capital gains.

Along with the new taxes, the sellers of digital currencies have also been told that they will be required to register with the national Securities Exchange Commission (SEC) within the next 90 days.

Those who do not follow the requirement to regi...

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