crypto-currency tagged posts

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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Pay Tax on Your Bitcoin, Says NZ IRD

April 4, 2018 Taxation in New Zealand

crypto taxWELLINGTON – New Zealand’s tax authorities want to make sure that taxpayers follow the tax rules when it comes to cryptocurrency.

On April 3rd the New Zealand Inland Revenue Department issued guidance on the taxes applicable on profits derived from digital currencies.
The guidelines come as a response to the queries sent to the IRD from taxpayers in regards to their cryptocurrency holdings.

The tax department reiterated that incomes arising from any activity to do with cryptocurrency will be liable for income taxation, even though the currency is entirely digital.

It was advised that for the purposes of taxation, cryptocurrency incomes will be deemed taxable if they provide capital gains, or if they lead to income when used in a transaction, or if they are swapped for a different crypto...

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S.Korea To Issue Crypto Guidelines

April 3, 2018 Taxation in South Korea

cryptocurrency in South KoreaSEOUL – South Korea is aiming to enstate some control and taxation over the cryptocurrency market by mid-2018.

Over the weekend the government of South Korea announced that it will soon enact new rules regarding the taxation of virtual currencies.

Virtual currencies such as Bitcoin have enjoyed immense popularity in South Korea in 2018 and 2017, with astronomical demand and surge pricing for purchases in the country.

The government has tried to reign in the popularity and uncontrolled growth for the cryptocurrencies over the last 12 months.

By the end of June 2018, the government hopes to issue a guideline on the taxation of profits made from cryptocurrencies, whether it be from issuance, mining, capital gains, or from transactions.

No indication yet has been given on what the guideline...

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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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