U.S. President Donald Trump’s proposal to replace federal income taxes with tariffs could significantly reduce tax burdens for American workers. A new study by accounting automation firm Dancing Numbers estimates that the average American could save at least $134,809 over a lifetime if federal income taxes are eliminated. If state-level wage-based income taxes are also […]
tax
Honduras Embraces Bitcoin: Tax Deadline Set for 2024
Bitcoin adoption has received a significant boost as the Honduran Special Economic Zone Próspera ZEDE officially acknowledges the flagship cryptocurrency as a unit of account. In a groundbreaking move, BTC can now be utilized to gauge the market value of goods and services, making Próspera ZEDE the first jurisdiction worldwide to implement such a measure. […]
Cryptocurrency fads as mode of tariff; Rio De Janeiro joins list
Rio De Janeiro has said that it will allow cryptocurrency as a mode of payment for property taxes. According to an article released on the 25 March 2022, by Bloomberg Lnea, Rio de Janeiro, Brazil’s second-largest city, will allow residents to pay property taxes with cryptocurrencies starting in 2023. Rio will be the first city […]
India to consider imposition equalization levy on cryptocurrency transactions
India’s relationship with the cryptocurrency market has always been on the rocks with the government first banning the asset class in 2018 before reversing the decision last year. Despite the all-clear from the government, some banks did not make it easy for customers to conduct cryptocurrency transactions. A recent signal from India’s tax sector stated […]
Spain’s Government Has Been Formulating A Bill Mandating The Disclosure Of Crypto Holdings
Cryptocurrencies continue to flourish and take over the globe with its charm, however, the illicit activities, as well as tax evasions, have also started to surge. While the crypto market has its own upside, the downside continues to haunt the industry. With tax evasions on the rise, governments of several countries have been making amendments […]
Switzerland’s Zug Canton will Accept Bitcoin and Ether for Tax Settlement
Zug has emerged as one of the most crucial cryptocurrency hubs in the world. Taking the crypto game to a notch higher is Switzerland’s Canton of Zug administration which announced last week that it will start accepting cryptocurrency for tax payments. According to Bloomberg’s report, the Canton was quoted saying, “Tax settlement by means of […]
Bitcoin, Ether Will Soon Be Accepted For Tax Payments in Swiss Canton Zug
Just a few years ago, cryptocurrencies were viewed merely as assets that paved the way for illicit activities. Even though many authorities still continue to denounce digital assets, the ones in support of these assets have witnessed an increase. Currently, there are many instances that indicate that cryptocurrencies will soon find a prominent position in […]
South Korea Becomes Latest Country to Consider Cryptocurrency Taxation, Final Decision to be Made in September
The cryptocurrency industry has been under the scanner of financial regulators since it first came to the limelight. With the increasing popularity of virtual assets such as Bitcoin, countries across the globe have begun to take steps to see that it is being treated as an asset under their purview. Just recently, South Korea announced […]
Taxing Bitcoin And Other Cryptocurrencies in Russia in Mikhail Mishustin’s Sights; Community Split
Several regions across the globe have their own rules and regulations about cryptocurrencies: some love it, some hate it and some are still on the fence. The latest focus point was on Russia, a country known to be in two minds about Bitcoin. The last few weeks have been chaotic in the Kremlin due to […]
South Korea Is About To Levy a 20% tax on Cryptocurrencies
South Korea’s cryptocurrency regulation has seen tremendous developments in the last 2 years. However, Park Yong-jin, a member of the national policy committee from the ruling Democratic Party, brought in the first-ever taxation bill in South Korea. The Ministry of Economics and Finance recently ordered the department of income tax to start reviewing the cryptocurrency […]