Crypto tax

Brazilians Who Held $1,000 in Crypto Last Year Must Report It on Tax Returns by End of May

<div class=”featured_image_container”> </div> <strong>Taxpayers in Brazil have only a couple of days left to file their annual tax returns. Investors who had more than 5,000 reals worth of cryptocurrency in 2020, a little less than $1,000, are obliged to report the funds on their income tax declarations this year. Brazilians who fail to do that …

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South African Crypto Holders Urged to Approach Tax Body Before It Descends on Them

<div class=”featured_image_container”> </div> <strong>A South Africa-based tax expert, David Lesperance, says with the country’s revenue collector now closing in on cryptocurrencies, holders must now take the initiative and approach South Africa Revenue Services (SARS) before it descends on them. Lesperance argues that by making the first move, cryptocurrency investors will be able to avoid the …

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Court Authorizes IRS to Summon User Records From Kraken Cryptocurrency Exchange

<div class=”featured_image_container”> </div> <strong>The Internal Revenue Service (IRS) has obtained court authorization to serve a John Doe summons on cryptocurrency exchange Kraken. The tax agency is seeking data of users with $20,000 or more in cryptocurrency transactions during the years 2016 to 2020.</strong> IRS Wants User Information From Crypto Exchanges The U.S. Department of Justice …

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South Korean City Threatens to Seize Cryptos From Tax Evaders

<div class=”featured_image_container”> </div> <strong>Crypto tax evasion is becoming a hot potato for the authorities in some Asian countries, such as Japan and South Korea. A South Korean city is now actively fighting against tax evaders who are suspiciously reporting meager earnings in their filings.</strong> 511 Individuals in the Authorities’ Eyes According to Gugkje News, the …

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US Court Authorizes IRS to Summon Cryptocurrency User Records From Circle and Poloniex

<div class=”featured_image_container”> </div> <strong>The Internal Revenue Service (IRS) has obtained authorization from a federal court to seek information on cryptocurrency users from Circle and Poloniex exchange platforms. The tax authority wants records identifying crypto users who conducted $20,000 or more in crypto transactions during the years 2016 to 2020 as well as other documents relating …

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South Koreans Are Required to Pay Taxes for Crypto Holdings in Overseas Exchanges, Authorities Warn

<div class=”featured_image_container”> </div> <strong>South Korean tax authorities are unstoppable in keeping crypto holders in their eyes and making them accountable to pay taxes. The National Tax Service (NTS) has issued a warning to the crypto traders that they have to report their earnings even from tokens held in foreign exchanges.</strong> No Details on How the …

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South Korean Tax Agency Identifies Over 2,400 Evaders Who Used Cryptocurrencies to Bypass Taxation

<div class=”featured_image_container”> </div> <strong>South Korean authorities seem to be focusing on strengthening measures to combat tax evasion across the nation. The country’s tax watchdog profiled thousands of evaders that relied on cryptocurrencies to hide assets worth billions of Korean won.</strong> Evaders Hid a Total of $32.24 Million in Assets Per the Korea Herald, the National …

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IRS Launches ‘Operation Hidden Treasure’ to Target Unreported Crypto Income

<div class=”featured_image_container”> </div> <strong>The U.S. Internal Revenue Service (IRS) has reportedly launched an operation to target cryptocurrency investors. Dubbed “Operation Hidden Treasure,” the team consists of agents trained in the field of cryptocurrency and transaction tracking.</strong> Damon Rowe, Executive Director at the IRS Office of Fraud Enforcement, unveiled “Operation Hidden Treasure” last week at a …

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Cordoba Becomes the First Argentinean Province to Impose Taxes on Crypto-Related Activities

<div class=”featured_image_container”> </div> <strong>In Argentina, a provincial legislature has voted in favor of a bill to impose new taxes on gross incomes from crypto transactions. Cordoba’s central province is now the first one to impose crypto taxes in the country, which involves crypto exchange platforms and retail traders.</strong> Approved Tax Bill Grants a Definition of …

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India Considers 18% GST on Bitcoin Transactions

<div class=”featured_image_container”> </div> <strong>The Indian government is reportedly mulling over imposing an 18% goods and services tax (GST) on bitcoin transactions. According to the Central Economic Intelligence Bureau, the government could gain Rs 7,200 crore annually from this bitcoin taxation.</strong> 18% GST on Bitcoin Trades The Central Economic Intelligence Bureau (CEIB), an arm of the …

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