Israeli government reportedly mulling bitcoin tax
The Israeli government is considering taxing profits on bitcoin, said an Israeli paper this week. Business paper Globes reported that the Israel Tax Authority is mulling the prospect, believing that people who make profits from bitcoin owe taxes. "We cannot ignore this phenomenon which one way or another involves financial transactions and therefore we are examining its importance," an Israel Tax Authority source was quoted as saying. But a model for taxing profits was unclear, given that the country has not yet recognized bitcoin as an official currency, said Globes. Jonathan Rouach, CEO....
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Israeli business newspaper Globes is reporting that the Israeli government is mulling the possibility of imposing a tax on profits from Bitcoin. The article states that the Israel Tax Authority is considering the move based on the idea that anyone who makes profits from Bitcoin owes taxes. It was unclear how exactly a tax on Bitcoin profits would be levied, though, as Israel has yet to even recognize Bitcoin as an official currency. Israeli Bitcoin exchange Bits of Gold’s CEO, Jonathan Rouach, suggests the tax authority is not prepared for the necessary paradigm shift to even know where to....
Mossad and Shin Bet are reportedly investigating an early September hack that hit 20 cryptocurrency executives.
The Israeli government is now reportedly in the process of reviewing several crypto firms to issue operating licenses. Israel has reportedly enacted new regulations related to the cryptocurrency industry in order to combat illegal activities such a money laundering and terrorism financing.The government of Israel enforced new Anti-Money Laundering (AML) regulations on Sunday, requiring local fintech companies and virtual currency service providers (VASP) to obtain an operating license, local news agency Globes reported.The Israel Securities Authority, the Capital Markets, Insurance and....
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. 18% GST on Bitcoin Trades The Central Economic Intelligence Bureau (CEIB), an arm of the finance ministry, has proposed imposing an 18% goods and services tax (GST) on bitcoin transactions, the Times of India reported Tuesday. The CEIB, which acts as the finance ministry’s think tank, recently conducted a study on levying GST on....
Israeli lawmakers have proposed in a draft new law to treat bitcoin as a currency instead of an asset for tax purposes, local media reported. According to a report from Globes, four legislators from the Yisrael Beiteinu political party presented the Income Tax Ordinance (Taxation of the Sale of Digital Currencies) bill in the Israeli parliament Knesset on September 22. The bill by the four – MK Oded Forer, Yevgeny Soba, Yulia Malinovsky, and Alex Kushnir – proposes several changes to crypto taxation, including the amendment of the existing tax law to exempt digital assets like....