Scrutiny Against Decentralized Services Continues Over Tax Evasion Concerns
When it comes to online services and platforms, in general, there has always been an unwritten rule to “not earn too much money” in order to avoid further taxation of earnings. While not officially deemed a valid rule by government officials, most countries have a law in place allowing citizens to earn an additional income of a certain yearly amount that....
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Macau’s government is taking steps towards introducing a digital currency to combat tax evasion and money laundering in the gambling hub. Macau is pushing forward with preparations fo the roll out China’s digital yuan, which could help crack down on tax evasion in its opaque gambling industry. On April 13, Ho lat Seng, the chief executive officer of the Chinese island territory, told local lawmakers the government is planning to amend legislation that would allow the regulated issuance of China’s digital yuan to facilitate trials of the digital currency: “We will keep communication with....
The recent crypto crackdown from the Democratic party, spearheaded by crypto-skeptic Senator Elizabeth Warren, may cast a shadow over the future of the decentralized exchange (DEX) Hyperliquid (HYPE). This heightened scrutiny stems from concerns surrounding the crypto ventures associated with President Donald Trump’s family, specifically focusing on World Liberty Financial (WLFI). National Security Concerns Over […]
Decentralized and so-called on-demand services are facing a lot of uphill struggles these days. Not just due to the legal and regulatory considerations, but there is one major topic of debate that has not changed since day one. Is an on-demand contract an employee, a self-employed person, or should they be categorized differently? By the look of things, that last option seems to be the best choice for now. Whether or not the creation of an on-demand worker class would less the scrutiny from government officials against decentralized services remains to be seen, but the idea does seem to....
Tax evasion is a real threat to the global economy, and the biggest culprits are large corporations abusing loopholes to avoid paying taxes. According to research estimates, a total of US$240 billion worth of taxes is not being paid by corporations all over the world. Such a vast sum of money could do a lot of good all over the world, and it is time these practices come to an end. Officials representing the world’s 20 largest economies will be contemplating the approval of a new set of corporate taxation rules. Tax evasion in the corporate world is nothing new under the sun, as these....
Indian authorities are now reportedly set to investigate 400 Binance traders on the grounds of crypto tax evasion. This development comes following Binance’s reentry into the Asian market, during which it registered itself as a “reporting entity”. Related Reading: CZ’s Comeback? Trump Weighs Presidential Pardon For Binance Founder India Tax Dep’t Targets Evasion Among Wealthy […]