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....
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....
With the new EU VAT legislation, which came into effect on 1 January 2015, the EU companies in the telecommunication, broadcasting or e-service field have to comply with new rules, which require companies selling e-services and goods within the EU to establish a proof of residence for their customers. EU tax evasion on the microscope. The newly launched VAT regulations focus on the prevention of tax evasion. More specifically, they aim to eliminate the advantage of large corporations to locate their offices in EU countries with low VAT rates in order to supply their products within the EU....
NFT’s could be a vehicle to legitimize ill-gotten gains for the crypto elite. The nonfungible token space has been a hive of activity over the past month or so but there could be more going on than meets the eye as concerns emerge over the sector’s involvement in money laundering and tax evasion.Crypto investor and uber-bearish crypto commentator Mr. Whale has drawn attention to the darker side of the burgeoning NFT space. In a blog post earlier this week, the Bitcoin early adopter attributed the popularity and notoriety of NFTs to their ability to facilitate money laundering and tax....