Israeli government to consider tax on Bitcoins
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....
Related News
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....
The Inside Bitcoins conference in Tel Aviv has been postponed due to logistical problems resulting from the ongoing military action in the Gaza Strip between the Israeli military and Hamas. The postponement stems from the cancelation of international flights to Israel in response to rocket attacks launched against Ben Gurion International Airport in Tel Aviv. Due to the international profile of many of the conference's speakers and attendees, the conference is being moved forward to an as-yet-undisclosed date. CoinDesk spoke with Alan Meckler, chairman and CEO of Mediabistro Inc, which....
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....
In the last part of this series, we talked about the state of Bitcoin in Israel and the efforts of Israeli Bitcoin community organizers Meni Rosenfeld and Ron Gross in running the Israeli meetup group. Here, we talk about the next stage in the Israeli Bitcoin community's growth: the effort to set up an Israeli Bitcoin Association. National Bitcoin organizations have been a popular subject lately, with the Bitcoin Alliance of Canada soon to announce its official launch and similar organizations in other countries now picking up worldwide. But what is the benefit of having a national Bitcoin....
Over the past two months numerous regulators have issued warnings against the use of digital currencies, and some have even taken concrete steps to halt trading, most notably China and India. Israel, however, appears to be taking a different approach. Israeli regulators are not ignoring digital currencies, they are simply waiting to see what the rest of the world does about them. Certain Israeli financial institutions are engaged in bitcoin transactions, and they would like to see clear guidance from regulators. However, the Bank of Israel, the Israel Securities Authority and government....