Bulgarian Bitcoin Tax Guidance May Leave Money-Laundering Loophole
Bulgaria's National Revenue Agency (NRA), the government organisation in charge of administering state taxes and social security contributions in the eastern European nation, has issued new taxation guidelines for digital currency. In a post on 2nd April, the NRA indicated that income from the sale of digital currencies such as bitcoin will be treated as income from the sale of financial assets and taxed at a rate of 10%. Effectively, earnings from bitcoin trades will be taxed on the same level as ordinary income and corporate income in Bulgaria. Explained the NRA: "Taxable income ... is....
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Financial Action Task Force on Money Laundering (FATF), an international intergovernmental organization created to combat money laundering has recently issued guidance in the form of a report titled 'Guidance for a Risk-Based Approach to Virtual Currencies' for closer monitoring of cryptocurrency exchanges. The report discusses about various benefits associated with digital currencies and also the potential risks of money laundering and terror financing it comes along with. The report was published as part of the recently concluded plenary meeting held at Brisbane. The organization with....