Australian Bitcoin Exchange Claims Exemption from 10% Government Tax
Australian exchange Coin Loft has received an official ruling exempting it from having to charge Goods and Services Tax (GST) on local bitcoin sales, according to the company. The exchange claims the private ruling from the Australian Taxation Office (ATO) means that it need not apply the GST to its bitcoin exchange price. As a result, the firm ceased charging the tax on 26th January and says it is the first Australia-based exchange to do so. The tax must still be charged on the commission component of the order, however, and a Coin Loft blog post also stated that commission fees would....
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the Royal Thailand Government Gazette has legally established a VAT exemption for crypto transfers lasting until the end of 2023. In March, the cabinet granted an exemption from the value added tax (VAT) for exchanging cryptocurrency or digital tokens. The decision was enacted into Thai law yesterday and will be in force until December 31, […]
Australian tax authorities are reportedly beefing up their investigation of Craig Wright, the researcher who last year was alleged to be bitcoin's pseudonymous creator, Satoshi Nakamoto. Technology publications Gizmodo and Wired claimed in early December to have found evidence tying Wright to Nakamoto, each citing anonymous sources. Some observers were skeptical of the claims in the aftermath of the publications, drawing comparisons to Newsweek’s ill-fated report that pointed to an elderly California citizen as the true identity of Nakamoto. According to regional news source The....
Authorities in Thailand have formally introduced a value-added tax (VAT) exemption for transfers of cryptocurrencies through government-approved exchanges. The tax break, in force until the end of next year, will also apply to digital currency issued by the Bank of Thailand. Royal Decrees Enforce VAT Exemption for Crypto Trading in Thailand Investors moving cryptocurrencies and digital tokens through exchanges in Thailand will benefit from a 7% VAT exemption on such transactions. A decree published in the Royal Gazette on Tuesday enforced the tax break retroactively from April 1, 2022. It....
Australian Senator and Minister of Financial Services Jane Hume said that “cryptocurrency is not a fad. It is an asset class that will grow in importance.” She emphasized that the government won’t stand in the way of crypto investing. “We have to let people make their own decisions,” she said. Australian Government Won’s Stand in the Way of Crypto Australian lawmaker Jane Hume said on Thursday that cryptocurrencies are not a passing fad and will grow in importance as an asset class, the Financial Review reported. Her crypto comments were part of her....
Not every Bitcoin exchange in the world is as successful these days, and the Australian Igot platform appears to be getting closer to collapse than ever. With investors being owed several thousands of dollars, things are looking more worrying than ever before. Mainstream media outlet ABC has taken an interest in the story of Igot and how owner Rick Day....