Bitcoin investors are reportedly exempt from taxes in El Salvador
El Salvador is looking to attract foreign investment by adopting major tax breaks on Bitcoin trading. The government of El Salvador will reportedly exempt investors from paying a capital gains tax and an income tax on Bitcoin (BTC), according to a presidential legal counsel.Javier Argueta, a legal adviser to President Nayib Bukele, is looking to encourage foreign investment through major tax breaks on Bitcoin, Agence France-Presse reported Sept. 10. “If a person has assets in Bitcoin and makes high profits, there will be no tax. This is done obviously to encourage foreign investment,”....
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“There will be no taxes to pay on either the capital increase or the income,” the legal adviser to President Nayib Bukele said.
While Thai crypto investors and miners are required to pay the tax in 2022, exchanges are reportedly exempt from the new duty. The government of Thailand is progressing in regulating the local cryptocurrency ecosystem by reportedly enacting new tax rules for the industry.Profits from crypto trading in Thailand are now subject to a 15% capital gains tax, The Bangkok Post news agency reported Thursday.The Thai Revenue Department also plans to step up its monitoring duties following a booming digital asset market last year. The department has the authority to collect taxes from crypto trades....
The nation of Finland has ruled that Bitcoin services will be exempt of Value Added Tax. While many in the Bitcoin community dread the thought of regulation and taxes, the fact is that if Bitcoin is ever going to become mainstream, both might become a necessary evil in some countries. But of outmost importance is the question of how those regulations and taxes are or will be applied. Countries around the world have been struggling with exactly how to address virtual currencies and the nations of the European Union are no exception. But now the Scandinavian nation of Finland ruled that....
El Salvador’s state Bitcoin wallet has continued facing major issues in a week after the official rollout. Just a week after Bitcoin (BTC) became legal tender in El Salvador, President Nayib Bukele has admitted that the rollout of the state Bitcoin wallet was too much of a challenge.Chivo, El Salvador’s official Bitcoin wallet, has temporarily disabled new registrations and halted app downloads for new smartphone models due to ongoing issues with the app, Bukele said on Twitter late Monday.“Both things will be enabled until the application has no errors,” the president noted, adding that....
The proposed El Salvador project would receive tax revenue in an interesting way that appears on the surface more digestible to investors.