Israeli Draft Bill Would Nix Hefty Capital Gains Taxes on Bitcoin
The draft bill would define bitcoin and other cryptos as "currency" instead of an "asset" for tax purposes.
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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....
The Israeli Tax Authority (ITA) recently published a draft clarifying its stance on digital currencies including bitcoin for the first time. Bitcoin.com examines the legality of the draft and its effects on the Israeli Bitcoin community. The Draft is Not Yet Law. The draft published by the ITA earlier this month states that digital currencies should be....
An Israeli draft bill seeks to demand that investors report bitcoin holdings above $61,000 to tax authorities, bitcoin advocates oppose.
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....
House Representative Suzan DelBene, introducing the latest iteration of the bill, said the United States needs to "ensure that our tax code evolves with our use of virtual currency." A bill previously introduced by Washington Representative Suzan DelBene aims to exempt crypto users from paying taxes on transactions under $200.According to a Tuesday draft of the Virtual Currency Tax Fairness Act of 2022, Washington Representative Suzan DelBene is seeking to amend the Internal Revenue Code of 1986 to exclude gains from certain personal transactions of virtual currency. If signed into law,....