Israeli Draft Bill Aims To Force Investors To Report Bitcoin Holdings Above $61K
An Israeli draft bill seeks to demand that investors report bitcoin holdings above $61,000 to tax authorities, bitcoin advocates oppose.On Tuesday, a draft law was published by the Ministry of Finance of Israel that would demand investors there to report bitcoin holdings more significant than $61,000 to tax authorities.According to the proposed bill, the reporting requirement for bitcoin and cryptocurrency holders aims to optimize tax collection. If approved, the bill would mandate that anyone in the country who transacts bitcoin or cryptocurrency will have to report holdings worth $61,000....
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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 draft bill would define bitcoin and other cryptos as "currency" instead of an "asset" for tax purposes.
Framed as a "war against black capital," Israel's Ministry of Finance estimates the new legislation could bring in $9.2 million in additional state revenues through tax. The Israeli government is ratcheting up its efforts to deter tax evasion and close loopholes for would-be money launderers as part of a “war against black capital.” Among the measures outlined in a new draft bill published by the Ministry of Finance this week, a new statutory requirement is being proposed to place cryptocurrency users under increased scrutiny. The proposed law would make it mandatory for cryptocurrency....
Russia’s Ministry of Finance has drafted a bill with harsh penalties for anyone who does not report their cryptocurrency holdings above a certain level. Penalties include jail terms and fines. New Russian Crypto Bill The Russian Ministry of Finance has sent out a new draft bill addressing the circulation of cryptocurrency in Russia to interested government departments, local news outlet Kommersant reported this week. The bill contains amendments to the Russian Criminal Code, the Criminal Procedure Code, the Administrative Code, the Tax Code, and the law on combating money laundering,....
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....