India’s Income Tax Department may soon target crypto trades and ecosystem
Indian entrepreneurs believe crypto tax laws are foundational to mainstream crypto acceptance by governments. As the Income Tax Department of India reportedly considers taxing crypto traders and crypto exchanges soon, experts believe investors should rest assured.According to ET Now’s report, the tax department, which operates under India’s Ministry of Finance, has signaled interest to tax crypto earnings through trade and exchanges. However, the sources claim that the move will not entitle cryptocurrencies to a valid asset class position.Speaking to Cointelegraph, Indian entrepreneur....
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India’s government could levy taxes on Bitcoin trading despite the lack of legal clarity for the country’s crypto space. India’s finance ministry has called for the enactment of Bitcoin (BTC) tax laws in the country. According to the Times of India, the ministry’s Central Economic Intelligence Bureau, or CEIB, recently submitted a draft document that proposes levying an 18% goods and services tax on Bitcoin trading.CEIB figures put the estimated Bitcoin transaction volume in India at over $5.4 billion. Thus, the proposed 18% tax could see the government earning about $970 million from....
Crypto analytics firm Coincub has released crypto tax rankings, pointing out the worst and the best countries regarding crypto taxation. Global cryptocurrency taxation rules significantly vary among countries, and some jurisdictions have come up with extremely tough crypto tax policies for their residents.In a new study by crypto analytics firm Coincub, Belgium is referred to as the worst country in the world in terms of crypto taxation for residents. That is according to in-house rankings covering taxation aspects like taxes on crypto income or crypto capital gains.Belgium is known for....
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....
A new task force set up by the U.S. Department of Justice (DOJ), KleptoCapture, will also target cryptocurrency exchanges. Financial institutions, banks, money transmission services, and crypto exchanges that allow Russian oligarchs to move money “will be in the crosshairs of this investigation.”
DOJ’s KleptoCapture Task Force Will Take ‘Broader View’
A new Department of Justice (DOJ) task force, KleptoCapture, will enforce sanctions against Russian oligarchs as well as target anyone who helps hide their money, including crypto service....
India’s Prime Minister Narendra Modi announced on November 9, 2016, that 500 and 1000 rupee notes would be taken out of circulation in an effort to reduce corruption, terrorism, black money and counterfeiting, and will no longer be accepted as legal tender in India. His surprise announcement caused chaos in the country as citizens scrambled to adjust to a new monetary norm that banned about 85 percent of cash in circulation. This move was meant to bring billions of dollars worth of unaccounted money back into India’s economy. The Indian economy has thus far run primarily on cash....