Israeli Tax Authorities Notify Cryptocurrency Owners to Disclose Their Holdin...
The revenue collector, the Israel Tax Authority (ITA) has reportedly sent notifications to dozens of Israelis who own digital currencies asking them to fully disclose their assets and be taxed accordingly. In addition to sending letters to local citizens, the tax body has also sent inquiries to cryptocurrency exchanges operating in Israel and those based outside the country. Data Sharing Reports of the notifications and inquiries being sent by the revenue collector were preceded by Israeli media speculation that tax assessors across the country were exerting “pressure on the digital....
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According to a report, the South African Revenue Service (SARS) has sent out audit requests to taxpayers asking them to disclose their cryptocurrency trades and purchases. Taxpayers that fail to correctly disclose their income from bitcoin or other cryptocurrencies may be “liable to a fine or imprisonment for up to two years.” SARS Tracking Non-Compliant Taxpayers In the report, which is based on statements made by Tax Consulting South Africa, cryptocurrency traders are now required to state the purpose for purchasing the digital assets. In addition, crypto traders must submit....
The Israel Tax Department has drafted new cryptocurrency tax rules that consider Bitcoin as an asset, eligible for capital gains taxes. The cryptocurrency community in Israel now has some clarity about the legal status of Bitcoin in their country. The country’s tax authorities have recently announced that Bitcoin and other cryptocurrencies will be considered as assets and are taxable. The legal status of Bitcoin has always been a grey area in many countries across the world. But with the Israeli authorities clarifying their stance over the cryptocurrency, people can now manage their tax....