The U.S. Treasury Department has proposed an excise tax of 30% on the cost of powering crypto mining facilities. The tax is set to be imposed on companies such as Litecoin (LTC), Avalanche (AVAX), and...
Tag: Taxing
Biden Budget Proposes Taxing Crypto Miners
The proposed budget of the Biden administration has a clause that would impose taxes on the electricity usage of cryptocurrency miners. Tax To Discourage Crypto Mining U.S. President Joseph Biden’s p...
Biden Proposes Taxing Higher Income Earners To Help Save Medicare
Topline The White House unveiled a budget proposal Tuesday to extend funding for Medicare at least till the 2050s by raising taxes on high-income individuals and negotiating lower prices for prescript...
ConsenSys Backs Lawsuit Against IRS Over Taxing Staked Crypto
Crypto software giant ConsenSys will financially support an ongoing lawsuit challenging the IRS’ ability to tax staking rewards, the company announced Tuesday. In 2021, Joshua and Jessica Jarrett sued...
China starts taxing crypto investors and Bitcoin miners 20%
For a long time, China has had a complicated relationship with the cryptocurrency industry, its government indecisive on the policies that have ranged from a total ban to investigating the utility of ...
Italy to Start Taxing Crypto Trading Gains From 2023 (Report)
The government of Italy is reportedly looking to enforce strict rules on the local crypto space by imposing a 26% tax on profits generated from digital asset trading. However, residents who earn less...
Portugal Moves Closer to Taxing Individuals on Short-term Crypto Gains
Portugal’s days of tax-free crypto gains may soon be over In its budget proposal for next year, the country is tackling a rising deficit and slowing GDP growth Portugal has long exempted individuals f...
Japan’s crypto groups call for end of taxing paper gains
Japan’s leading crypto lobby groups plan to submit a proposal to Japan’s financial regulatory body to address its high crypto taxes, which experts warn make Japan less competitive as a crypto hub. Ac...
California Is Taxing Nonresidents Who Never Even Visited—Really
Californians know that the state’s tax agency, the Franchise Tax Board or FTB, seems tougher than the IRS. Even if you live somewhere else, you might have heard of the Golden State’s aggressive tax ru...
UK Government Seeks Input on Taxing Crypto Asset Loans and Staking in DeFi – crypto.news
Financial authorities in the United Kingdom are considering methods that can regulate and tax the usage of digital assets. Forging Crypto Adoption In the UK According to a call for evidence issued on ...
U.K. government seeks input on taxing crypto asset loans and staking in DeFi
Authorities all around the globe, including the government of the United Kingdom, are looking at methods to regulate and tax the usage of digital assets as the crypto industry continues to see exponen...
Albania plans to begin taxing crypto-derived income next year: Exit News
Albania is set to begin taxing income derived from cryptocurrency next year, according to a draft law, local English-language website Exit News reported on Friday. Some have questioned whether the cou...
Albania to Start Taxing Crypto Profits From Next Year (Report)
The Albanian authorities have reportedly decided to apply taxes on earnings generated from cryptocurrency trading. The legislation is supposed to come into effect from the beginning of 2023. Albania’s...
Portugal Congress Party Disapproves The New Bill About Taxing Cryptocurrencies
The European country’s Parliament, the Assembleia da Republica, declined two bills levying cryptocurrencies. Portugal’s Finance Minister on Taxing Cryptocurrency Earlier this month, on May 13th, the c...
Portugal announces plan to start taxing cryptocurrency gains
Cryptocurrency investments have picked around worldwide, and governments are looking for ways to derive revenues from the sector. Once considered a crypto tax haven, Portugal has now announced plans t...
Portugal to Begin Taxing Cryptocurrencies, says Finance Minister
Portugal’s Finance Minister Fernando Medina has confirmed plans to apply capital gains taxes on cryptocurrency profits. Though he has not committed to a specific date, he stressed that there can no lo...
Portugal to start taxing crypto gains and payments
Finance Minister for Portugal, Fernando Medina, has confirmed that Portugal will begin taxing cryptocurrency in a parliamentary session on May 13. Portugal is currently one of the most crypto-friendly...
Taxing Digital Payments After Moving Towards Digitization Is Bait-and-Switch
HodlX Guest Post Submit Your Post Ghana is one of many countries considering, or already, taxing digital payments. Beginning next month, mobile transactions worth more than 100 cedis, or roughly $1...
Indonesia Joins India in Taxing Crypto Returns – crypto.news
The Indonesian Ministry of Trade recently revealed that crypto taxes will finally be applicable to crypto investors in the country. This announcement also highlighted that the income tax and VAT will ...
Russia poised to benefit heavily from taxing crypto
Russia recently endorsed cryptocurrencies as actual currencies. The development came after a looming ban by the Bank of Russia. The passing of a crypto bill could see the country increase its revenues...
Indian FM Sitharaman Says ‘Taxing Cryptos Doesn’t Mean It Has Been Legalized’
Is the proposed 30% tax on Cryptocurrencies a tacit acceptance of cryptocurrencies by the Government Of India? Indian Finance Minister Nirmala Sitaraman quashes such possibilities and said that taxing...
US lawmakers reintroduce bill to stop IRS from taxing crypto transactions under $200
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 T...
Thai lawmaker says taxing crypto trades might discourage investors
Thai ruling party MP Watanya Wongopasi has warned that crypto investors might shy away from injecting funds into the sector if the Excise department starts taxing trades. She said this in a Facebook p...