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UK taxman wants cryptocurrency owners to disclose unreported gains
This article briefly:
·The UK taxman is offering cryptocurrency investors the opportunity to report any unpaid proceeds from taxable events involving cryptocurrencies and NFTs.
·Due to the complexities of taxable events over the years in cryptocurrency transactions, experts advise defaulters to consult experts.
The UK government is lowering corporate and personal taxes but appears to be tightening sanctions on cryptocurrency tax evaders following a statement in May.
The UK tax authority has launched a new voluntary disclosure process for those who fail to report cryptocurrency gains. HMRC wants the public to report income from cryptocurrency trading tokens, non-fungible tokens (NFTs) and utility tokens, following recent action against corporate tax evaders.
·The UK taxman is offering cryptocurrency investors the opportunity to report any unpaid proceeds from taxable events involving cryptocurrencies and NFTs.
·Due to the complexities of taxable events over the years in cryptocurrency transactions, experts advise defaulters to consult experts.
The UK government is lowering corporate and personal taxes but appears to be tightening sanctions on cryptocurrency tax evaders following a statement in May.
The UK tax authority has launched a new voluntary disclosure process for those who fail to report cryptocurrency gains. HMRC wants the public to report income from cryptocurrency trading tokens, non-fungible tokens (NFTs) and utility tokens, following recent action against corporate tax evaders.
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U.S. government rolls back controversial cryptocurrency tax reporting rules
This article briefly:
•The U.S. Treasury Department and Internal Revenue Service recently revised cryptocurrency tax reporting rules.
•Recent controversy surrounds the U.S. government’s attitude toward cryptocurrencies, characterized by law enforcement regulatory strategies.
•Regulators are preparing to release detailed procedures for reporting digital asset income, signaling a shift in cryptocurrency regulation.
The U.S. Department of the Treasury and Internal Revenue Service (IRS) recently announced revisions to their cryptocurrency tax reporting rules. It initially required extensive reporting of cryptocurrency transactions over $10,000.
The Treasury Department is now informing businesses that they do not have to comply with the same reporting requirements as crypto-exchange cash. However, this will only be the case until formal crypto regulations are introduced in the country.
•The U.S. Treasury Department and Internal Revenue Service recently revised cryptocurrency tax reporting rules.
•Recent controversy surrounds the U.S. government’s attitude toward cryptocurrencies, characterized by law enforcement regulatory strategies.
•Regulators are preparing to release detailed procedures for reporting digital asset income, signaling a shift in cryptocurrency regulation.
The U.S. Department of the Treasury and Internal Revenue Service (IRS) recently announced revisions to their cryptocurrency tax reporting rules. It initially required extensive reporting of cryptocurrency transactions over $10,000.
The Treasury Department is now informing businesses that they do not have to comply with the same reporting requirements as crypto-exchange cash. However, this will only be the case until formal crypto regulations are introduced in the country.
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💳️ In order to expand fiscal revenue channels, Nigeria promotes a 10% tax on cryptocurrency profits
The Nigerian government recently plans to impose a 10% tax on the profits of cryptocurrency transactions, with the goal of increasing national revenue in this way and formally incorporating digital assets into its fiscal system. The plan is expected to be implemented in May 2023, which is a key measure to expand the government's revenue sources.
This is a big step towards formalization for cryptocurrencies, but it has also caused some investors and merchants to worry. Some people are afraid that this high tax will reduce market participation, and more people may turn to decentralized and unregulated platforms. Of course, some people think this is an important step towards legalization of the industry.
In addition, the Nigerian Securities and Exchange Commission (SEC) requires cryptocurrency companies operating in the country to obtain a virtual asset service provider (VASP) license. This will make the environment for digital asset trading more orderly and reduce the risk of money laundering and fraud.
The new rules also require exchanges and cryptocurrency-related businesses to comply with strict regulations, and those that fail to obtain the necessary licenses may face fines or restrictions, which will also affect their ability to operate legally in Nigeria.
In response, some investors and analysts believe that the improvement of the tax and regulatory framework may attract more institutional investors and push cryptocurrencies further into the mainstream. However, some people are concerned that this may have some unexpected consequences and potential impacts on the market.
In particular, the 10% capital gains tax may have a significant impact on the profits of small-scale traders, making trading less attractive.
Some market observers also said that without a clear implementation strategy, this tax may force cryptocurrency operators to conduct their business in secret, making them more difficult to monitor and regulate.
Overall, this wave of operations in Nigeria is both an opportunity and a challenge, so let's wait and see!
💬What do you think of Nigeria's 10% cryptocurrency transaction tax? See the comments section!
#尼日利亚 #加密货币税 #数字资产 #加密税
The Nigerian government recently plans to impose a 10% tax on the profits of cryptocurrency transactions, with the goal of increasing national revenue in this way and formally incorporating digital assets into its fiscal system. The plan is expected to be implemented in May 2023, which is a key measure to expand the government's revenue sources.
This is a big step towards formalization for cryptocurrencies, but it has also caused some investors and merchants to worry. Some people are afraid that this high tax will reduce market participation, and more people may turn to decentralized and unregulated platforms. Of course, some people think this is an important step towards legalization of the industry.
In addition, the Nigerian Securities and Exchange Commission (SEC) requires cryptocurrency companies operating in the country to obtain a virtual asset service provider (VASP) license. This will make the environment for digital asset trading more orderly and reduce the risk of money laundering and fraud.
The new rules also require exchanges and cryptocurrency-related businesses to comply with strict regulations, and those that fail to obtain the necessary licenses may face fines or restrictions, which will also affect their ability to operate legally in Nigeria.
In response, some investors and analysts believe that the improvement of the tax and regulatory framework may attract more institutional investors and push cryptocurrencies further into the mainstream. However, some people are concerned that this may have some unexpected consequences and potential impacts on the market.
In particular, the 10% capital gains tax may have a significant impact on the profits of small-scale traders, making trading less attractive.
Some market observers also said that without a clear implementation strategy, this tax may force cryptocurrency operators to conduct their business in secret, making them more difficult to monitor and regulate.
Overall, this wave of operations in Nigeria is both an opportunity and a challenge, so let's wait and see!
💬What do you think of Nigeria's 10% cryptocurrency transaction tax? See the comments section!
#尼日利亚 #加密货币税 #数字资产 #加密税
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New Crypto Tax Requires U.S. Citizens to Be Vigilant
This article briefly:
•Effective December 31, 2023, U.S. citizens will face the consequences of cryptocurrency tax liability.
•Reporting transactions over $10,000 within 15 days is critical for U.S. citizens to avoid felony charges.
•New cryptocurrency tax rules impact companies, with FASB requiring fair value measurements to take effect in 2025 and providing for earlier adoption.
U.S. citizens holding cryptocurrencies face a new obligation that calls for increased awareness to avoid potentially serious consequences.
"Revisions made in this section shall apply to returns required to be filed and statements required to be furnished after December 31, 2023," the document states.
•Effective December 31, 2023, U.S. citizens will face the consequences of cryptocurrency tax liability.
•Reporting transactions over $10,000 within 15 days is critical for U.S. citizens to avoid felony charges.
•New cryptocurrency tax rules impact companies, with FASB requiring fair value measurements to take effect in 2025 and providing for earlier adoption.
U.S. citizens holding cryptocurrencies face a new obligation that calls for increased awareness to avoid potentially serious consequences.
"Revisions made in this section shall apply to returns required to be filed and statements required to be furnished after December 31, 2023," the document states.
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