#crypto news update of Israel :
#Israel Proposes Bill to Reduce Crypto Tax for Foreign Residents :
A bill that proposes to exempt foreigners from capital gains #taxes on cryptocurrency profits passed its first reading in the Israeli parliament, the Knesset, on June 5, 2023. The bill, which was sponsored by Knesset member Dan Ilouz, would also reduce the current 50% tax on crypto bonuses for employees to 25%.
The bill is still in its early stages and has not yet been approved by the Knesset. However, if it is passed, it would make Israel one of the most crypto-friendly countries in the world.
Currently, capital gains in Israel are taxed at 25 percent, regardless of whether the asset is cryptocurrency or something else. The bill would exempt foreigners from this tax, which could make Israel a more attractive destination for foreign investors in cryptocurrency.
The bill would also reduce the tax on crypto bonuses for employees from 50% to 25%. This would bring the tax treatment of crypto bonuses in line with the tax treatment of stock options.
The bill is supported by the ruling coalition parties in Israel. If it is passed, it would be a major step forward for the crypto industry in Israel.
Here are some additional details about the bill:
The bill would exempt foreigners from capital gains taxes on cryptocurrency profits.
The bill would reduce the current 50% tax on crypto bonuses for employees to 25%.
The bill is still in its early stages and has not yet been approved by the Knesset.
If the bill is passed, it would make Israel one of the most crypto-friendly countries in the world.
What do you think of this bill? Do you think it would make Israel a more attractive destination for foreign investors in cryptocurrency? Let us know in the comments below!
