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DogeCoin May Rise to 0.15$ this January or February Probably as said by most of calls Channels ! Chart looking Bullish Possible ranges 0.12-0.25$ #masters #DOGE #bearorbull #tax
DogeCoin May Rise to 0.15$ this January or February Probably as said by most of calls Channels ! Chart looking Bullish Possible ranges 0.12-0.25$ #masters #DOGE #bearorbull #tax
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Japan has revised corporate #crypto tax regulations.  Companies will no longer need to pay 30% corporate tax on unrealized gains from crypto assets, according to a notice issued by the country's National Tax Agency (NTA). To benefit from the tax exemption, an enterprise has to hold the coins continuously after the issuance, though the crypto asset itself is subject to transfer restrictions. #tax #japan
Japan has revised corporate #crypto tax regulations.  Companies will no longer need to pay 30% corporate tax on unrealized gains from crypto assets, according to a notice issued by the country's National Tax Agency (NTA).

To benefit from the tax exemption, an enterprise has to hold the coins continuously after the issuance, though the crypto asset itself is subject to transfer restrictions.

#tax #japan
From Samurai to Satoshi: Japan's Crypto Tax Evolution for Web3.0 Firms!Hey there, fellow crypto enthusiasts! Have I got some exciting news for you today! 🎉 It seems that the tax agency in Japan has decided to soften its rules on crypto taxation for our beloved Web3.0 firms. Let's dive right in and see what this means for our favorite digital currencies! 💰 So, imagine this: You're a Web3.0 company in Japan, doing your crypto thing, and suddenly you realize that taxes are lurking around the corner, ready to snatch a chunk of your hard-earned digital assets. 😱 Well, fret not, my friends! The tax agency in Japan has decided to ease up on the rules specifically for Web3.0 firms. Isn't that awesome? Now, you might be wondering, "But Durgesh, what exactly does this mean?" Well, let me break it down for you in my own unique way. 🕺 Previously, Web3.0 firms in Japan were subject to a specific taxation rule that required them to report their cryptocurrency holdings as "current assets" on their financial statements. This meant that any increase or decrease in the value of those assets could lead to tax implications. Yikes! 📉💸 But here's the good news: The tax agency has realized that our Web3.0 friends operate in a slightly different manner compared to traditional companies. They're not just holding cryptocurrencies for trading purposes; they're building decentralized applications, exploring the blockchain, and making waves in the digital world! 🌊🌐 With this realization, the tax agency has decided to adopt a more flexible approach. Web3.0 firms will now have the option to classify their crypto holdings as "tangible fixed assets" or "investment securities" instead of "current assets." Phew! That's like going from wearing tight shoes to comfy slippers! 😅 By giving Web3.0 companies the flexibility to choose their classification, the tax agency recognizes the unique nature of their operations. It's like saying, "Hey, we understand you're doing something awesome here, so let's make your tax life a little easier!" Kudos to the tax agency for being open-minded! 🙌 Now, before we celebrate too hard, it's important to remember that taxes are still a reality in the crypto world. We can't escape them entirely, my friends. So, it's crucial for Web3.0 companies to consult with tax professionals to ensure they're making the right decisions for their specific circumstances. 📚💼 In conclusion, this development in Japan is a big win for Web3.0 companies and the crypto community as a whole. It shows that governments are beginning to understand the intricacies of the digital revolution we're experiencing. So, let's put on our virtual party hats and cheer for the tax agency's new approach to crypto taxation! 🥳💃 Remember, my friends, while taxes may not be the most exciting topic, we can always find a way to make them a little less daunting. So, stay positive, stay informed, and keep rocking the crypto world with your Web3.0 magic! Until next time, keep those crypto dreams alive! ✨💪 That's it for today's blog, folks! I hope you enjoyed the read and found it both informative and entertaining. Until next time, this is Durgesh, your crypto funnyman, signing off with a big smile and an even bigger love for crypto! 🤗✍️ #tax #japan #regulations

From Samurai to Satoshi: Japan's Crypto Tax Evolution for Web3.0 Firms!

Hey there, fellow crypto enthusiasts! Have I got some exciting news for you today! 🎉 It seems that the tax agency in Japan has decided to soften its rules on crypto taxation for our beloved Web3.0 firms. Let's dive right in and see what this means for our favorite digital currencies! 💰

So, imagine this: You're a Web3.0 company in Japan, doing your crypto thing, and suddenly you realize that taxes are lurking around the corner, ready to snatch a chunk of your hard-earned digital assets. 😱 Well, fret not, my friends! The tax agency in Japan has decided to ease up on the rules specifically for Web3.0 firms. Isn't that awesome?

Now, you might be wondering, "But Durgesh, what exactly does this mean?" Well, let me break it down for you in my own unique way. 🕺

Previously, Web3.0 firms in Japan were subject to a specific taxation rule that required them to report their cryptocurrency holdings as "current assets" on their financial statements. This meant that any increase or decrease in the value of those assets could lead to tax implications. Yikes! 📉💸

But here's the good news: The tax agency has realized that our Web3.0 friends operate in a slightly different manner compared to traditional companies. They're not just holding cryptocurrencies for trading purposes; they're building decentralized applications, exploring the blockchain, and making waves in the digital world! 🌊🌐

With this realization, the tax agency has decided to adopt a more flexible approach. Web3.0 firms will now have the option to classify their crypto holdings as "tangible fixed assets" or "investment securities" instead of "current assets." Phew! That's like going from wearing tight shoes to comfy slippers! 😅

By giving Web3.0 companies the flexibility to choose their classification, the tax agency recognizes the unique nature of their operations. It's like saying, "Hey, we understand you're doing something awesome here, so let's make your tax life a little easier!" Kudos to the tax agency for being open-minded! 🙌

Now, before we celebrate too hard, it's important to remember that taxes are still a reality in the crypto world. We can't escape them entirely, my friends. So, it's crucial for Web3.0 companies to consult with tax professionals to ensure they're making the right decisions for their specific circumstances. 📚💼

In conclusion, this development in Japan is a big win for Web3.0 companies and the crypto community as a whole. It shows that governments are beginning to understand the intricacies of the digital revolution we're experiencing. So, let's put on our virtual party hats and cheer for the tax agency's new approach to crypto taxation! 🥳💃

Remember, my friends, while taxes may not be the most exciting topic, we can always find a way to make them a little less daunting. So, stay positive, stay informed, and keep rocking the crypto world with your Web3.0 magic! Until next time, keep those crypto dreams alive! ✨💪

That's it for today's blog, folks! I hope you enjoyed the read and found it both informative and entertaining. Until next time, this is Durgesh, your crypto funnyman, signing off with a big smile and an even bigger love for crypto! 🤗✍️

#tax #japan #regulations
The Finance Minister of India has declared that there will be no adjustments made to either direct or indirect taxes. Additionally, the following points were also emphasized: 1. A uniform tax rate of 30%. 2. Implementation of a 1% TDS (Tax Deducted at Source). 3. Elimination of the provision for offsetting losses.#crypto #indiantax #taxation #tax #BTC How many people want to file a petition against crypto tax in India. $BTC $SOL $ETH
The Finance Minister of India has declared that there will be no adjustments made to either direct or indirect taxes. Additionally, the following points were also emphasized:

1. A uniform tax rate of 30%.
2. Implementation of a 1% TDS (Tax Deducted at Source).
3. Elimination of the provision for offsetting losses.#crypto #indiantax #taxation #tax #BTC

How many people want to file a petition against crypto tax in India.

$BTC $SOL $ETH
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Cryptocurrency Prices And News: Treasury Department Proposes New Crypto Tax Rules Cryptocurrency News: Cryptocurrency prices traded lower Friday. Bitcoin and ethereum were essentially flat on the week and continue to trade near two-month lows. The Treasury Department proposed new cryptocurrency tax rules on Friday, the Wall Street Journal Reported. Starting in 2026, crypto exchanges will submit annual reports on 1099 forms to the IRS and taxpayers showing gross proceeds from transactions. In 2027, the companies will be required to report how much customers paid for digital assets, or their cost basis. #cryptocurrency #tax #crypto2023 #BTC
Cryptocurrency Prices And News: Treasury Department Proposes New Crypto Tax Rules

Cryptocurrency News: Cryptocurrency prices traded lower Friday. Bitcoin and ethereum were essentially flat on the week and continue to trade near two-month lows. The Treasury Department proposed new cryptocurrency tax rules on Friday, the Wall Street Journal Reported. Starting in 2026, crypto exchanges will submit annual reports on 1099 forms to the IRS and taxpayers showing gross proceeds from transactions. In 2027, the companies will be required to report how much customers paid for digital assets, or their cost basis.

#cryptocurrency #tax #crypto2023 #BTC
Arizona’s Governor Blocks Local Taxes on Crypto MiningOn April 12, Arizona Governor Katie Hobbs vetoed a piece of legislation that was designed to prohibit local governments from imposing taxes on crypto mining operations. In her letter explaining the veto, Hobbs stated that the bill would have prevented local policymaking and engagement with local stakeholders on an emerging and potentially energy-intensive economic activity. She also cited concerns about the bill’s overly broad definition of blockchain technology. Read more. https://nftstudio24.com/arizonas-governor-blocks-local-taxes-on-crypto-mining/ #crypto2023 #arizona #tax #crypto

Arizona’s Governor Blocks Local Taxes on Crypto Mining

On April 12, Arizona Governor Katie Hobbs vetoed a piece of legislation that was designed to prohibit local governments from imposing taxes on crypto mining operations. In her letter explaining the veto, Hobbs stated that the bill would have prevented local policymaking and engagement with local stakeholders on an emerging and potentially energy-intensive economic activity. She also cited concerns about the bill’s overly broad definition of blockchain technology.

Read more. https://nftstudio24.com/arizonas-governor-blocks-local-taxes-on-crypto-mining/

#crypto2023 #arizona #tax #crypto
#INDIA TO IMPLEMENT A LOWER TAX LEVY EXPECTED BY CRYPTO UNICORN  A tax levy that the Indian #crypto sector is now dealing with has severely hurt the region's ability to trade digital assets. According to CoinDCX, the #tax levy has been viewed as counteracting, and an appeal has been filed about the process of lowering the rate. Prior to the levy being put into effect, #CoinDCX was worth $2 billion. The cryptocurrency market is a dynamic environment that has seen constant scepticism and uncertainty but has also seen an increase in adoption. This has affected the way the government intervenes through taxes and regulations. India rejects a substantial portion of cryptocurrency trades worldwide. However, the high taxes in the area have inhibited innovation and digital asset trade, which has limited the region's potential for cryptocurrency adoption. India’s crypto tax levy- Around 16 months ago, India implemented a 1% #TDS (Tax Deducted at Source) regulation on cryptocurrency transactions. However, this tax has had a detrimental impact on crypto trading in the country. The primary objective of this taxation measure was to monitor the buying and selling of crypto assets rather than generate revenue for the nation. Recent market analysis indicates that crypto trading volumes in India have sharply declined, with 95% of traders in the country shifting to overseas platforms that are considerably challenging for local authorities to oversee. Summit Gupta, the CEO of CoinDCX, presented this data and expressed hopes that the government would reduce the tax in a timely manner to address this issue. In a recent interview, Gupta commented, "The initial purpose of implementing TDS was to track and trace transactions, but it seems that goal is not being achieved." Furthermore, the imposition of this tax has prompted market makers to exit Indian cryptocurrency exchanges due to the high transaction costs, negatively impacting their investments due to reduced liquidity and undermining their trading activities.
#INDIA TO IMPLEMENT A LOWER TAX LEVY EXPECTED BY CRYPTO UNICORN 

A tax levy that the Indian #crypto sector is now dealing with has severely hurt the region's ability to trade digital assets. According to CoinDCX, the #tax levy has been viewed as counteracting, and an appeal has been filed about the process of lowering the rate. Prior to the levy being put into effect, #CoinDCX was worth $2 billion.

The cryptocurrency market is a dynamic environment that has seen constant scepticism and uncertainty but has also seen an increase in adoption. This has affected the way the government intervenes through taxes and regulations.

India rejects a substantial portion of cryptocurrency trades worldwide. However, the high taxes in the area have inhibited innovation and digital asset trade, which has limited the region's potential for cryptocurrency adoption.

India’s crypto tax levy-

Around 16 months ago, India implemented a 1% #TDS (Tax Deducted at Source) regulation on cryptocurrency transactions. However, this tax has had a detrimental impact on crypto trading in the country. The primary objective of this taxation measure was to monitor the buying and selling of crypto assets rather than generate revenue for the nation.

Recent market analysis indicates that crypto trading volumes in India have sharply declined, with 95% of traders in the country shifting to overseas platforms that are considerably challenging for local authorities to oversee. Summit Gupta, the CEO of CoinDCX, presented this data and expressed hopes that the government would reduce the tax in a timely manner to address this issue.

In a recent interview, Gupta commented, "The initial purpose of implementing TDS was to track and trace transactions, but it seems that goal is not being achieved."
Furthermore, the imposition of this tax has prompted market makers to exit Indian cryptocurrency exchanges due to the high transaction costs, negatively impacting their investments due to reduced liquidity and undermining their trading activities.
#Slovakia Slashes #crypto Taxes! 🇸🇰💰 Great news! Slovakia's parliament voted to cut taxes on cryptocurrency profits. Maximum #tax reduced from 25% to 7% after one year. The move aims to boost everyday crypto transactions and foster wider adoption. Exciting times are ahead for Slovakia's crypto enthusiasts! 🚀 #CryptoNews
#Slovakia Slashes #crypto Taxes! 🇸🇰💰

Great news! Slovakia's parliament voted to cut taxes on cryptocurrency profits. Maximum #tax reduced from 25% to 7% after one year. The move aims to boost everyday crypto transactions and foster wider adoption. Exciting times are ahead for Slovakia's crypto enthusiasts! 🚀 #CryptoNews
Japan’s token issuers are now exempt from corporate tax on unrealized gains The tax break is welcome news for Japan's crypto firms, who still have to pay taxes on paper gains for tokens issued by other firms. #crypto #tax $BTC
Japan’s token issuers are now exempt from corporate tax on unrealized gains
The tax break is welcome news for Japan's crypto firms, who still have to pay taxes on paper gains for tokens issued by other firms.
#crypto #tax $BTC
'Perfect Storm' Threatens US Commercial Real Estate and Financial System, Economist WarnsA weakening commercial real estate sector could be a canary in the coal mine for the US financial system at large, according to economist Peter St Onge. In a new video update, the analyst says growth in major urban areas of the US appears to be declining, which could potentially wipe out a slew of real estate firms who are leveraged up and indebted to regional banks. St Onge says #US banks will have to pay dearly for the decline of the American city if interest demand for prime urban real estate cools off. “We are now seeing a mass extinction [of badly run companies and real estate projects] now that money is very much not free, thanks to the Fed rate hikes. In fact the prime rate – that’s the interest rate offered to the very best companies – is currently running at 8.25%. That is up from 3.25% for most of the past 15 years. However, we have an economy that has grown into cheap money and that cheap money is over.  All with the added bonus that many of America’s cities – so 85% Americans live in cities or suburbs – are so badly run between crime, quality of life, and #regulatory and #tax harassment, that companies are either fleeing or they are closing up shop altogether. All of this while post COVID remote work means millions of workers also no longer need to suffer the newly miserable cities so they too are fleeing.” The analyst warns that the true scope of the problem hasn’t fully manifested yet. According to St Onge, the combination of bleeding government bonds, rising interest rates, and massive amounts of bad loans sitting in regional banks could be a perfect storm that triggers major economic fallout. “It amounts to a perfect storm for commercial real estate that, if anything, is getting worse. I’ve mentioned that these storms haven’t even begun to hit the banks. So far it’s mainly been melting government bonds taking up banks one by one – as in they’ve got assets paying 2% or 2.5% while their debt is costing closer to 5%. But in fact about 43% of regional bank loans are in commercial real estate. That’s what they specialize in since they know the local area, with 40% of that in office space. So both are directly in the crosshairs. Taken together we get a death sentence for regional banks that given the scale of the bubble could spread across the entire financial system as higher rates kill the businesses, they stop paying rent and the real estate goes under with additional stresses from consumer defaults.” source: dailyhodl image source: ai #CryptoDailyDigest Disclaimer The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

'Perfect Storm' Threatens US Commercial Real Estate and Financial System, Economist Warns

A weakening commercial real estate sector could be a canary in the coal mine for the US financial system at large, according to economist Peter St Onge.

In a new video update, the analyst says growth in major urban areas of the US appears to be declining, which could potentially wipe out a slew of real estate firms who are leveraged up and indebted to regional banks.

St Onge says #US banks will have to pay dearly for the decline of the American city if interest demand for prime urban real estate cools off.

“We are now seeing a mass extinction [of badly run companies and real estate projects] now that money is very much not free, thanks to the Fed rate hikes. In fact the prime rate – that’s the interest rate offered to the very best companies – is currently running at 8.25%. That is up from 3.25% for most of the past 15 years. However, we have an economy that has grown into cheap money and that cheap money is over. 

All with the added bonus that many of America’s cities – so 85% Americans live in cities or suburbs – are so badly run between crime, quality of life, and #regulatory and #tax harassment, that companies are either fleeing or they are closing up shop altogether. All of this while post COVID remote work means millions of workers also no longer need to suffer the newly miserable cities so they too are fleeing.”

The analyst warns that the true scope of the problem hasn’t fully manifested yet. According to St Onge, the combination of bleeding government bonds, rising interest rates, and massive amounts of bad loans sitting in regional banks could be a perfect storm that triggers major economic fallout.

“It amounts to a perfect storm for commercial real estate that, if anything, is getting worse. I’ve mentioned that these storms haven’t even begun to hit the banks. So far it’s mainly been melting government bonds taking up banks one by one – as in they’ve got assets paying 2% or 2.5% while their debt is costing closer to 5%.

But in fact about 43% of regional bank loans are in commercial real estate. That’s what they specialize in since they know the local area, with 40% of that in office space. So both are directly in the crosshairs.

Taken together we get a death sentence for regional banks that given the scale of the bubble could spread across the entire financial system as higher rates kill the businesses, they stop paying rent and the real estate goes under with additional stresses from consumer defaults.”

source: dailyhodl

image source: ai

#CryptoDailyDigest

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Thailand Reduces Taxes on CryptocurrenciesThe Thai Ministry of Finance recently announced a revolutionary change in its tax policy, exempting domestic #cryptocurrency trading from the value-added tax (VAT). This move signifies a significant shift towards a more favorable stance on cryptocurrencies, albeit with uncertainties for foreign investors. Proposal for Digital Assets According to data published in the Bangkok Post on February 7th, Secretary of the Ministry of Finance, Paopoom Rojanasakul, emphasized the ministry's effort to promote digital assets as a new tool for fundraising. Changes in Tax Regulations The new government has decided to make changes in tax regulations concerning cryptocurrencies. The 7% VAT previously required on income from cryptocurrency trading has been suspended. This tax exemption came into effect on January 1st, 2024, without specifying a definitive end date for its validity. Exemption Also Applies to Crypto Exchanges The VAT exemption not only applies to the transactions themselves but also to regulated cryptocurrency exchanges, brokers, and dealers under the supervision of the Thai Securities and Exchange Commission. Thailand's Potential as a Crypto Hub The Post emphasized that the new tax policy could support Thailand's growth as an offshore crypto hub and attract further investors to the country's digital ecosystem. Uncertainty for Foreign Investors Despite these positive steps, uncertainty remains for foreign investors. In September, the government issued a new decree stating that foreign income from cryptocurrency trading is subject to personal income tax if acquired in Thailand. Challenges for Foreign Investors Accessing Thai cryptocurrency exchanges is also becoming more challenging for foreign investors, partly due to the lack of opportunities to obtain a national digital identity, which is necessary for opening a trading account. Conclusion While Thailand is taking measures to support the domestic cryptocurrency market, foreign investors remain on the sidelines facing obstacles. It is evident that despite efforts towards regulation and support, challenges persist that hinder full engagement in Thailand's crypto market. #tax Notice: ,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“  

Thailand Reduces Taxes on Cryptocurrencies

The Thai Ministry of Finance recently announced a revolutionary change in its tax policy, exempting domestic #cryptocurrency trading from the value-added tax (VAT). This move signifies a significant shift towards a more favorable stance on cryptocurrencies, albeit with uncertainties for foreign investors.
Proposal for Digital Assets
According to data published in the Bangkok Post on February 7th, Secretary of the Ministry of Finance, Paopoom Rojanasakul, emphasized the ministry's effort to promote digital assets as a new tool for fundraising.
Changes in Tax Regulations
The new government has decided to make changes in tax regulations concerning cryptocurrencies. The 7% VAT previously required on income from cryptocurrency trading has been suspended. This tax exemption came into effect on January 1st, 2024, without specifying a definitive end date for its validity.
Exemption Also Applies to Crypto Exchanges
The VAT exemption not only applies to the transactions themselves but also to regulated cryptocurrency exchanges, brokers, and dealers under the supervision of the Thai Securities and Exchange Commission.
Thailand's Potential as a Crypto Hub
The Post emphasized that the new tax policy could support Thailand's growth as an offshore crypto hub and attract further investors to the country's digital ecosystem.
Uncertainty for Foreign Investors
Despite these positive steps, uncertainty remains for foreign investors. In September, the government issued a new decree stating that foreign income from cryptocurrency trading is subject to personal income tax if acquired in Thailand.
Challenges for Foreign Investors
Accessing Thai cryptocurrency exchanges is also becoming more challenging for foreign investors, partly due to the lack of opportunities to obtain a national digital identity, which is necessary for opening a trading account.
Conclusion
While Thailand is taking measures to support the domestic cryptocurrency market, foreign investors remain on the sidelines facing obstacles. It is evident that despite efforts towards regulation and support, challenges persist that hinder full engagement in Thailand's crypto market.
#tax

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

 
Milei Administration in Argentina Mulls Overhaul of Cryptocurrency Tax RulesThis initiative would allow taxpayers to legalize their crypto assets without extensive documentation, subject to a progressive tax rate structure. Under the new leadership of President Javier Milei, known for his support of Bitcoin, Argentina is contemplating a new legislative measure aimed at streamlining the legalization of cryptocurrency assets, including for those who have not settled their tax obligations. This proposed law intends to introduce broad reforms, providing President Milei with increased authority to implement policies directly, circumventing the usual legislative procedures. Interior Minister Guillermo Francos highlighted the bill's focus on economic freedom and the urgency of its introduction, noting that tax considerations were a secondary and postponed aspect of the proposal. Titled the “Law of Bases and Starting Points for the Freedom of Argentines,” the bill presented to Congress on December 27 features a key component called the "asset regularization scheme." This scheme allows taxpayers to declare their cryptocurrency holdings with reduced requirements for proving their origin. The scheme outlines a tiered tax rate system for declarations made within specific periods: 5% tax rate for declarations made by March 202410% tax rate for declarations from April to June 202415% tax rate for declarations from July to September 2024. This initiative represents a shift from Argentina’s traditional tax policies, aiming to facilitate the inclusion of digital currencies in the national economy. Currently, Argentine law does not tax the mere possession of cryptocurrencies, but profits from their sale are taxable. The AFIP, Argentina's tax authority, treats digital currencies as financial assets, requiring taxes based on their market value at the end of each year. Since his election, President Milei has voiced his intention to support Bitcoin and the principles of decentralization. Nevertheless, the implementation of specific pro-crypto regulations is still pending, although there have been hints at possible decrees to legalize Bitcoin transactions in Argentina. Although this legislative proposal is a critical move towards more accommodating cryptocurrency policies, its final approval and implementation depend on the consensus within the Argentine Congress. $BTC #tax #Bitcoin #BTC #crypto Notice: ,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Milei Administration in Argentina Mulls Overhaul of Cryptocurrency Tax Rules

This initiative would allow taxpayers to legalize their crypto assets without extensive documentation, subject to a progressive tax rate structure.
Under the new leadership of President Javier Milei, known for his support of Bitcoin, Argentina is contemplating a new legislative measure aimed at streamlining the legalization of cryptocurrency assets, including for those who have not settled their tax obligations.
This proposed law intends to introduce broad reforms, providing President Milei with increased authority to implement policies directly, circumventing the usual legislative procedures.
Interior Minister Guillermo Francos highlighted the bill's focus on economic freedom and the urgency of its introduction, noting that tax considerations were a secondary and postponed aspect of the proposal.
Titled the “Law of Bases and Starting Points for the Freedom of Argentines,” the bill presented to Congress on December 27 features a key component called the "asset regularization scheme."
This scheme allows taxpayers to declare their cryptocurrency holdings with reduced requirements for proving their origin. The scheme outlines a tiered tax rate system for declarations made within specific periods:
5% tax rate for declarations made by March 202410% tax rate for declarations from April to June 202415% tax rate for declarations from July to September 2024.
This initiative represents a shift from Argentina’s traditional tax policies, aiming to facilitate the inclusion of digital currencies in the national economy.
Currently, Argentine law does not tax the mere possession of cryptocurrencies, but profits from their sale are taxable. The AFIP, Argentina's tax authority, treats digital currencies as financial assets, requiring taxes based on their market value at the end of each year.
Since his election, President Milei has voiced his intention to support Bitcoin and the principles of decentralization. Nevertheless, the implementation of specific pro-crypto regulations is still pending, although there have been hints at possible decrees to legalize Bitcoin transactions in Argentina.
Although this legislative proposal is a critical move towards more accommodating cryptocurrency policies, its final approval and implementation depend on the consensus within the Argentine Congress.
$BTC
#tax #Bitcoin #BTC #crypto
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
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