TaxProposal
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🚨 NEWS GLOBAL 🚨
🔥 Kamala Harris backs President Biden's 44.6% capital gains #TaxProposal , the highest in history.
The proposal also includes a 25% tax on #UnrealizedGains for high-net-worth individuals.
#HoldingVsSelling #NewsAboutCrypto #CryptoMarketMoves
🔥 Kamala Harris backs President Biden's 44.6% capital gains #TaxProposal , the highest in history.
The proposal also includes a 25% tax on #UnrealizedGains for high-net-worth individuals.
#HoldingVsSelling #NewsAboutCrypto #CryptoMarketMoves
We can’t run away from cryptocurrency – FIRS
The Federal Inland Revenue Service (FIRS) has said from September, there would be a law to take care of existing gaps in revenue collection, including providing a legal and regulatory framework for the operation of cryptocurrency.
Executive Chairman of the service, Dr. Zacch Adedeji, said the country can no longer run away from cryptocurrency, a form of digital currency exchange which is an alternative form of payment using encryption algorithm.
Amidst calls for the regulatory framework as the cryptocurrency business evolves, the FIRS boss said the service is working on latching unto that space to boost its revenue collection in its new law.
He spoke in Lagos during a stakeholders’ engagement with the Senate and House of Representatives Committees on Finance organised by the Intergovernmental Relations Department.
The theme of the engagement was “Repositioning the FIRS to achieve its mandate.”
According to the Chairman, cryptocurrency has become a global payment system which Nigeria must embrace in a manner that would not be injurious to the economy of the country.
This is why he stated that the new law would be in place to capture crypto regulations and also address other gaps in the existing laws like the Stamp Duty which has become outdated.
He said, “The plan first is to have the law that regulates it and that is why we are here with the legislators which would be the base of charging as it’s done in other places in the world when you have this new innovation or system you just have to get ready for it. You can’t go away from it, you just have to plan to regulate it in such a way that it is not injurious to the economic development of Nigeria.”
He stated that for instance, the country is still using a Stamp Duty law of 1939 when there were no states or local governments.
“That is one reason why Mr. President set up the Tax and Fiscal Reform Committee to change and check all these laws. By God’s grace the new law will come by September and all those concerns will be addressed,” he added.
#NigeriaCryptoBan #NigeriaVsBinance #crypto #TaxProposal
Executive Chairman of the service, Dr. Zacch Adedeji, said the country can no longer run away from cryptocurrency, a form of digital currency exchange which is an alternative form of payment using encryption algorithm.
Amidst calls for the regulatory framework as the cryptocurrency business evolves, the FIRS boss said the service is working on latching unto that space to boost its revenue collection in its new law.
He spoke in Lagos during a stakeholders’ engagement with the Senate and House of Representatives Committees on Finance organised by the Intergovernmental Relations Department.
The theme of the engagement was “Repositioning the FIRS to achieve its mandate.”
According to the Chairman, cryptocurrency has become a global payment system which Nigeria must embrace in a manner that would not be injurious to the economy of the country.
This is why he stated that the new law would be in place to capture crypto regulations and also address other gaps in the existing laws like the Stamp Duty which has become outdated.
He said, “The plan first is to have the law that regulates it and that is why we are here with the legislators which would be the base of charging as it’s done in other places in the world when you have this new innovation or system you just have to get ready for it. You can’t go away from it, you just have to plan to regulate it in such a way that it is not injurious to the economic development of Nigeria.”
He stated that for instance, the country is still using a Stamp Duty law of 1939 when there were no states or local governments.
“That is one reason why Mr. President set up the Tax and Fiscal Reform Committee to change and check all these laws. By God’s grace the new law will come by September and all those concerns will be addressed,” he added.
#NigeriaCryptoBan #NigeriaVsBinance #crypto #TaxProposal
📉 Crypto Market Plummets: Bitcoin Halving and Biden's Tax Proposal Impact Prices 📉
The global digital assets market took a hit, dropping over 4% as Bitcoin (BTC) failed to maintain its bullish momentum. The Fear and Greed index, which indicated "Greed" just a day ago, now shows a "Neutral" stance at 60 points, suggesting a shift in investor sentiment. This caution might be due to the recent Bitcoin halving and a proposal by U.S. President Joe Biden to increase capital gains tax rates. 😟
🔍 Crypto Market Decline
The cumulative crypto market cap stands at $2.37 trillion, with a 24-hour trading volume of $83 billion—a 13% increase. However, the market's downturn coincides with Biden's proposal to raise capital gains taxes to 44.6%, the highest rate since 1922. The current long-term capital gains tax rate is 20%, but the new proposal also includes a 25% tax on unrealized capital gains for wealthy individuals. 💸
The impact of this proposal is seen in the massive liquidations over the past day. Data from Coinglass shows that more than 91,000 traders were liquidated, totaling $209 million. A majority of these liquidations were long positions, with 84% (worth approximately $176 million) indicating that many investors expected a market surge or reversal after the recent dip. 📉
💔Bitcoin Price Drop
Bitcoin's price fell below $64,000, causing a ripple effect throughout the crypto market. Despite the successful halving event, BTC dropped by over 4% in the last 24 hours, trading at an average of $63,861. This is a 13% decrease from its all-time high of $73,750 recorded on March 14, 2024. The 24-hour trading volume is up by 28%, reaching $31 billion, but this surge hasn't translated into price stability. 😔
The ongoing price decline has raised concerns among crypto enthusiasts. Bitcoin's market cap has shrunk to $1.2 trillion, and it's down by over 10% in the last 30 days. The crypto industry will be watching closely to see how these factors influence the market in the coming days and weeks. 🔮
#Bitcoin #CryptoNews #TaxProposal #MarketTrends $BTC
The global digital assets market took a hit, dropping over 4% as Bitcoin (BTC) failed to maintain its bullish momentum. The Fear and Greed index, which indicated "Greed" just a day ago, now shows a "Neutral" stance at 60 points, suggesting a shift in investor sentiment. This caution might be due to the recent Bitcoin halving and a proposal by U.S. President Joe Biden to increase capital gains tax rates. 😟
🔍 Crypto Market Decline
The cumulative crypto market cap stands at $2.37 trillion, with a 24-hour trading volume of $83 billion—a 13% increase. However, the market's downturn coincides with Biden's proposal to raise capital gains taxes to 44.6%, the highest rate since 1922. The current long-term capital gains tax rate is 20%, but the new proposal also includes a 25% tax on unrealized capital gains for wealthy individuals. 💸
The impact of this proposal is seen in the massive liquidations over the past day. Data from Coinglass shows that more than 91,000 traders were liquidated, totaling $209 million. A majority of these liquidations were long positions, with 84% (worth approximately $176 million) indicating that many investors expected a market surge or reversal after the recent dip. 📉
💔Bitcoin Price Drop
Bitcoin's price fell below $64,000, causing a ripple effect throughout the crypto market. Despite the successful halving event, BTC dropped by over 4% in the last 24 hours, trading at an average of $63,861. This is a 13% decrease from its all-time high of $73,750 recorded on March 14, 2024. The 24-hour trading volume is up by 28%, reaching $31 billion, but this surge hasn't translated into price stability. 😔
The ongoing price decline has raised concerns among crypto enthusiasts. Bitcoin's market cap has shrunk to $1.2 trillion, and it's down by over 10% in the last 30 days. The crypto industry will be watching closely to see how these factors influence the market in the coming days and weeks. 🔮
#Bitcoin #CryptoNews #TaxProposal #MarketTrends $BTC