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Cryptocurrencies? What the tax agency doesn't want you to know. Taxation 2024
Author:
Marco Musumeci D'Agata
Economist and DeFi Specialist
5 minute read - March 21, 2024
Starting in 2024, the Tax Agency requires that you inform it about the balance of your cryptocurrencies and if you do not do so, it will fine you.
In this article we are going to discuss tax obligations within a centralized economy (our daily life) and their total absence within decentralized finance, providing the reader with the necessary information to avoid making mistakes.
Marco Musumeci D'Agata
Economist and DeFi Specialist
5 minute read - March 21, 2024
Starting in 2024, the Tax Agency requires that you inform it about the balance of your cryptocurrencies and if you do not do so, it will fine you.
In this article we are going to discuss tax obligations within a centralized economy (our daily life) and their total absence within decentralized finance, providing the reader with the necessary information to avoid making mistakes.
Florida: The Leader in Cryptocurrency Tax Friendliness in the USA
Florida has emerged as the most tax-friendly state in the USA for cryptocurrencies. Thanks to the absence of state income tax and pro-cryptocurrency policies, Florida surpasses other states, including New York, which has one of the highest income tax rates at 10.9% and requires a BitLicense.
Florida Named "Best State" for Cryptocurrency Tax Purposes
According to a recent study by CoinLedger, Florida ranks as the most tax-friendly state for #cryptocurrencies in the United States, while New York is positioned at the opposite end of the spectrum.
Key Factors to Florida's Success
The study, published on January 22nd, revealed that Florida achieved this status through a combination of no state income tax and policies supportive of cryptocurrencies. These policies include a pilot program that allows businesses to pay state fees in cryptocurrencies.
How Other States Compare with Florida
Following Florida are Texas and Wyoming, which also have no state income tax and support crypto-friendly policies, including allowing banks to act as crypto custodians. Nevada and Arizona also rank high, with zero and low tax rates on cryptocurrencies, respectively.
The Importance of Understanding Local Tax Policies for Investors
David Kemmerer, CEO of CoinLedger, emphasizes the importance of being aware of local tax regulations for crypto investors, who could lose thousands of dollars due to different state tax rates.
California and Other States with Higher Tax Rates
California is the second-worst state for cryptocurrency tax purposes, followed by Hawaii, Massachusetts, and New Jersey, with high income tax rates. Hawaii also requires all exchanges in the state to obtain a special license.
Recent Changes in IRS Policy
The IRS (Internal Revenue Service) recently announced that it will temporarily postpone some of its cryptocurrency tax rules, including exempting businesses from reporting #crypto transactions over $10,000, until an updated framework is issued.
#taxes
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.“
Florida Named "Best State" for Cryptocurrency Tax Purposes
According to a recent study by CoinLedger, Florida ranks as the most tax-friendly state for #cryptocurrencies in the United States, while New York is positioned at the opposite end of the spectrum.
Key Factors to Florida's Success
The study, published on January 22nd, revealed that Florida achieved this status through a combination of no state income tax and policies supportive of cryptocurrencies. These policies include a pilot program that allows businesses to pay state fees in cryptocurrencies.
How Other States Compare with Florida
Following Florida are Texas and Wyoming, which also have no state income tax and support crypto-friendly policies, including allowing banks to act as crypto custodians. Nevada and Arizona also rank high, with zero and low tax rates on cryptocurrencies, respectively.
The Importance of Understanding Local Tax Policies for Investors
David Kemmerer, CEO of CoinLedger, emphasizes the importance of being aware of local tax regulations for crypto investors, who could lose thousands of dollars due to different state tax rates.
California and Other States with Higher Tax Rates
California is the second-worst state for cryptocurrency tax purposes, followed by Hawaii, Massachusetts, and New Jersey, with high income tax rates. Hawaii also requires all exchanges in the state to obtain a special license.
Recent Changes in IRS Policy
The IRS (Internal Revenue Service) recently announced that it will temporarily postpone some of its cryptocurrency tax rules, including exempting businesses from reporting #crypto transactions over $10,000, until an updated framework is issued.
#taxes
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.“
China Imposes 20% Tax on Overseas Investment Income of Ultra-Wealthy 😱
According to #Bloomberg , China has begun taxing overseas investment income of the country’s ultra-wealthy. Some wealthy individuals in major cities have been asked to self-assess or meet with tax authorities to evaluate potential taxes owed, including back #taxes from previous years. Mainland investors may be required to pay a 20% tax on investment income, and those with overdue payments may face penalties, though the final amounts can be negotiated.
The report also notes that China implemented the Common Reporting Standard (CRS) in 2018 to prevent tax evasion. Local regulators have emphasized that mainland residents must pay taxes on global income, including investment returns. Some of the targeted individuals have at least $10 million in #overseas assets, and others are those with publicly listed companies in Hong Kong and the United States.
If you enjoy my content, feel free to tip me ❤️
#Binance
#crypto2024
According to #Bloomberg , China has begun taxing overseas investment income of the country’s ultra-wealthy. Some wealthy individuals in major cities have been asked to self-assess or meet with tax authorities to evaluate potential taxes owed, including back #taxes from previous years. Mainland investors may be required to pay a 20% tax on investment income, and those with overdue payments may face penalties, though the final amounts can be negotiated.
The report also notes that China implemented the Common Reporting Standard (CRS) in 2018 to prevent tax evasion. Local regulators have emphasized that mainland residents must pay taxes on global income, including investment returns. Some of the targeted individuals have at least $10 million in #overseas assets, and others are those with publicly listed companies in Hong Kong and the United States.
If you enjoy my content, feel free to tip me ❤️
#Binance
#crypto2024
TAX IN BRAZIL
The Brazilian Federal Revenue has introduced new regulations for cryptocurrency asset declaration in the 2024 Income Tax, including the need to differentiate between 'altcoin' and 'stablecoin' and to report the custodian's CNPJ. Additional rules for assets held abroad were also specified, following the "Offshore Law." These new guidelines are effective from March 15, with the declaration period extending until May 31.
#write2earn #TrendingTopic #tax #taxes
The Brazilian Federal Revenue has introduced new regulations for cryptocurrency asset declaration in the 2024 Income Tax, including the need to differentiate between 'altcoin' and 'stablecoin' and to report the custodian's CNPJ. Additional rules for assets held abroad were also specified, following the "Offshore Law." These new guidelines are effective from March 15, with the declaration period extending until May 31.
#write2earn #TrendingTopic #tax #taxes
Is Thailand Becoming a Crypto Hub in Southeast Asia with Tax Breaks for Investment Tokens? 🥳
Forget crypto rollercoasters, #Thailand is offering tax breaks to make it a crypto paradise!
They're exempting #taxes on investment token profits for individuals (with a catch) and slashing taxes for companies issuing them.
This bold move aims to turn Thailand into Southeast Asia's #crypto hub, but can they overcome their rocky past with crypto taxes?
Buckle up for a story of tax U-turns, public outcry, and Thailand's ambitious crypto dreams.
#Binance
#crypto2024
Forget crypto rollercoasters, #Thailand is offering tax breaks to make it a crypto paradise!
They're exempting #taxes on investment token profits for individuals (with a catch) and slashing taxes for companies issuing them.
This bold move aims to turn Thailand into Southeast Asia's #crypto hub, but can they overcome their rocky past with crypto taxes?
Buckle up for a story of tax U-turns, public outcry, and Thailand's ambitious crypto dreams.
#Binance
#crypto2024
Crypto taxes in 2025 💸
The US Treasury will release a tax regime for cryptocurrencies in 2025.
Reporting won't be required for those earning less than $10k in staples and up to $600 in NFTs.
The thresholds so far are some not serious at all, but we all knew regulation would and will be tough
#UStreasury $BTC #US #CryptoNewss #taxes
The US Treasury will release a tax regime for cryptocurrencies in 2025.
Reporting won't be required for those earning less than $10k in staples and up to $600 in NFTs.
The thresholds so far are some not serious at all, but we all knew regulation would and will be tough
#UStreasury $BTC #US #CryptoNewss #taxes
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#binance #wallet #taxes #ukrainecrypto
All this is good, innovative, and will greatly help the development, the main motivation of a person: laziness, it remains for him to earn and transfer to a fiat card. That is, to do nothing and for that they gave money.
But, why accumulate a database of users' wishes even for crypto in their wallets. As you know, all kinds of databases are quite popular "goods", bookers from 1Win will confirm this.
As for the internal situation, we still do not have a regulated market, but the fiscals have already passed, although they do not yet know which side the gate is on. By fiat, the NBU has a base, but they have not yet figured out how to effectively and almost legally withdraw funds from the circulation of a person, a natural person, not an entrepreneur. Well, an artificial colleague can help all of the above. Because rams need help with synchronizing all kinds of databases.
In general, it is interesting, let's start with online stores:) and then I will calculate the annual expenses for each one separately without his knowledge:))
All this is good, innovative, and will greatly help the development, the main motivation of a person: laziness, it remains for him to earn and transfer to a fiat card. That is, to do nothing and for that they gave money.
But, why accumulate a database of users' wishes even for crypto in their wallets. As you know, all kinds of databases are quite popular "goods", bookers from 1Win will confirm this.
As for the internal situation, we still do not have a regulated market, but the fiscals have already passed, although they do not yet know which side the gate is on. By fiat, the NBU has a base, but they have not yet figured out how to effectively and almost legally withdraw funds from the circulation of a person, a natural person, not an entrepreneur. Well, an artificial colleague can help all of the above. Because rams need help with synchronizing all kinds of databases.
In general, it is interesting, let's start with online stores:) and then I will calculate the annual expenses for each one separately without his knowledge:))
LIVE
Bitcoinworld
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Intermarché to Trial AI-Powered Shopping Carts for Enhanced Shopping Experience
Intermarché to Trial AI-Powered Shopping Carts for Enhanced Shopping Experience
By Dalvinder Kular
In a push towards innovative retail technology, Intermarché, a major French grocery retailer, is introducing AI-powered shopping carts in its Provins store. This trial, conducted in partnership with retail tech company Shopic and Capgemini, features carts equipped with advanced computer vision technology that can identify thousands of items without manual scanning. This ambitious move aims to enhance the shopping experience, speed up the checkout process, and provide a host of additional features to Intermarché’s customers.
The trial aligns with a broader trend in French retail as supermarkets experiment with AI-enabled shopping solutions. In August, Franprix, another French grocery chain, partnered with Cust2Mate to roll out similar technology in its Paris stores, highlighting a shift toward smart shopping solutions across the industry.
AI-Powered Shopping Carts: How They Work
The AI-powered shopping carts at Intermarché are equipped with a clip-on device powered by computer vision technology. This setup enables the cart to automatically recognize items added by the customer without the need for individual scanning. Unlike traditional shopping experiences, where each item needs to be manually scanned at checkout, these smart carts aim to streamline the entire process by making it as seamless and efficient as possible.
Key Features of Intermarché’s Smart Carts
Automatic Item Recognition: The AI-driven computer vision software can recognize thousands of items without manual scanning, offering a hands-free shopping experience.
Real-Time Budget Tracking: Shoppers can view their running total in real-time, making it easier to manage their spending within budget.
Loyalty Integration: The carts allow customers to check loyalty points, promotions, and other special offers as they shop.
Potential for Personalized Retail Media: In the future, Intermarché plans to display personalized ads and supplier promotions directly on the cart interface, tailoring the shopping experience to each customer’s preferences.
These features not only enhance convenience but also improve the accuracy of the checkout process. By eliminating the need for manual barcode scanning, the AI-powered system reduces errors and cuts down the time customers spend in line.
A Collaboration for Innovation: Intermarché, Shopic, and Capgemini
Intermarché’s trial of AI-powered carts is part of a collaborative effort involving Shopic, a retail technology firm, and Capgemini, a global consulting company specializing in technology. Shopic’s computer vision technology is integral to the project, providing the AI software that powers the cart’s item recognition and personalization capabilities.
According to Perrine Vignon, owner of the Intermarché store in Provins, the trial marks a significant step forward for AI in retail. “We are delighted with our collaboration with Shopic for this pilot project, which is an excellent opportunity to concretely test the benefits of AI, using computer vision, for retail,” Vignon commented. “Customers of the Provins supermarket will benefit from a simplified, fast, and efficient shopping journey thanks to the smart carts.”
Why Computer Vision Matters in Retail
Computer vision technology is rapidly becoming a transformative force in the retail industry. By using advanced image recognition algorithms, it can accurately identify items based on appearance rather than barcodes. This has several benefits for grocery stores:
Enhanced Shopping Speed: Customers can add items to their cart without stopping to scan each item individually.
Reduction in Errors: The technology minimizes the risk of incorrect charges due to human error, making it easier to manage inventories.
Customer Insights: Computer vision data can provide retailers with insights into shopping patterns, helping them optimize store layouts and promotions.
Improving Customer Experience with AI-Enabled Shopping Carts
Intermarché’s AI-powered carts are designed to simplify the shopping experience and make it more interactive. The carts’ real-time tracking feature lets customers view their total spend, check loyalty points, and see relevant promotions applied to their cart. Additionally, future plans for integrating personalized retail media mean that customers could eventually receive customized offers and content based on their shopping habits.
These advancements aim to make shopping easier and more transparent, empowering customers to make informed choices. Real-time budget tracking can help customers stick to their budget, and personalized content adds a unique value layer by tailoring promotions to individual preferences.
The Future of Personalized Retail Media
Personalized retail media within shopping carts could represent a new era in targeted advertising. By analyzing customers’ purchasing behaviors and preferences, Intermarché plans to introduce relevant ads and supplier offers throughout the shopping journey. This approach could turn the shopping cart into a platform for advertisers while enhancing the customer experience with customized deals.
France’s Move Toward Smart Retail Solutions: Franprix’s AI-Powered Shopping Carts
Intermarché’s trial follows a similar initiative by Franprix, another French supermarket chain that recently launched AI-powered shopping carts in partnership with Cust2Mate. Franprix’s smart carts feature a clip-on panel that provides an all-in-one service, allowing customers to self-scan items and complete payments directly on the cart.
These smart shopping solutions reflect a growing trend among French retailers to incorporate technology for an enhanced customer experience. By making the shopping journey faster, easier, and more interactive, AI-powered carts are setting a new standard in the grocery shopping experience.
Challenges and Opportunities in AI-Powered Retail Technology
While AI-powered shopping carts hold immense promise, they also present unique challenges for retailers. Implementing these systems requires significant investment, both in terms of technology and training. Additionally, there are considerations around data privacy and security, as customer behavior data and purchasing history are collected and analyzed.
Key Challenges
Cost of Implementation: Developing and deploying AI-powered shopping carts involves considerable upfront costs, which may be a barrier for smaller retailers.
Data Privacy Concerns: With personalized media and behavior tracking, maintaining data privacy is crucial to gaining and retaining customer trust.
Adoption and Usability: Customers may need time to adjust to new technologies, especially older customers who may not be as familiar with digital interfaces.
Potential Benefits
Enhanced Customer Experience: Smart carts simplify shopping, reduce wait times, and make the checkout process seamless.
Increased Revenue through Targeted Ads: Personalized offers and advertising within the shopping cart can generate additional revenue streams for retailers.
Valuable Consumer Insights: AI-enabled carts provide retailers with real-time data on shopping patterns and product preferences, aiding in inventory management and marketing efforts.
Conclusion: The Future of AI in Retail
Intermarché’s trial of AI-powered shopping carts at its Provins location represents a significant milestone for the retail industry in France. With technology that can recognize items automatically, display real-time prices, and apply promotions seamlessly, these carts are designed to make the shopping experience more efficient and enjoyable. By partnering with Shopic and Capgemini, Intermarché is bringing innovative solutions to its customers while also exploring the potential for personalized retail media.
As AI-powered solutions like these continue to evolve, they promise to reshape the shopping journey, making it faster, more personalized, and more connected. France’s retailers, including Franprix and Intermarché, are leading the way in adopting smart retail technologies, positioning themselves at the forefront of a transformative trend.
To learn more about the innovative startups shaping the future of the retail industry, explore our article on latest news, where we delve into the most promising ventures and their potential to disrupt traditional industries.
By Dalvinder Kular
In a push towards innovative retail technology, Intermarché, a major French grocery retailer, is introducing AI-powered shopping carts in its Provins store. This trial, conducted in partnership with retail tech company Shopic and Capgemini, features carts equipped with advanced computer vision technology that can identify thousands of items without manual scanning. This ambitious move aims to enhance the shopping experience, speed up the checkout process, and provide a host of additional features to Intermarché’s customers.
The trial aligns with a broader trend in French retail as supermarkets experiment with AI-enabled shopping solutions. In August, Franprix, another French grocery chain, partnered with Cust2Mate to roll out similar technology in its Paris stores, highlighting a shift toward smart shopping solutions across the industry.
AI-Powered Shopping Carts: How They Work
The AI-powered shopping carts at Intermarché are equipped with a clip-on device powered by computer vision technology. This setup enables the cart to automatically recognize items added by the customer without the need for individual scanning. Unlike traditional shopping experiences, where each item needs to be manually scanned at checkout, these smart carts aim to streamline the entire process by making it as seamless and efficient as possible.
Key Features of Intermarché’s Smart Carts
Automatic Item Recognition: The AI-driven computer vision software can recognize thousands of items without manual scanning, offering a hands-free shopping experience.
Real-Time Budget Tracking: Shoppers can view their running total in real-time, making it easier to manage their spending within budget.
Loyalty Integration: The carts allow customers to check loyalty points, promotions, and other special offers as they shop.
Potential for Personalized Retail Media: In the future, Intermarché plans to display personalized ads and supplier promotions directly on the cart interface, tailoring the shopping experience to each customer’s preferences.
These features not only enhance convenience but also improve the accuracy of the checkout process. By eliminating the need for manual barcode scanning, the AI-powered system reduces errors and cuts down the time customers spend in line.
A Collaboration for Innovation: Intermarché, Shopic, and Capgemini
Intermarché’s trial of AI-powered carts is part of a collaborative effort involving Shopic, a retail technology firm, and Capgemini, a global consulting company specializing in technology. Shopic’s computer vision technology is integral to the project, providing the AI software that powers the cart’s item recognition and personalization capabilities.
According to Perrine Vignon, owner of the Intermarché store in Provins, the trial marks a significant step forward for AI in retail. “We are delighted with our collaboration with Shopic for this pilot project, which is an excellent opportunity to concretely test the benefits of AI, using computer vision, for retail,” Vignon commented. “Customers of the Provins supermarket will benefit from a simplified, fast, and efficient shopping journey thanks to the smart carts.”
Why Computer Vision Matters in Retail
Computer vision technology is rapidly becoming a transformative force in the retail industry. By using advanced image recognition algorithms, it can accurately identify items based on appearance rather than barcodes. This has several benefits for grocery stores:
Enhanced Shopping Speed: Customers can add items to their cart without stopping to scan each item individually.
Reduction in Errors: The technology minimizes the risk of incorrect charges due to human error, making it easier to manage inventories.
Customer Insights: Computer vision data can provide retailers with insights into shopping patterns, helping them optimize store layouts and promotions.
Improving Customer Experience with AI-Enabled Shopping Carts
Intermarché’s AI-powered carts are designed to simplify the shopping experience and make it more interactive. The carts’ real-time tracking feature lets customers view their total spend, check loyalty points, and see relevant promotions applied to their cart. Additionally, future plans for integrating personalized retail media mean that customers could eventually receive customized offers and content based on their shopping habits.
These advancements aim to make shopping easier and more transparent, empowering customers to make informed choices. Real-time budget tracking can help customers stick to their budget, and personalized content adds a unique value layer by tailoring promotions to individual preferences.
The Future of Personalized Retail Media
Personalized retail media within shopping carts could represent a new era in targeted advertising. By analyzing customers’ purchasing behaviors and preferences, Intermarché plans to introduce relevant ads and supplier offers throughout the shopping journey. This approach could turn the shopping cart into a platform for advertisers while enhancing the customer experience with customized deals.
France’s Move Toward Smart Retail Solutions: Franprix’s AI-Powered Shopping Carts
Intermarché’s trial follows a similar initiative by Franprix, another French supermarket chain that recently launched AI-powered shopping carts in partnership with Cust2Mate. Franprix’s smart carts feature a clip-on panel that provides an all-in-one service, allowing customers to self-scan items and complete payments directly on the cart.
These smart shopping solutions reflect a growing trend among French retailers to incorporate technology for an enhanced customer experience. By making the shopping journey faster, easier, and more interactive, AI-powered carts are setting a new standard in the grocery shopping experience.
Challenges and Opportunities in AI-Powered Retail Technology
While AI-powered shopping carts hold immense promise, they also present unique challenges for retailers. Implementing these systems requires significant investment, both in terms of technology and training. Additionally, there are considerations around data privacy and security, as customer behavior data and purchasing history are collected and analyzed.
Key Challenges
Cost of Implementation: Developing and deploying AI-powered shopping carts involves considerable upfront costs, which may be a barrier for smaller retailers.
Data Privacy Concerns: With personalized media and behavior tracking, maintaining data privacy is crucial to gaining and retaining customer trust.
Adoption and Usability: Customers may need time to adjust to new technologies, especially older customers who may not be as familiar with digital interfaces.
Potential Benefits
Enhanced Customer Experience: Smart carts simplify shopping, reduce wait times, and make the checkout process seamless.
Increased Revenue through Targeted Ads: Personalized offers and advertising within the shopping cart can generate additional revenue streams for retailers.
Valuable Consumer Insights: AI-enabled carts provide retailers with real-time data on shopping patterns and product preferences, aiding in inventory management and marketing efforts.
Conclusion: The Future of AI in Retail
Intermarché’s trial of AI-powered shopping carts at its Provins location represents a significant milestone for the retail industry in France. With technology that can recognize items automatically, display real-time prices, and apply promotions seamlessly, these carts are designed to make the shopping experience more efficient and enjoyable. By partnering with Shopic and Capgemini, Intermarché is bringing innovative solutions to its customers while also exploring the potential for personalized retail media.
As AI-powered solutions like these continue to evolve, they promise to reshape the shopping journey, making it faster, more personalized, and more connected. France’s retailers, including Franprix and Intermarché, are leading the way in adopting smart retail technologies, positioning themselves at the forefront of a transformative trend.
To learn more about the innovative startups shaping the future of the retail industry, explore our article on latest news, where we delve into the most promising ventures and their potential to disrupt traditional industries.
Types Of Taxes On Crypto
Types of Taxes on CryptoCapital Gains Tax: This is the most common form of taxation and applies when you sell your crypto for more than you paid.Income Tax: If you earn cryptocurrency through mining, staking, or as payment for services, it's considered income.Transaction Tax: Some jurisdictions even tax individual crypto transactions.Legal Frameworks You Should Know AboutRegulatory Compliance: Always make sure to use platforms and services that adhere to the financial regulations of your jurisdiction.Security Laws: Certain tokens may be considered securities under the law, requiring special compliance measures.International Laws: Trading with entities in other countries can expose you to foreign regulations.#danos #taxes #crypto
#Indonesia 's crypto exchanges faced a 60% decline in trading volumes in 2023, largely attributing the drop to high income and VAT #taxes on crypto transactions, as #Cryptocurrencies are treated as commodities. The industry hopes for a change in classification to securities, which might reduce tax burdens and boost trading activity.