Brazil to Impose 15% Tax on Crypto Earnings Held on Offshore Exchanges: Report
The bill is awaiting presidential approval. Source
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Tax
Brazil Approves Proposed 15% Income Tax on Crypto Earnings Held on Foreign Exchanges
The move to regulate and tax cryptocurrencies held on foreign exchanges comes as digital assets are gaining popularity in Brazil. The Brazilian Senate recently gave the green light to a new tax reform aimed at imposing a 15% tax on cryptocurrencies held on foreign exchanges. The proposed bill on crypto income
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UK crypto hodlers get a call from the tax grinch
His Majesty’s Revenue and Customs (HMRC) has issued stern instructions to crypto users that they must declare and pay their taxes on digital assets within a strict timeframe or face the consequences. The tax office guidance on how to go about declaring and paying taxes on their crypto holdings published
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Spain enforces new crypto tax law for foreign asset declarations
Spain introduces a new crypto tax regulation requiring residents to declare their cryptocurrency holdings on foreign platforms by March 2024. Spain has introduced new tax regulations requiring residents to declare cryptocurrency holdings on foreign platforms. This directive was issued by the Spanish Tax Administration Agency, Agencia Tributaria, which has created a
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KyberSwap attacker used ‘infinite money glitch,’ Australia’s tax agency won’t clarify DeFi rules: Finance Redefined
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.The attacker who stole $46 million from the KyberSwap protocol has used a complex strategy described by a DeFi expert as an “infinite
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Australia’s tax agency won’t clarify its confusing, ‘aggressive’ crypto rules
Australia’s tax regulator has been unable to clarify confusing aspects of its new guidance that suggests capital gains tax (CGT) is payable on a slate of everyday decentralized finance transactions.The ATO failed to answer direct questions from Cryptox on whether staking Ether on Lido or transferring funds via bridges to
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What You Need to Know About Crypto Tax Loss Harvesting
For example, suppose that you purchased $50,000 worth of bitcoin on Coinbase. After 40 days, the price fell, and you sold the position for $40,000, incurring a $10,000 loss. Then, in a Ledger wallet transaction, you repurchased Bitcoin for $42,000 five days later. Source
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U.S. Lawmakers Urge Treasury to Revise Proposed Crypto Tax Rules
A letter by a bipartisan group of U.S. lawmakers has urged the U.S. Treasury to revise its proposed digital-assets taxation regime. Original Source
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The Global Movement to Promote Crypto Tax Transparency — What You Need to Know
In Europe and the U.S., there are a host of initiatives placing new requirements on participants in digital asset markets to report on transactions and meet other new provisions. Source
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What the IRS Gets Wrong About DeFi and Crypto in Its Latest Tax Reporting Proposal
The APA requires a reviewing court to set aside agency action that is “arbitrary, capricious, an abuse of discretion, or otherwise not in accordance with law,” “contrary to constitutional right,” “in excess of statutory jurisdiction,” or “unsupported by substantial evidence.” The proposal, if finalized, would fail each requirement. Source
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