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Facebook’s decision to shut down the holding company in Ireland came after the US Internal Revenue Service (IRS) sued the company over its Ireland shore deal.Social networking service company Facebook Inc (NASDAQ: FB) is closing holding companies in Ireland. The social networking service company is winding up the Irish holding
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According to the Excise Department, the target set for fiscal 2021 is 530 billion baht ( $17,543,863,900), a figure that is just shy of the tax revenue collected in fiscal 2020, which was 548 billion baht. ($18,141,189,280) The excise department of Thailand is looking to integrate blockchain technology in revenue collection as
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Thailand’s Excise Department is hoping the integration of a blockchain system can help it boost revenues and assist the nation’s economic recovery.According to a report by the Bangkok Post on Monday, the department will implement a system to make tax receipt collection more efficient, rather than raising taxes.The Excise Department,
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India-based investors may soon have to pay taxes on returns earned from bitcoin investments.The country’s income tax authority is tracking investors making money amid the ongoing bitcoin price rally and is all set to demand taxes, two sources familiar with the matter said, according to The Economic Times (ET), a
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Payments company Square said Tuesday it will buy Credit Karma’s tax business for $50 million and integrate it into its Cash App, a major hub for bitcoin sales.Cash App will make Credit Karma’s do-it-yourself tax-preparation software available to its 30 million monthly users for free, Square said. Those users already
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Cryptocurrency exchange Coinbase has decided to discontinue sending customers 1099-Ks, the U.S. tax form which led the Internal Revenue Service (IRS) to mistakenly think traders had underreported their gains. The exchange will instead use the 1099-MISC form, at least for customers who earn interest on lending and similar products, it said
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U.S. Treasury Department officials are weighing the pros and cons of a risk-based approach to cryptocurrency tax reporting versus a model more focused on tax liabilities.Top considerations are the trade-offs each model would bring to a still-developing set of crypto tax rules, said Erika Nijenhuis, senior counsel at Treasury’s office
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Russia’s Ministry of Finance has proposed new amendments to the country’s coming law on crypto assets that could soften the requirements for cryptocurrency taxpayers, news agency RBK reported Thursday.According a package of draft bills, individuals must report their holdings if annual transactions exceed 600,000 Russian rubles (about $7,800). In a
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A former Microsoft engineer has been sentenced to nine years for stealing more than $10 million in digital value from his past employer in the form of “currency stored value" (CSV) including gift cards.Volodymyr Kvashuk, a 26-year-old Ukrainian citizen residing in Washington, used the accounts and identities of his fellow
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