Cryptocurrency Analysis and News Portal
Brazil's tax agency, the Department of Federal Revenue (RFB), published a new tax code that specifies fines for taxpayers who fail to declare their Bitcoin (BTC) and cryptocurrency transactions.On Dec. 6, CryptoX Brasil reported that the new crypto tax code is a further follow-up to provisions made by the
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Cryptocurrency owners have been grappling with ways to accurately report their earnings to the U.S. Internal Revenue Service (IRS). With the pressure from the IRS on bitcoin owners to come clean with their earnings, there are suggested ways that individuals can avoid getting on the bad side of the law. IRS
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After many countries around the world such as the United States, the United Kingdom, France, and Portugal published their own cryptocurrency tax guidelines this year, it is only reasonable they will expect to see an increase in crypto tax filing. They may even follow suit with the U.S. Internal
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The Excise Department in Thailand is poised to introduce a new way of refunding overpaid taxes to oil exporters by using blockchain technology.On Nov. 25, director-general Patchara Anuntasilpa told the Bangkok Post that the Thailand Excise Department will change its current tax refund practice by introducing a blockchain-based tax
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A draft bill setting out how crypto-related income should be taxed in Ukraine would tax gains at 5 percent for the first five years if passed. Source
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An official from the U.S. Internet Revenue Service (IRS) has stated that the agency is going to investigate crypto-based ATMs and kiosks for potential criminal activities that include tax evasion and money laundering.Cryptocurrency ATMs and kiosks are increasingly gaining popularity among digital currency users in the United States as many
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As the development of blockchain technology and cryptocurrency around the globe increases, more nations have already started recognizing their use, and shifting and renewing their laws accordingly to suit the new world of digital transactions.The department of Her Majesty’s Revenue and Customs in the United Kingdom has also made alterations
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The United Kingdom’s tax, payments and customs authority, Her Majesty’s Revenue and Customs (HMRC), has updated its cryptocurrency taxation guidelines for businesses and individuals.On Nov. 1, the U.K. government tax agency, which manages taxes alongside other financial policies, released tax guidance updates that further clarify its stance on how
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On Oct. 9, 2019, the United States Internal Revenue Service issued Revenue Ruling 2019-24 and a series of frequently asked questions, identifying rules governing U.S. taxation of digital currencies. Taxation in the U.S. is unbelievably complex, but the new IRS guidance takes a step-by-step approach to address some of
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Global financial services company Circle announced that Bermuda became the first government to accept its stablecoin USD Coin (USDC) for tax payments.Part of a broader government initiative to embrace stablecoinsAccording to a press release shared with CryptoX on Oct. 16, this development is part of a broader initiative, which
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