tax

Japanese Tax System Not Equipped to Handle Cryptocurrencies

Source Node: https://insidebitcoins.com/news/japanese-tax-system-not-equipped-to-handle-cryptocurrencies/256762
Time Stamp: April 7, 2020 9:49 AM - Modified On: May 21, 2021 - Published By:
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Republished By Plato

Japan is planning to enforce new cryptocurrency regulations in the country in May but its existing tax system may not be properly equipped to handle digital currency transactions. According to a top government official, the system still needs some tweaks before it can manage crypto taxes.Japanese taxation regime needs a changeRepresentative Shun Otokita of the Japan Innovation Party held a Q& A session at the Financial Statements Committee on April 6. Therefore, he talked about the value of market research before introducing a separate tax regime for digital currencies. He

Investigating Digital Assets in Japan Stymied by Nature of Crypto

Source Node: https://cointelegraph.com/news/investigating-digital-assets-in-japan-stymied-by-nature-of-crypto
Time Stamp: April 6, 2020 10:06 PM - Modified On: May 21, 2021 - Published By:
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Republished By Plato

According to top government officials in Japan, the current national tax system is not yet capable of accepting declarations of digital assets, potentially leading to outflows overseas.In a Q&A session at the Financial Statements Committee on April 6, Representative Shun Otokita of the Japan Innovation Party pointed out the importance of market research for the introduction of separate taxes for crypto currencies.Otokita was concerned with the current high-tax system in Japan. He acknowledged that it would be difficult to quickly change the tax code to apply to digital assets, and

Charities Are Turning to Bitcoin Amid the Global Fight Against Coronavirus

Source Node: https://cointelegraph.com/news/charities-are-turning-to-bitcoin-amid-the-global-fight-against-coronavirus
Time Stamp: April 6, 2020 2:41 PM - Modified On: May 21, 2021 - Published By:
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Republished By Plato

In the war against the novel coronavirus, cryptocurrencies are emerging as a much-needed tool for charity and fundraising projects. Already there are a number of large nonprofits accepting Bitcoin donations. Plus, some blockchain and crypto firms are contributing medical supplies to hospitals in an attempt to curb the virus, while others are setting up fundraisers and charities that are aimed at helping its victims.As a number of nonprofits continue to accept cryptocurrency donations, they are starting to realize that crypto transactions significantly reduce costs in terms of fees. Here are

As Malta Delays Regulatory Clarity, Fewer Firms Remain on ‘Blockchain Island’

Source Node: https://cointelegraph.com/news/as-malta-delays-regulatory-clarity-fewer-firms-remain-on-blockchain-island
Time Stamp: April 3, 2020 11:31 AM - Modified On: May 21, 2021 - Published By:
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Republished By Plato

It seems that Malta is becoming both less popular among and less populated with crypto firms. The European Union country attracted dozens of industry players in 2018 on the back of the “blockchain island” agenda championed by the local government, but the relevant framework has not yet proven to be effective. Meanwhile, the official rhetoric apparently started to shift away from the blockchain sector, as the government now aims to consolidate it with “other niche sectors.”Meanwhile, the Malta Financial Services Authority, continues to pluck out non-registered crypto agents — be

Spanish Tax Watchdog Puts 66,000 Crypto Traders on Notice

Source Node: https://cointelegraph.com/news/spanish-tax-watchdog-puts-66-000-crypto-traders-on-notice
Time Stamp: April 3, 2020 12:26 AM - Modified On: August 29, 2021 - Published By:
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Republished By Plato

The Spanish tax authority has begun sending out warning notices to 66,000 cryptocurrency holders to remind them of their tax obligations.According to Europa Press, the Agencia Estatal de Administración Tributaria (AEAT) began the campaign on April 1, and will keep firing off letters until June 30 in the midst of the national COVID-19 crisis.The 66,000 notices represents a sharp increase from 2019, the first year of the campaign, when a reported 14,700 notices were sent out. The tax watchdog is also targeting those who earn income abroad and from real estate