Bitcoin 

Are Tax Moves to Puerto Rico Worth It for Crypto Holders?

Some in the crypto community have embraced Puerto Rico, which seems to have done a good job of promoting itself. But is it for you? I can only address the tax issues, not anything else.  To a large extent, the tax issues depend on what kind of income you will generate, whether personal or business, from where you generate it, and when the income — or even the appreciation in assets — occurs. Ideally, you want all income and all gain to come from Puerto Rico, and all the income…

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Blockchain 

Canada Revenue Agency Audits QuadrigaCX’s Corporate Tax Returns

The Canada Revenue Agency (CRA), the country’s tax authority, is auditing the corporate tax returns filed by QuadrigaCX, the now-defunct Canadian cryptocurrency exchange.  CRA’s request for documents and information is significant According to an article by the Globe and Mail on Sept. 16, QuadrigaCX is now being audited by the CRA which has requested the tax returns from Oct. 1, 2015, to Sept. 30, 2018. The Canadian exchange has been generating headlines ever since its CEO, Gerald Cotten, was declared dead in India without ever revealing the passwords to access…

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Blockchain 

Iranian Crypto Miners Tax Exempt If They Repatriate Offshore Earnings

Cryptocurrency miners in Iran will be eligible for a tax exemption if they agree to repatriate their overseas earnings, according to Iran’s National Tax Administration (INTA). Per a report by local English-lanuage news daily Financial Tribune, INTA introduced a repatriation tax exemption similar to the one it offers non-oil exporters. INTA considers cryptocurrency mining a taxable business, like any other industrial activity, and as such, believes it should follow the requirements set by the Central Bank of Iran in repatriating their overseas earnings. Per the Financial Tribune, Iranian miners think…

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Cryptocurrency 

The IRS has Words for Crypto Investors… Again: Tax Warnings

The cryptocurrency industry may still be going strong, but that doesn’t mean it hasn’t had its share of problems. Nor does it mean everyone is a fan of virtual currencies. The IRS certainly isn’t, and crypto investors have learned that the hard way the past two months. Here’s what we know. IRS has Words for Crypto Investors At the start of last month, the IRS began mailing more than 10,000 crypto investors informing (well, it was more of a warning) that they may owe taxes on various cryptocurrency transactions. This…

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Cryptocurrency 

New Zealand Tax Authorities Give the Go Ahead for Crypto Payroll

The crypto train has not yet stopped chugging along. More and more companies and countries are looking to get involved in the crypto sector, despite the hardships it has faced the past year. New Zealand just so happens to be the latest country, with reports coming out on Tuesday that said the sovereign island country will allow employers to pay their workers in cryptocurrency. Here’s everything we know. New Zealand Allows Employers to Pay Staff in Cryptocurrency This month, New Zealand tax authorities published a ruling that featured a section…

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Bitcoin 

Crypto Tax Bill Introduced in the US House of Representatives

A tax bill seeking to allow the exclusion of gain or loss on like-kind exchanges of virtual currency has been introduced in the United States House of Representatives. To amend the Internal Revenue Code of 1986 The bill dubbed the “Virtual Value Tax Fix Act of 2019” was initially introduced by Rep. Ted Budd (NC-R) on July 25 and referred to the Committee on Ways and Means. The bill seeks to introduce amendments to the Internal Revenue Code of 1986, which specifically determines: “No gain or loss shall be recognized…

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Blockchain 

Proposed Crypto Tax Cut in Singapore to Help Crypto Business: PwC Expert

Singapore’s plans to exempt certain digital currencies from the Goods and Services Tax (GST) would benefit cryptocurrency-related businesses, according to a partner in PwC Hong Kong’s corporate tax practice. As reported by Hong Kong’s English language newspaper South China Morning Post on July 29, Gwenda Ho argued that the Singapore government’s proposal to drop the seven per cent GST for cryptocurrencies when using them to pay for goods and services would have a positive impact on crypto exchanges, asset managers and blockchain entrepreneurs. Per Ho, the adoption of the proposed…

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Ethereum 

Is US Environmental Tax Policy Hindering Solar Power to Fuel Digital Technologies?

Society is now witnessing the implementation of digital currencies, AI and blockchain technology worldwide. These new digital technologies, necessitate very high consumption of electric energy, currently produced with coal and fossil fuels with adverse environmental effects. A global shift towards green energy will require the removal of the technological/infrastructure, financial and regulatory/tax policy barriers. In a series of articles, we will evaluate the tax, digital technology and solar policies (including space power satellites) of the top CO2 emitting countries. The United States is at the forefront of blockchain and artificial…

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Ethereum 

Brazilian Trade Official Says Tax Reform Will Lead to Evasion Via Crypto

The head of a major Brazilian trade association, the Federation of Industries of the State of São Paulo (FIESP), said that Brazilians could start using crypto to evade taxes. Paulo Skaf, the president of the FIESP, expressed concern over the recent tax reform proposal by Brazilian President Jair Bolsonaro, Cointelegraph Brazil reports on July 25. He reportedly warned that the new tax system could force citizens to use crypto such as Bitcoin (BTC) for tax evasion purposes. In a recent interview with local newspaper Folha de São Paulo, Skaf criticized…

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Ethereum 

Republic of Georgia Exempts Cryptocurrencies From Value-Added Tax

Republic of Georgia has exempted cryptocurrencies from value-added tax (VAT), as Bitcoin.com reported on July 13. Per the report, Georgia’s finance minister Nodar Khaduri recently signed a bill aimed at regulating the taxation of entities that trade or mine cryptocurrencies. The bill entered into force at the end of June. The definition of decentralized currency that the bill puts forward is reportedly the following: “Cryptocurrencies are digital assets that are exchanged electronically and based on a decentralized network. Their exchange does not require a reliable intermediary and they are managed…

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