The IRS (Internal Revenue Service) says it is making crypto tax guidelines a priority and plans to issue clearer guidance toward cryptocurrency taxation soon, but the agency has a history of moving at a snail’s pace. Last September, a group of U.S. bureaucrats wrote formal letter to IRS which read: strongly urge the IRS to issue updated guidance, providing additional clarity for taxpayers seeking to better understand…”
Cryptocurrency remittances to be regulated by the Venezuelan government with a month limit and commission of up to 15% of the transaction amount will be collected. The decree stated, “The sender of the remittances referred to in this ruling is obliged to pay a financial commission up to a maximum amount of 15% calculated on the total of the remittance.”
A blockchain-powered accounting company have pressurized the Internal Revenue Service (IRS) to update its existing guidelines on crypt0-taxation policy. The guidelines on cryptocurrency-related industry issued by IRS on 2014 were incomplete. The CEO of Libra, Jake Benson have asked the IRS to clarify the methodology used by the organization in determining the eligibility for a tax refund.
According to the report, the cryptocurrency-related taxes will be effective in April for Chile’s residents confirmed by Chile’s Internal Revenue Service. In a document prepared by the SII explained, “purchase and sale of bitcoins, or any other virtual or digital assets must be declared on the Form No. 22, on the Annual Income Tax Return.”
A decree which demands the cryptocurrency operators in the country to pay tax in cryptocurrency has been published by the Venezuelan government. Dinero publication commented, “The government of President Nicolás Maduro published a decree that will require taxpayers who carry out operations in foreign currencies or cryptocurrencies to pay their taxes in that same currency and not in bolivars.”
The authorities in Poland will begin treating the cryptocurrency trades similarly to revenues from the stock market starting this year. The Director of the Blockchain Technology Centre in Warsaw commented, “What we don’t have is any research on the scale of taxation of profits from the sale of cryptocurrencies. It would be very interesting to observe how this phenomenon changes.”
A policy paper has been released by Her Majesty’s Revenue and Customs (HMRC) of the United Kingdom which explains in details regarding the cryptocurrency tax guidelines for individuals; no new punitive tax measures applied to the cryptocurrency industry since it will be categorized under the existing taxation schemes, with a given tax rate according to some income.
The National Parliament of France have recently rejected the proposal received in early November to lower the tax charged on cryptocurrency and left the cryptocurrency traders to shed some percentage of profit as tax. Currently, bitcoin gains are taxed at a rate of 36.2 percent while other forms of capital gains are taxed at a flat 30 percent.”