The Ukraine Ministry of Finance is to establish a working group in order to come up with a legal framework for crypto taxation cryptocurrencies. Reportedly, the consortium would function from the 16th of October. The report by the group is to be submitted before the expert council to prepare the common tax consultations by the end of the year.
A bill has been drafted by the Polish lawmakers to classify the procedures in filing tax information involved in cryptocurrency related transactions. The bill also highlighted on how the cryptocurrency mining sector will be taxed. The amendments to the country’s tax laws will be discussed within the third quarter of 2018 by the Council of Ministers.
A new a bill that proposes 5% tax on cryptocurrency incomes has been prepared by Ukraine’s deputies and representatives of the industry. The aim of the law being drafted is to introduce a light taxation for the cryptocurrency incomes in the country. If approved, any individuals and business to pay 5% of the profits generated from trading and cryptocurrency activities.
The South Africa Revenue Service (SARS) has come up with suggestions for the taxation of income generated through crypto trading activities. Reportedly, the term ‘Currency’ is not defined under the Income Tax Act in South Africa. The cryptocurrencies are categorized as the assets of intangible nature. Consideration of the proposal would make the holders disclose profits and loss incurred.
The Korean government is trying their best to strip the tax perks granted for some cryptocurrency exchanges. The government highlighted, “Cryptocurrency transaction brokerage is not effective in generating added value.” Currently, the startups and SMEs get fifty to hundred percent corporate tax deduction for the first five years from the date of establishment.
A proposal to amend the South African Tax Laws Amendment Bill (TLAB) has been sent by the South African Treasury. If approved, the bitcoin trading in the country will be exempted from value-added tax (VAT). In the April, the taxation guideline for cryptocurrency has been set which demanded the taxpayers to provide the detail of their trading activities.
An announcement has been made by the Japanese NTA (Tax Agency) regarding the newly-released strategic policy for cryptocurrency tax. In the announcement, NTA has confirmed that any individuals who earn over $1,800 a year in cryptocurrency should declare their income tax returns. NTA also planned to simplify the cryptocurrency tax declaration for a better security of payment system.
The United States IRS has declared two-month extension up to 15th June for filing tax statements. The expats and U.S. residents are also mandated to disclose their cryptocurrency capital. The authority in the U.S. considers cryptocurrencies as properties equivalent to stocks. It is reported that the GetCryptoTax helps in ascertaining the capital gains on crypto trades.
A discussion will be held this week between Thailand’s official with blockchain and cryptocurrency experts to discuss the regulatory and future laws. Currently, Thailand has introduced a 15% capital gains tax on cryptocurrency earning and if the taxation increases up to 30%, the local cryptocurrency exchanges might move to places that offer crypto friendly regulations.
The Indian government would be imposing eighteen percent Goods and Services Tax (GST) on crypto trading. They might be classified as intangible goods. The sources who did not want to be identified stated that the proposal for levying GST is being considered by the Central Board of Indirect Taxes and Customers which when passed would be before the GST Council.