Tax

The rules and conditions regulate cryptocurrencies including Bitcoin in Italy, to define the correct approach with which to deal with the taxation and accounting of these tokens. The present situation provides the opportunity to reflect on their future.

The Italian political party Five Star Movement (M5S) is now planning to use innovative technologies including blockchain and distributed ledger tech (DLT) to stop buses and track crimes.

The emergence of new forms of money, including bitcoin and other digital currencies, has been embraced by various groups of people, businesses and governments across the world and this has triggered global financial regulatory watchdogs to start formulating and amending their rules and regulations concerning cryptocurrencies.

The CRA - Canada Revenues Agency (Customs and Revenue Agency), a federal authority which administers tax laws, started investigating the impending unknown revenues of QuadrigaCX, a defunct cryptocurrency exchange. On Monday Sept. 16, the Globe and Mail published a report saying that the Trustee on the QuadrigaCX insolvency case has managed to produce the tax returns files for previous earnings of the firm.

The US federal government revenue service, the Internal Revenue Service (IRS), has started the exercise of emailing around 10,000 letters to different Bitcoin and cryptoasset holders that have maybe failed to pay or report taxes and income on digital asset transactions. They are trying to warn them to act in accordance with the federal tax laws, The WSJ reports.

The government of Venezuela has allegedly been spinning airport tax revenues into Bitcoin (BTC) and virtual currency to sidestep international sanctions. From the research made by a Spanish newspaper ABC, the President of Venezuela Nicolas Maduro plus his working admin are allegedly exploiting a virtual currency wallet application to spin tax revenue into popular digital assets, and then traded on cryptocurrency exchanges in different countries including China, Iran, Hungary, Russia, etc.

A city with over 200,000 people located in the south-central York Region, Ontario, Canada, Richmond Hill has joined other cities including Innisfil in accepting Bitcoin (BTC) payments from its residents. Now, all residents residing in these cities will be able to pay every kind of property taxes using cryptocurrencies especially Bitcoin, the globe’s top digital asset by market cap.

The City of Richmond Hill in Canada, will start accepting the world’s leading virtual currency by market capitalization Bitcoin as a means of payment for property taxes from inhabitants and businesses, The Block reports.

New Zealand (NZ)-based cryptocurrency exchange Cryptopia Ltd recently appointed two liquidators, David Ruscoe and Russell Moore, from one of the globe’s biggest professional firms that offer assurance, tax and advisory services.