Tax

The State Revenue Service of Latvia calls for the use of Blockchain technology to control tax flow and combat the shadow economy. As one of the possible solution, Blockchain-based systems can be used in the cash registers reform.

In a struggle that will change the face of blockchain development in the nation and the continent at large, the South African Reserve Bank (SARB) has softly left out digital currency developers from a tax incentive that is particularly aimed at technological innovation, according to a report by BusinessLive.

Law 30/2019 amending the Fiscal Code became active on Sunday January 20, 2019 and introduces freshness to the system of Romania, viz. classifying the profits accumulated from Bitcoin (BTC), the flagship crypto and other cryptoassets as financial gain accruing over a given period of time from other sources.

The Danish Tax Agency, Skattestyrelsen, announced on January 14 via their website, that it will be gathering trader data from 3 digital currency exchanges including localbitcoins to guarantee that clients are fully paying the right taxes. Data about foreign citizens, companies and organizations will be shared with other nations.

One of the top commercial banking institutions in China is expanding its use of distributed ledger technology (DLT)-based tax invoices.

Italy is largely looking into future investment, innovation and technological advancement in the cryptocurrency world. Therefore, to pass the budget law that was recently approved by the Italian Senate with less effort, a good plan, program and roadmap by the government are needed as quickly as possible. The State is largely focusing on the future and wants to compete favourably among other European giant countries.

Taxes have always been a hard matter for everyone to deal with. Many countries are devising different rules, trying to manage the fintech field. Traders from all parts of the world are facing the necessity to pay taxes from their crypto activity.

Two Congress members of the U.S. House of Representatives are now looking for ways of exempting cryptos and other digital assets from the federal standard securities laws. A bill was tabled before Congress on December 20, 2018.

The tax agency of the U.K published an exhaustive explanation of how it looks at digital assets plus how users will be taxed on their holdings, on Wednesday, December 19, 2018. Now, individuals who get crypto as a gift won’t pay the same taxes as those anticipating to accumulate money with them.