Tax

The United States Internal Revenue Service (IRS) is taking crypto tax compliance to the international stage, joining other major tax authorities from four nations to create a strong coalition tasked with fighting crypto-related tax crimes.

The Ministry of Finance of the Republic of Lithuania has announced on Wednesday, June 6, brand-new guidelines regulating the country’s crypto market. They consist of four main parts, namely regulation, taxation, accounting, and Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT).

According to a statement published by the Office of the State Administration of Taxation, the Shenzhen Municipal decided to partner with Tencent Holdings, a Chinese technological company, in order to prevent tax forgeries and scams with the help of the latest fintech trend called blockchain technology.

The Indian government is expected to impose a tax on cryptocurrency trading, Bloomberg reported on May 23. An 18-percent Goods and Services Tax (GST) is being investigated by the Central Board of Indirect Taxes and Customs. Then the final decision has to be made by the GST Council.

Nowadays, it is very important for traders to play according to the rules imposed by crypto market regulators. Given the taxation of digital currency revenue and strict anti-money laundering (AML) policy, one needs to do everything possible in order to safeguard their funds.

Coin Idol TV News channel broadcasting a new video digest on May 9. Today in our digest: Azerbaijan will subject a tax on cryptocurrency net sales, Japan has announced new five-point regulations for cryptocurrency exchanges.

All generated revenues from cryptocurrency operations will be taxed in Azerbaijan, said Nidjat Imanov, Deputy Director of the Department of Tax Policy and Strategic Studies at the Ministry of Taxes.

The Philippines government announced its plans to admit up to 10 blockchain cryptocurrency related companies to operate in the Cagayan economic region, a special economic zone in Cagayan Province, northern Luzon, in the Philippines. This step will allow the Philippines to create new employment opportunities for local citizens and take advantage of tax perks.

Recently introduced policy taxing cryptocurrency led to a large demonstration in front of Polish Ministry of Finance. On April 20, cryptocurrency traders, including some respected politicians, publicly expressed their disapproval of the new fintech regulating legislation with a protest.