Brazil to Impose Tax on Crypto Income from Foreign Exchanges
Brazil is set to implement new income tax rules that could significantly impact cryptocurrency holders. The new tax, which ranges up to 15%, will apply to income generated from cryptocurrencies held on exchanges outside the country. The Federal Senate of Brazil approved legislation on November 29, 2023, which has already passed in the Chamber of […]
UK Crypto Users Face New HMRC Tax Penalties
UK HMRC targets crypto users for tax compliance, and they must declare and pay within tight deadlines. Her Majesty’s Revenue and Customs (HMRC), the UK tax authorities, has taken a big step by issuing a stern instructions to cryptocurrency users. This announcement, which focuses on filing and paying taxes on digital assets within a specified […]
48 Nations Unite to Implement Crypto Tax Reporting Standard
A coalition of 48 countries has agreed to adopt the Crypto-Asset Reporting Framework, a new global standard for tax transparency in the crypto-asset market. The crypto-asset market is facing a major shift in tax regulation as a coalition of 48 countries has come together to implement the Crypto-Asset Reporting Framework (CARF), a new global standard […]
IRS Extends Period for Comments on Tax Framework
The Internal Revenue Service (IRS) has said that it would accept comments until January 25, 2024, regarding the rules for crypto tax reporting. Published on October 19, the proposed rule seeks to put into effect the terms of the American Families Plan Act of 2023, which President Joe Biden signed into law in August. According […]
Thailand Intends to Tax Foreign Income Including Crypto
The Revenue Department of Thailand intends to impose a personal income tax on the foreign earnings, including those from cryptocurrency trading, of anyone residing in Thailand for more than 180 days. According to a September 19 Bangkok Post report, the new rule will take effect on January 1, 2024, and the first tax forms, including […]