taxes | ForkLog

ForkLog 7 04.12.2024

Roger Ver Challenges Tax Evasion Allegations Over Bitcoin Transactions

On December 3, Bitcoin.com founder Roger Ver filed a motion in a California federal court to dismiss a tax evasion case related to bitcoin transactions, initiated by the U.S. Attorney’s Office. He argues that the IRS-imposed exit tax for individuals renouncing U.S. citizenship with assets exceeding $2 million is unconstitutional and “incomprehensibly vague.” Ver renounced […]

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ForkLog 19 26.11.2024

Russia Formalises Bitcoin Taxation

On November 26, the State Duma passed a law on the taxation of digital currency in both the second and third readings, as reported by TASS. Cryptocurrency is now recognised as property. The tax base is determined by the excess of the asset’s value over the costs of its purchase or mining. Individuals selling cryptocurrency […]

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ForkLog 5 13.11.2024

Italy to Raise Cryptocurrency Capital Gains Tax to 28%

The Italian government is set to increase the capital gains tax on cryptocurrencies to 28%, according to Bloomberg, citing an unnamed source. Since 2023, Italian citizens have been required to pay 26% tax if their cryptocurrency profits exceed €2000 ($2145). The proposal to raise the tax to 28% comes from the conservative Lega Nord party, […]

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ForkLog 6 12.11.2024

Russia’s Proposed Cryptocurrency Tax: Experts Weigh In

Participants in the crypto market require a clear taxation mechanism for asset trading, but high rates could stifle innovation. Authorities will struggle to monitor individual transactions until Russian exchanges are established. The crypto community is unclear about how much, to whom, and why they should pay. In Russia, work has resumed on a bill concerning […]

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ForkLog 13 12.11.2024

Russia Approves Tax Provisions for Bitcoin Transactions

On November 11, a government commission approved a draft amendment concerning the taxation of cryptocurrency transactions, as reported by Izvestia. The original document was prepared in 2020 and passed its first reading in February 2021. Work on it resumed following the implementation of mining regulations. Key Figures The bill designates digital currency as property and […]

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ForkLog 4 08.11.2024

Detroit Embraces Cryptocurrency for Public Service Payments

Detroit is set to become the largest city in the United States to accept cryptocurrency payments for taxes and other municipal fees. This was announced by Mayor Mike Duggan. Residents will be able to pay with digital assets through a platform managed by PayPal. The initiative is part of the city’s broader strategy to explore […]

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ForkLog 19 24.10.2024

Denmark to Consider 42% Tax on Unrealized Cryptocurrency Gains

In early 2025, Denmark’s Tax Law Council will introduce a bill to tax unrealized profits from cryptocurrencies. The proposal aligns with the mark-to-market principle, requiring annual payments to the state for positive revaluations, regardless of whether digital assets are sold. The bill is expected to include a requirement for crypto service providers to report their […]

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ForkLog 8 16.10.2024

Italy to Raise Bitcoin Capital Gains Tax to 42%

The Italian government plans to increase the capital gains tax on cryptocurrencies to 42%. This was reported by the local publication Il Sole 24 Ore, citing Deputy Minister of Economy Maurizio Leo. The tax applies to profits exceeding €2000. “We anticipate raising the capital gains tax on bitcoins from 26% to 42%,” the official stated […]

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ForkLog 7 11.10.2024

Tezos Stakers Renew Legal Battle Against US Tax Authority

Tezos validator Josh Jarrett and his wife Jessica from Tennessee have filed a new lawsuit against the IRS concerning the taxation of tokens created through staking. In their complaint, the couple argues that such assets should be considered newly created property, with tax liabilities arising only upon sale. They compared tokens received from staking to […]

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ForkLog 9 07.10.2024

UAE Abolishes VAT on Cryptocurrency Transactions

The UAE authorities have exempted all cryptocurrency transactions from the 5% value-added tax. This was highlighted by PwC. “The UAE has effectively placed digital assets on par with TradFi. This legitimizes cryptocurrencies,” —commented Ankita Dhawan, a senior research fellow at the Métis Institute. The exemption is retroactive from January 1, 2018. Companies involved with digital […]

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ForkLog 12 30.08.2024

Ukraine Considers Cryptocurrency Legalisation as an Alternative to Tax Increases

The legalisation of cryptocurrencies in Ukraine could serve as an effective alternative in the search for new sources of tax revenue, according to Alexander Bornyakov, Deputy Minister of Digital Transformation for IT Development. He proposed developing incentivising taxation for transactions involving this new class of assets, maintaining a balance between the interests of the state […]

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ForkLog 7 16.08.2024

Ukrainian Blogger Suspected of Tax Evasion via Cryptocurrency

Officials from Ukraine’s BEB have reported suspicions against a well-known blogger-arbitrator for evading over 213 million hryvnias ($5.1 million) in taxes. His assets have been frozen. According to the case materials, the suspect, along with acquaintances, established a commercial company to conduct internet traffic arbitrage, promoting various goods and services. Their clients included online casinos, […]

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