taxes | ForkLog

ForkLog 19 10.12.2024

South Korea Delays Cryptocurrency Tax Implementation Until 2027

The South Korean government has postponed the introduction of new cryptocurrency taxes until 2027, according to a local Telegram channel. The tax in question is a 20% levy on profits from cryptocurrency transactions exceeding 2.5 million Korean won. Authorities have been working on the relevant amendment since 2020. Initially, the new tax was scheduled for […]

AI translated

ForkLog 8 09.12.2024

Czech Republic Eases Tax Burden for Bitcoin Holders

The Czech Republic has enacted legislation simplifying financial operations for crypto companies and introducing tax incentives for digital currency holders, reports DL News. 7 February 2025 | 14:29Update: On 6 February, Czech President Petr Pavel signed a law abolishing capital gains taxes on Bitcoin, reports CoinDesk, citing a representative from the country’s Ministry of Finance. […]

AI translated

ForkLog 20 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 […]

AI translated

ForkLog 25 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 […]

AI translated

ForkLog 11 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, […]

AI translated

ForkLog 7 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 […]

AI translated

ForkLog 18 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 […]

AI translated

ForkLog 6 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 […]

AI translated

ForkLog 31 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 […]

AI translated

ForkLog 13 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 […]

AI translated

ForkLog 10 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 […]

AI translated

ForkLog 11 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 […]

AI translated

#taxes