taxes | ForkLog

ForkLog 13 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 16 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 11 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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ForkLog 29 16.08.2024

IMF Proposes 85% Global Energy Tariff Increase for Bitcoin Miners

Raising electricity costs for miners worldwide by 85% through taxation could significantly reduce carbon emissions, according to experts from the IMF. Shafik Hebous from the Fiscal Affairs Department and climate policy economist Nate Vernon-Lin noted that cryptocurrency mining and data centers could account for up to 3.5% of global energy consumption by 2025. This is […]

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ForkLog 9 24.07.2024

US Senate Opposes Increased Tax on Miners’ Energy Consumption

US Senator Cynthia Lummis has issued a report criticizing President Joe Biden’s administration’s proposal to impose a 30% tax on electricity consumed by miners. This was reported by Cointelegraph. The report highlights the benefits of critical Bitcoin mining infrastructure for the country’s energy system. Lummis cited data from the Bitcoin Energy and Emissions Sustainability Tracker, […]

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ForkLog 35 26.06.2024

US Congressman Proposes Bitcoin Tax Payment Legislation

US Congressman Matt Gaetz introduced a bill that would allow federal income taxes to be paid using the leading cryptocurrency. If passed, the legislation would amend the Tax Code of 1986 and require the Treasury to implement a program for accepting bitcoin. According to the statement, the politician began drafting the legislation after visiting El […]

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ForkLog 28 17.06.2024

Malaysian Authorities Crack Down on Cryptocurrency Tax Evasion

The Inland Revenue Board of Malaysia (IRB) has launched Operation Ops Token to tackle tax revenue leakage from cryptocurrency trading, according to local media. Raids were conducted across 10 locations in the Klang Valley, involving 38 officers from the Royal Police and the country’s Cybersecurity Service. The focus was on companies that failed to report […]

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ForkLog 17 12.06.2024

Nigerian Authorities Accuse Binance of Evading Taxes on $20 Billion Turnover

The cryptocurrency exchange Binance reportedly generated over $20 billion in revenue from Nigeria in 2023 alone, yet failed to pay taxes. This was stated by the country’s Minister of Information, Mohammed Idris, to local media. According to him, the trading platform’s turnover significantly “exceeded the federal budget for health and education, fueling currency speculation and […]

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ForkLog 24 05.06.2024

FTX Settles $24 Billion IRS Claim for $885 Million

IRS will receive up to $885 million from the bankrupt FTX, a significant reduction from the initial $24 billion claim, according to a settlement agreement between the parties. The amount includes a priority payment of $200 million, which the exchange must pay within 60 days after the proposed restructuring plan takes effect. The remaining $685 […]

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ForkLog 28 03.06.2024

MicroStrategy and Michael Saylor Settle Tax Case for $40 Million

MicroStrategy and its founder, Michael Saylor, have reached a $40 million settlement with the District of Columbia’s prosecutor in a tax evasion case, according to The New York Times, citing court documents. Local authorities filed a lawsuit against Saylor in August 2022, alleging that he had failed to pay over $25 million in taxes on […]

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ForkLog 29 02.05.2024

US Lawmakers Introduce Bill on Staking Taxation

Two US congressmen have introduced a bill to regulate the taxation of cryptocurrency staking income. The document, authored by Wiley Nickel and Drew Ferguson, is titled the “Digital Asset Tax Clarity Act.” “The US approach to digital asset rewards is overly complicated, leading to investor confusion, double taxation, and the relocation of American businesses abroad. […]

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ForkLog 38 01.05.2024

Roger Ver Arrested for Tax Evasion

Roger Ver, known as ‘Bitcoin Jesus’ and the founder of Bitcoin.com, has been detained in Spain following charges by the U.S. Department of Justice for tax fraud. Authorities are seeking his extradition to the United States, where he faces charges of mail fraud, tax evasion, and filing false returns. According to law enforcement, Ver allegedly […]

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