#tax

The Italian government, led by Giorgia Meloni, is likely to reconsider its proposed cryptocurrency tax hike in next year’s budget, potentially reducing it from 42% to 28%. Currently, the tax rate stands at 26%.

According to the state comptroller, Israel is losing substantial revenue due to an ineffective tax system for cryptocurrency transactions. Between 2018 and 2022, the country could have collected an additional $250 million annually by taxing digital asset users.

According to Odaily, billionaire investor and Bitcoin holder Christian Angermayer has left the UK for Switzerland in response to planned tax increases on offshore wealth for high-net-worth individuals.

The US Internal Revenue Service (IRS) has brought on board two former cryptocurrency company employees as consultants to aid in crafting the definitive tax regulations for digital assets. This move will impact all crypto businesses, including exchanges and brokers, requiring them to report all transactions per client.

The legal firm MANIMAMA has released a report analyzing cryptocurrency tax systems worldwide, including the EU, Switzerland, the UAE, and more. Notably, the UAE, particularly Dubai, emerges as one of the most favorable locations for crypto trading and earnings, as it imposes no capital gains or income tax.

The Australian Tax Office (ATO) has clarified its stance on decentralized finance, intending to impose capital gains tax on virtually any standard user activity.

Coinbase has voiced major reservations about the tax guidelines put forth by the US Internal Revenue Service (IRS).

Detroit is gearing up to become the largest U.S. city to accept cryptocurrencies for tax and city fee payments.

The Hong Kong government has announced expanded tax breaks for cryptocurrency investments and a simplified licensing process for crypto platforms.

Chainalysis CEO Michael Gronager predicts that within the next five years, governments will increasingly leverage AI to uncover financial crimes on the blockchain, including tax evasion. This initiative is expected to be coordinated rather than fragmanted across various agencies.

The Biden administration has reiterated its proposal to implement a 30% excise tax on electricity used by miners, targeting the 2025 fiscal year's budget. This move mirrors a similar proposal from last year, which ultimately was not adopted.

A federal grand jury has confirmed charges against Frank Richard Ahlgren III, a resident of Texas, for filing false tax returns and engaging in deposit manipulation to avoid tax payments. The unreported income is estimated at around $4 million.

The Spanish Ministry of Finance is drafting a bill aimed at the confiscation of digital assets to cover outstanding tax liabilities. The new regulations will allow investigators to track users' cryptocurrencies and freeze them for subsequent confiscation at the earliest opportunity.

In a significant move by U.S. authorities, Rodney Burton, a key promoter of the cryptocurrency venture HyperVerse, has been detained on accusations of conducting a fraud scheme exceeding $7 million. According to the U.S. Tax Service's filings, he masterminded a financial pyramid masquerading as a crypto investment opportunity.

New EU regulations demand that crypto businesses share client asset info with tax agencies to combat tax evasion by the wealthy.

Ukraine's law enforcement officers are leveling up with cryptocurrency training, thanks to a collaboration between tax authorities from the US, UK, and Netherlands. This initiative aims to boost their skills in handling decentralized assets, detecting illicit transactions, and curbing tax and sanctions evasion. “Knowledge sharing is one of the priorities within these international partnerships and can contribute to greater know-how to counter cybercrime,” said the director general of the Dutch Fiscal Information and Investigation Service.