ChainCatcher news, according to a report by Yonhap Infomax, South Korean acting president Han Duck-soo plans to announce a tax amendment at the Cabinet meeting scheduled for December 24, which includes postponing the taxation plan for virtual assets by two years.

ChainCatcher news, according to TASS, Russian President Vladimir Putin has signed a law regulating the taxation of digital currencies.According to the law, digital currencies are recognized as property. This also applies to currencies used for foreign trade payments within the framework of the "Experimental Legal Regime (EPR) in the field of digital innovation." The mining and sale of digital currencies are exempt from value-added tax. Operators of mining infrastructure must report to the tax authorities the issuance of cryptocurrencies using their services. Failure to timely transmit such information may result in a fine of 40,000 rubles.In terms of personal income tax, digital currencies obtained through mining will be classified as tangible income (a term typically used when payment is made using goods or services rather than currency). The value of the income will be determined based on market quotes. Such income will be taxed at the usual progressive tax rates, taking into account tax deductions for the amount of mining expenses.At the same time, income from the acquisition, sale, or other circulation of digital currencies will be taxed at a two-tier personal income tax rate (13% for income up to 2.4 million rubles, and 15% for income exceeding this amount). They will be included in the same tax base as income from transactions with securities, bank deposits, and other sources. Regarding corporate income tax, digital currency mining will be taxed at the standard rate (25% starting in 2025).

ChainCatcher news, according to Forbes, the Legislative Activity Committee of the Russian government is advancing a cryptocurrency tax bill on November 11, 2024. The bill defines cryptocurrency as property and establishes different tax requirements for individual and corporate miners. Under the new regulations, businesses must register with the Federal Tax Service to legally conduct mining operations, while individuals with monthly electricity consumption below 6000 kilowatt-hours are exempt from registration.The new framework adopts a two-stage taxation model: the first stage taxes when cryptocurrency is received, with the tax base calculated based on the closing price of major exchanges; the second stage taxes upon sale, with additional taxes applied if the sale price exceeds the initial taxable value. Starting in 2024, individual traders and miners with annual income exceeding 2.4 million rubles will be taxed at a progressive rate of 13% to 22%, while the corporate tax rate will increase to 25% in 2025.According to the Industrial Mining Association, these tax measures could bring in 50 billion rubles (approximately 521 million USD) in annual revenue for the budget.

ChainCatcher news, according to the Korea Economic Daily, in light of the recent agreement reached by various political parties in South Korea to cancel the planned financial investment income tax, the cryptocurrency capital gains tax originally scheduled to be implemented in 2025 is now more likely to be postponed until 2027. A Democratic Party official stated that it is now deemed necessary to delay the cryptocurrency capital gains tax to maintain fairness.The South Korean government proposed a tax law amendment in July that includes the postponement of the cryptocurrency capital gains tax, but there has been uncertainty regarding the passage of the amendment due to the Democratic Party's opposition to other tax reduction policies proposed by the government. Democratic Party member Min Byoung-dug emphasized that before legally taxing the income from the virtual asset industry, legal recognition of the industry must first be established, thus he supports the current decision to postpone taxation on virtual assets.

ChainCatcher news, according to Jinshi Data, the Bank of Italy stated that regulatory instability and increased taxes on cryptocurrencies may lead operators to conceal their activities.

ChainCatcher news, according to a post by Cointelegraph on the X platform, MicroStrategy founder Michael Saylor was allegedly deceived by false information on social media, which contained misinformation about Donald Trump's stance on cryptocurrency taxation (claiming that Bitcoin is currency and does not need to be subject to capital gains tax).

ChainCatcher news, according to Jin Shi reports, the debate between Democratic presidential candidate Harris and Republican candidate Trump has begun. Harris mentioned her economic agenda, claiming to be the only candidate on stage focused on "elevating the status of the American middle class and working people."Harris addressed one of her biggest electoral weaknesses, namely high prices and costs, which have heavily impacted American families and led voters to question President Biden's economic agenda. Harris pointed out her plans to expand the child tax credit, provide mortgage assistance to new homebuyers, and offer deductions for small businesses, while attacking Trump's proposed tariff policies.Trump countered, stating that he proposed tariffs but did not cause inflation. "Our economy is terrible because of inflation; our inflation is something few have seen."This debate may be the only face-to-face debate between Harris and Trump in this election cycle. At the beginning of the debate, traders did not rush to draw any conclusions, with S&P 500 futures and exchange rates showing little reaction. Bitcoin fell slightly, now losing the $57,000 per coin mark.

ChainCatcher news, according to CoinDesk, the Federal Inland Revenue Service (FIRS) of Nigeria plans to submit a bill to Parliament in September aimed at taxing the cryptocurrency industry. The executive chairman of the tax authority, Zacch Adedeji, revealed this plan during a meeting with the Finance Committees of the National Assembly's Senate and House of Representatives.Adedeji stated, "The plan is first to establish regulatory laws, which is also why we are collaborating with the legislature, as it will serve as the basis for taxation."

ChainCatcher news, according to Cointelegraph, the Deputy Director of the International Monetary Fund (IMF) Fiscal Affairs Department, Shafik Hebous, and economist Nate Vernon-Lin from the Climate Policy Department stated that a tax of 0.047 yuan per kilowatt-hour "will drive the cryptocurrency mining industry to curb its emissions in line with global goals." If the impact of miners on local health is taken into account, the tax will rise to 0.089 dollars per kilowatt-hour. Increasing taxes will raise the average electricity price for crypto miners by 85%, generate an additional 5.2 billion dollars in global government revenue annually, and reduce emissions by 100 million tons per year, equivalent to Belgium's emissions.They claimed that the electricity consumed by a single Bitcoin transaction is roughly equivalent to the average electricity usage of a Pakistani person over three years, while the energy required for the AI model ChatGPT is ten times that of a Google search. The two also proposed a 0.032 dollars per kilowatt-hour energy usage tax on AI data centers, which would rise to 0.052 dollars when accounting for pollution costs, as "these data centers are often located in areas with greener electricity." IMF officials stated that this tax could generate 18 billion dollars in revenue for the government each year.

ChainCatcher news, the Australian Taxation Office (ATO) has stated that it will closely monitor those who realize their crypto gains before the end of the fiscal year on June 30 in the country. Koinly's General Manager Adam Saville-Brown said, "The ATO has been closely watching crypto in recent years, and this year is no exception."Koinly's Head of Tax Education Michelle Legge stated, "The ATO has modified its crypto data matching program, aiming to collect data from all crypto exchanges operating legally in Australia from 2014 to 2026. Whether you are using Binance, Bitcoin Base, CoinSpot, or other sites, the ATO can collect your data."The ATO expects this program to collect information on 1.2 million crypto investors each year, including names, addresses, emails, and even social media accounts and IP addresses. Adam noted that most Australian crypto users are aware of their tax reporting obligations, but the program "may catch a few remaining investors who have failed to comply."

ChainCatcher news, according to Newsis, the South Korean Ministry of Economy and Finance (MOEF) is reassessing the virtual asset taxation plan originally scheduled to be implemented starting January next year.This reassessment comes ahead of the announcement of a tax law amendment set to be published next month, contrasting sharply with the department's earlier stance this year, which insisted that the plan would proceed as scheduled without reassessment. Experts have expressed concerns about the current tax framework, arguing that it fails to effectively address the anonymity and decentralization characteristics of virtual assets.Notably, a recent study by the National Assembly Budget Office highlighted significant flaws in the current legislation, particularly the reliance on cryptocurrency exchanges to provide the transaction records required for taxation.

ChainCatcher message, according to a supplementary document of the 2024 budget, Canada is expected to adopt the International Crypto Asset Reporting Framework (CARF) for taxation before 2026. CARF will impose new reporting requirements on Crypto Asset Service Providers (CASP), such as cryptocurrency exchanges, crypto asset brokers and dealers, and crypto asset ATM operators, whether they are individuals or business entities.

ChainCatcher news, according to CoinDesk, the Australian Taxation Office (ATO) has requested personal data and transaction details for up to 1.2 million accounts from cryptocurrency trading platforms.It is reported that the Australian Taxation Office stated that its latest data collection agreement will require designated cryptocurrency trading platforms to provide traders' names, addresses, birth dates, and transaction details to assist in auditing whether they have fulfilled their obligations to pay capital gains tax.The Australian Taxation Office stated that this data will help identify traders who have not reported their cryptocurrency-related activities, including transactions when selling crypto assets as currency or using them to pay for goods and services.

ChainCatcher news, the Argentine Chamber of Deputies has passed a cryptocurrency tax regulation bill aimed at advancing a series of important government reforms. The bill introduces the possibility of regularizing previously undeclared cryptocurrency assets, up to a maximum of $100,000, without paying government-imposed fees. However, if the value of the cryptocurrency assets exceeds this limit, the government will apply a preferential tax rate based on the taxpayer's declaration date.

ChainCatcher news, the Argentine government, under the leadership of Javier Milei, has decided to forgo the tax opportunity on cryptocurrencies in the comprehensive bill submitted to Congress. The bill allows taxpayers to declare some previously undeclared asset ownership, including cryptocurrencies. Interior Minister Guillermo Francos stated that the decision to withdraw these proposals was due to the lack of consensus in Congress on this part of the bill. "The proposal aims to create freedom for economic development. It must be implemented as soon as possible. The tax part is smaller and can be processed later."