ChainCatcher news, according to Bitcoin.com News, Coinbase CEO Brian Armstrong has proposed a comprehensive reform of the U.S. tax system, calling for the elimination of personal income tax and shifting the tax filing burden onto corporations.He stated, "To be honest, completely eliminating personal income tax is the ideal scenario, shifting the tax filing burden onto corporations. Trying to generate an equivalent amount of revenue through sales tax or corporate income."Brian Armstrong believes that a simplified system could relieve the pressure on millions of Americans, making taxes easier to manage while maintaining essential government revenue.

ChainCatcher news, according to CNA, Taiwan's "Legislators" today expressed concern over the taxation of cryptocurrency in Taiwan. The Minister of Finance, Chang Tsui-yun, stated that profits from related transactions will be subject to income tax, and further discussions will be held regarding the auditing process; the Director of the Taxation Administration, Song Hsiu-ling, mentioned that the tax department currently has auditing tools available to examine the trading situation of digital goods and promised to discuss the taxation methods related to cryptocurrency trading profits within three months.

According to ChainCatcher news and reported by Cointelegraph, former U.S. President Trump stated in the latest episode of the Joe Rogan podcast that if he returns to the White House in 2024, he will seriously consider eliminating federal income tax and instead adopting tariffs on imported goods as the main source of government revenue. Trump cited the successful case of tariff policies during President McKinley's era in the 1890s, claiming that government revenue was so abundant at that time that a special blue ribbon committee was established to study funding usage plans.Previously, Trump hinted in an interview with Fox News that the current $35 trillion national debt issue could be resolved by "giving creditors some Bitcoin." Asset manager Bryan Courchesne stated that while establishing a Bitcoin strategic reserve in the U.S. is challenging, it is not impossible. The Department of Justice could transfer approximately 200,000 Bitcoins that have been seized to the Treasury as reserve assets and continue to accumulate digital currency to build a Bitcoin strategic reserve, although this process may face cumbersome administrative procedures.

ChainCatcher news, the South Korean government and ruling party are considering postponing the inclusion of cryptocurrency investment income tax in next year's tax revision proposal. If the bill is passed, the taxation on cryptocurrency investments will be postponed from January 1, 2025, to January 1, 2028. The Ministry of Finance stated in a statement that no decision has been made regarding any further postponement of the tax.

ChainCatcher news, according to Watcher.Guru, Congressman Matt Gaetz has proposed a bill that would allow federal income tax to be paid in Bitcoin.

ChainCatcher news, El Salvador's President Nayib Bukele stated that El Salvador has recently passed a new law eliminating the income tax on international investments and remittances entering the country (reducing the tax rate from 30% to 0%). Since El Salvador announced Bitcoin as legal tender and invested public funds into Bitcoin and Bitcoin mining, he has become an important figure in the crypto ecosystem.

ChainCatcher news, the UK government is urging cryptocurrency users to voluntarily disclose any unpaid capital gains or income tax to avoid penalties, and has released guidelines for tax payments. Users who have already disclosed can pay all necessary amounts within 30 days from the date of disclosure. The post states that if this is not completed by the deadline, HM Revenue and Customs (HMRC) will take steps to recover the funds, and users may face penalties.

ChainCatcher news, the National Tax Agency of Japan has released a general handling document regarding NFT taxation. The guidelines not only list cases of income tax levied on NFTs but also provide examples of cases involving consumption tax. Due to the frequent acquisition and use of in-game tokens, which are difficult to assess, a unified calculation will be conducted at the end of the year.The guidelines state that if an individual creates an NFT and sells it to a third party (first distribution), or if the purchaser of the NFT resells it to another person (second distribution), the profit is considered "income tax" and is subject to taxation. Additionally, when selling the purchased NFT to others as part of secondary circulation, if the sale is conducted through a Japanese operator, consumption tax will be levied on that operator.Rewards obtained through blockchain games are generally classified as "miscellaneous income," which is subject to income tax. However, in-game tokens received as rewards that can only be used within the game are not considered taxable income. Furthermore, the previously unclear situation of "NFTs being stolen or disappearing due to unauthorized access" has also been clarified in terms of tax law principles. However, the FAQ only provides general handling responses, and specific issues will be treated specifically, so it is necessary to confirm the detailed calculation methods for declarations with experts and the National Tax Agency. (source link)

ChainCatcher news, according to Bloomberg, Japan's ruling Liberal Democratic Party approved a proposal on Thursday that will exempt cryptocurrency companies from unrealized capital gains tax on their balance sheet tokens, aimed at improving the business environment for companies issuing cryptocurrencies. Currently, Japan imposes a tax of about 30% on companies holding unrealized gains from cryptocurrencies. (source link)