ChainCatcher news, according to Watcher.Guru, Italy plans to raise the capital gains tax on cryptocurrencies like Bitcoin from 26% to 42%.

ChainCatcher news, according to Bloomberg, Turkish Vice President Cevdet Yilmaz stated that Turkey has decided not to advance additional tax proposals this year, which would impose capital gains tax on stock trading and cryptocurrency. Yilmaz said, "There is no stock tax on our agenda. We discussed this issue before, but it was not included on the agenda later. Officials will focus on narrowing the tax-exempt scope in the near future." Earlier this year, the initial plan to impose capital gains tax on the stock market put pressure on the stock market. After facing strong public opposition, Turkish Finance Minister Mehmet Simsek stated in June that this work would be "reassessed."

ChainCatcher news, according to Finbold, Canadian Prime Minister Trudeau has proposed a new capital gains tax, which will range from 50% to 67%, depending on the taxpayer's income level. According to the Canada Revenue Agency website, common capital properties include villas, securities (such as stocks, bonds, cryptocurrencies, and mutual fund trust units), land, and buildings.It is reported that starting from June 25, the proposed changes will affect individuals with annual capital gains exceeding CAD 250,000. Most earnings of corporations and trust companies will also face increased tax obligations.In Canada, taxpayers do not need to pay taxes when purchasing or holding cryptocurrencies; however, capital gains or business income from cryptocurrency sales, mining activities, or other cryptocurrency-related transactions are taxed. Individual cryptocurrency holders must pay taxes on 50% of their total capital gains, while professional (day) traders must pay taxes on 100% of their profits.

ChainCatcher news, Biden proposed to impose the highest capital gains tax in over 100 years on stocks and cryptocurrencies. According to the proposal, the maximum marginal tax rate on long-term capital gains and qualified dividends will rise to 44.6%, which could significantly impact the financial returns of stock and cryptocurrency investors.

ChainCatcher news, according to The Fintech Times, the HM Revenue and Customs (HMRC) has sent out 8,329 warning letters to individuals suspected of owing capital gains tax on cryptocurrency. Meanwhile, new tax rules will require cryptocurrency trading platforms to report the income earned by individual sellers.In addition, cryptocurrency trading platforms will share customer information with the UK tax authorities starting in 2027.

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, according to Cointelegraph, the Australian Taxation Office (ATO) has released guidelines on the capital gains tax (CGT) treatment of DeFi and personal cryptocurrency token wrapping, clarifying its intention to continue taxing capital gains for Australians when wrapping and unwrapping tokens.The Australian Taxation Office stated in a statement that transferring crypto assets to an address that the sender cannot control or to an address that already has a balance will be considered a taxable CGT event. The ATO added, "The capital gain from a CGT event is equal to the market value of the property you receive from the transfer of the crypto asset. However, the triggering of a CGT event depends on whether the individual has recorded a capital gain or loss. A similar approach has also been considered for the taxation of liquidity pool users and providers, as well as DeFi interest and rewards."

ChainCatcher News, U.S. presidential candidate Robert F. Kennedy Jr. stated that if elected, he would eliminate the capital gains tax on BTC exchanged for dollars.According to previous reports, U.S. presidential candidate Robert F. Kennedy Jr. tweeted, "If I am elected president, I will ensure that your rights to use and hold Bitcoin are not infringed upon. Bitcoin is not only a bulwark against tyranny and manipulation of the money supply, but it also points the way to a more transparent and democratic future for government institutions." (source link)

ChainCatcher news, the Israeli parliament (i.e., Knesset) has passed a bill in its preliminary review that extends certain tax benefits applicable to Israeli high-tech companies to the country's cryptocurrency industry.According to informed sources, if the bill becomes law, it will exempt foreign residents from capital gains tax when selling digital currencies and reduce the tax rate on employees' cryptocurrency options (similar to stock options) from 50% to about 25%.It is reported that Israel has been working to integrate cryptocurrency into the local economy by regulating the industry, with the government proposing guidelines for digital asset handling and stablecoin requirements. The country's securities regulator will be responsible for overseeing crypto assets. (Source link)

ChainCatcher news, Italy will strengthen the regulation of digital assets starting in 2023 and expand taxation on cryptocurrency trading. According to a provision in the country's 2023 budget proposal, a 26% capital gains tax will be levied on profits exceeding 2,000 euros (approximately 2,062 dollars) from digital assets. The bill also allows taxpayers to choose to declare the asset value before January 1, 2023, with a tax rate of 14%.It is reported that the aim of this move is to encourage Italians to declare their held digital assets on their tax returns. Additionally, the proposed law includes disclosure obligations and extends stamp duty to cryptocurrencies, but it may be revised in parliament. (Bloomberg)