ChainCatcher news, according to Decrypt, the Income Tax Appellate Tribunal (ITAT) in Jodhpur, India, ruled that profits from cryptocurrency sales prior to the introduction of the Virtual Digital Assets (VDA) regime in 2022 should be considered capital gains.The ruling classifies cryptocurrencies, including Bitcoin, as capital assets, addressing the previous ambiguity surrounding the taxation of cryptocurrencies.

ChainCatcher news, according to Reuters, Italy's ruling party stated on Tuesday that after criticism from affected industries and internal debates within the Minister of Economy's party, Italy will scale back its plans to increase capital gains tax on cryptocurrencies. Giulio Centemero, a member of the ruling League party, and Deputy Minister of Finance Federico Freni said in a statement: "During the parliamentary work, the tax increase will be significantly reduced."Previously, according to the country's 2025 budget, which is set to be approved by parliament by the end of December, the Ministry of Finance intended to raise the capital gains tax rate on cryptocurrencies like Bitcoin from 26% to 42%. However, the League party stated that this move could promote the development of the shadow economy. On Tuesday, Centemero and Freni said: "Do not hold biases against cryptocurrencies anymore." Political sources indicated that the government may even decide to maintain the tax rate at 26%.

ChainCatcher news, Nick Tomaino, the founder of 1confirmation, posted on X: "Currently, 22 countries and regions, including Germany, Hong Kong, and Singapore, exempt cryptocurrency from capital gains tax. This list is still growing, and the United States must join to maintain its leadership in innovation and wealth."

ChainCatcher news, Bitwise Alpha strategy head Jeff Park stated on social media, "Why do so many countries offer 0% capital gains tax on cryptocurrencies? They know this is a once-in-a-lifetime opportunity to become the next Switzerland, Singapore, or Cayman. The prize is unlimited capital."

ChainCatcher news, according to Cointelegraph, the Czech Republic has unanimously agreed in parliament to exempt capital gains tax on Bitcoin held for more than 3 years.

ChainCatcher news, BitMEX co-founder Arthur Hayes posted on X: "The bull market can continue, as South Korea has postponed the capital gains tax for two years."According to the Korea Economic Daily, a representative of the Democratic Party in the National Assembly stated, "It has been decided to agree to postpone the taxation of virtual assets for two years. Among the 13 bills proposed by the government, 8 bills are uncontroversial, while the remaining 5 bills will be further discussed and decided today."

ChainCatcher news, according to a Reuters report, a consultation document from the Financial Services and Treasury Bureau proposed to expand the scope of capital gains tax exemptions to include overseas properties, carbon emissions, private credit, and cryptocurrencies.These exemptions would apply to private equity funds and qualifying single-family office investment vehicles. Thursday's proposal further clarified Hong Kong's cryptocurrency plans.However, it remains unclear when the policy would take effect if the proposal moves forward. Hong Kong authorities did not immediately respond to requests for comment.

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 DLNews, UK Chancellor Rachel Reeves has announced the first budget proposal, raising the highest capital gains tax rate from 20% to 24%, and increasing the lower rate from 10% to 18%. Although the increase is lower than the tech industry's previous expectations, it has still faced criticism from representatives of the crypto industry.A spokesperson for CryptoUK expressed disappointment to the media that the Chancellor failed to seize the opportunity to unify the digital asset tax system with traditional trading, and also did not provide clearer tax guidance for the industry, leaving many startups, growth-stage companies, and investors in a state of uncertainty.Reeves stated that the tax rate adjustments aim to fill the £22 billion public spending gap left by the Conservative government. She pointed out that even after the increase, the UK's tax rates remain lower than those of other European G7 economies.

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)