ChainCatcher news, the Central Bank of Brazil is currently exploring the possibility of taxing remittances based on stablecoins. According to industry stakeholders, the Central Bank of Brazil is considering incorporating this taxation into the final version of cryptocurrency regulations that will be finalized next year.Local media pointed out that this could be achieved by providing different licenses to cryptocurrency companies based on the services offered. For example, tokenization companies would need to apply for a standard Virtual Asset Service Provider (VASP) license, while companies offering stablecoin exchange services may need to apply for a different license.

ChainCatcher news, the Dutch government has sought public opinion on a proposed law that would require cryptocurrency service providers (such as exchanges) to collect and share user data with local tax authorities to comply with EU regulations.The Dutch Ministry of Finance stated in a press release on October 24: "The purpose of this bill is to increase the transparency of cryptocurrency ownership to prevent tax evasion and avoidance."Under the new law, tax authorities will share data collected by service providers regarding residents of these countries with tax authorities in other EU countries, as stipulated by the EU-wide cryptocurrency tax reporting rules (i.e., DAC8) passed last year. The ministry explained that these rules reduce the administrative burden on cryptocurrency service providers because "they only need to report in the EU member state where they are registered."

ChainCatcher news, Crypto Tax Audit CEO Clinton Donnelly stated that many American users have not reported cryptocurrency taxes due to concerns that the IRS may change regulations after they submit their tax returns. The IRS has the discretion to apply laws retroactively or to interpret laws retroactively. It is reported that Clinton Donnelly is also an expert in calculating capital gains for cryptocurrencies.In a notice dated March 25, the IRS described how existing general tax principles apply to transactions using virtual currency. In this update, also known as Notice 2014-21, the IRS stated that the general tax principles applicable to property transactions will apply to transactions using virtual currency. While the notice does clarify the tax authority's stance on cryptocurrency transactions, Clinton Donnelly stated that it lacks the legal binding force of regulations. Prior to this update, the IRS had not issued any opinions on the tax treatment of cryptocurrencies.

ChainCatcher news, the crypto tax service company Waltio announced the completion of a new funding round of €180 million (approximately $1.97 million), with participation from angel investors including Crédit Agricole Capital Développement, a subsidiary of Crédit Agricole, Julien Bouteloup, founder of Stake Capital, and Clément Coeurdeuil, co-founder of Budget Insight.Waltio primarily helps users track their digital asset portfolios to provide tax calculation, reporting, and planning services. The new funds will be used to advance software development, enhance tax compliance solutions, expand internationally, and integrate artificial intelligence.

ChainCatcher news, Bitget announced a partnership with the cryptocurrency tax platform Koinly to integrate automatic cryptocurrency tax reporting services for users. Users can connect to Koinly's tax reporting platform via API, seamlessly integrating tax reporting services to enhance efficiency.Bitget's General Manager Gracy Chen stated, "Bitget is committed to providing every user with efficient and convenient tools, shaping a safe, efficient, and user-friendly crypto future."Koinly's General Manager Adam Saville expressed, "It is our honor to serve Bitget users, and the API upgrade will bring an even better experience to users."

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, according to CoinDesk, a draft law from the EU shows that the EU plans to require cryptocurrency companies to provide detailed information about their clients' held assets to tax authorities. The bill is set to be agreed upon by finance ministers next week and will allow tax authorities to share data within the 27-country bloc.The bill requires crypto companies to register with tax authorities. Controversially, the law, known as the Administrative Cooperation Directive 8 (DAC8), still includes platforms for trading NFTs that can be used for payment or investment, as well as suppliers from outside the EU that have EU clients. Overseas crypto companies can report to foreign authorities that comply with EU regulations. (Source link)

ChainCatcher news, India has collected over $19.2 million in taxes after implementing a new uniform tax rate of 30% on cryptocurrency transfer income.According to data from the Ministry of Finance, as of March 20, 2023, the government has received direct tax revenue of 1.579 billion rupees, approximately $19.2 million, from payments related to the transfer of virtual digital assets.The lower house of India's highest legislative body, the Indian Parliament, passed the cryptocurrency taxation bill on March 25, 2022, primarily targeting cryptocurrency exchanges. The bill stipulates that starting from April 1, 2022, exchanges operating within India or providing cryptocurrency trading for Indian investors are required to pay a 30% capital gains tax. During the 2022-2023 Union Budget, Finance Minister Nirmala Sitharaman proposed a 1% tax on cryptocurrency transactions, meaning that every purchase or trade of cryptocurrency by the Indian public would incur a 1% tax, effective from July 2022. (source link)

ChainCatcher news, Reuters reported that Thailand's Finance Minister Rachada Dhnadirek stated that the Thai cabinet has approved the exemption of corporate income tax and value-added tax for companies issuing digital investment tokens to promote financing for both listed and unlisted entities. This exemption applies to companies issuing ICOs and registered entities in the primary and secondary markets. Investors in such tokens will also be exempt from value-added tax, but utility tokens will not qualify for the exemption.According to Reuters, the Thai government estimates that there will be 128 billion baht (3.71 billion USD) worth of investment tokens issued in the next two years, which could lead the Thai government to forgo 35 billion baht in tax revenue. (Source link)

ChainCatcher news, according to VC Circle, the crypto tax software as a service (SaaS) startup Inkle announced the completion of a $1.5 million pre-seed funding round, with investments from Picus Capital, Saison Capital, and Force Ventures.It is reported that Inkle will use the new funds to expand in the crypto tax field, with services based on a chat dialogue model. Current clients include Salesken, Mailmodo, Zoko, and DriveTrain. (source link)

ChainCatcher news, former CEO of Indian cryptocurrency exchange Zebpay, Avinash Shekhar, has launched a crypto tax startup "TaxNodes," aimed at providing cryptocurrency income, tax, and reporting services for retail investors and exchanges. TaxNodes can collect cryptocurrency transactions across chains, exchanges, wallets, and other channels while complying with KYC and AML regulations, and automatically generate crypto tax information. (Source link)

ChainCatcher news, London-based crypto tax service company Cryptiony has completed a €500,000 Pre-Seed funding round, led by ff Venture Capital, with participation from Pointer Capital and Web3 angel investor Marcin Wenus.It is reported that Cryptiony is dedicated to providing an automated crypto tax platform for individuals, traders, and tax professionals. By using APIs to directly link to exchanges and extract relevant data, the platform can automatically create comprehensive tax obligation reports that comply with complex tax laws. (source link)

ChainCatcher news, the latest research report from the Indian think tank Esya Center indicates that after India announced a high tax of 30% on all cryptocurrency trading profits on February 1, 2022, Indian cryptocurrency exchanges lost approximately 97.1% of their trading volume from January to October 2022, plummeting from about $4.73 billion in January to $137.6 million.The study states that from February to October 2022, approximately $3.85 billion in trading volume shifted from Indian exchanges primarily to Binance, Coinbase, and Kraken, with an estimated 1.7 million Indian users turning to foreign exchanges.Furthermore, the study estimates that if India's tax policy remains unchanged, the cumulative trading volume loss for Indian CEXs over the next four years could reach $1.2 trillion. (cryptoslate)