ChainCatcher news, according to Cointelegraph, at the 2024 peer-to-peer financial systems seminar, legal practitioner Amit Kumar Gupta presented a research paper on cryptocurrency taxation in India.Gupta stated that India imposes heavy taxes on the cryptocurrency industry and blockchain sector, but it is unregulated, reflecting their lack of understanding of the technology, as they believe these technologies are only used for illegal purposes such as money laundering and terrorist financing.

ChainCatcher news, according to Bitcoin.com, Ohio Senator Niraj Antani has proposed a bill to legalize cryptocurrency payments for state and local taxes.It is reported that the bill emphasizes the importance of cryptocurrency in the current economy, requiring Ohio to accept digital currencies like Bitcoin and allowing the state pension system to invest in these currencies. Antani highlighted Ohio's historical role in the adoption of cryptocurrency.

According to ChainCatcher news, Turkey has decided not to proceed with new taxes on stock market and cryptocurrency gains, as stated by Vice President Cevdet Yilmaz. Although it had been discussed previously, the plan has been abandoned, and the government is now focusing on reducing tax exemptions. This shift stems from concerns about the stock market and broader efforts to stabilize the economy and reduce inflation.

ChainCatcher News, Japan's financial regulatory agency has released a comprehensive tax reform plan for the fiscal year 2025, which includes provisions for cryptocurrency to lower its tax rate.In the tax reform request on August 30, the Financial Services Agency (FSA) of Japan emphasized cryptocurrencies, advocating for them to be treated as traditional financial assets available for public investment. The FSA stated, "Regarding the tax treatment of cryptocurrency transactions, cryptocurrencies should be regarded as financial assets and should become investment targets for the public."According to the cryptocurrency accounting firm TokenTax, profits from cryptocurrencies in Japan are currently taxed as miscellaneous income, with tax rates ranging from 15% to 55%.

ChainCatcher news, Switzerland is considering incorporating cryptocurrency tax data into its international information exchange agreements.The Federal Council launched a consultation procedure for a new bill on Wednesday. The bill aims to facilitate the sharing of cryptocurrency asset information with 111 jurisdictions. These jurisdictions are currently part of the automatic information exchange. Sharing depends on whether they comply with the OECD's cryptocurrency asset reporting framework.Switzerland has long been at the forefront of cryptocurrency adoption. Places like Lugano have been pioneers in accepting cryptocurrencies such as Tether (USDT) and Bitcoin (BTC) for tax purposes. The country's political framework allows the Federal Tax Administration to classify Bitcoin as a means of payment. Therefore, Bitcoin is exempt from Value Added Tax (VAT).The Federal Council's goal is to determine the start date for the automatic exchange of cryptocurrency-related information with its partner states. The consultation period for the proposed legislation will end on November 15, 2024.

ChainCatcher news, according to CoinDesk, the Internal Revenue Service (IRS) released an updated draft version of tax form 1099-DA for cryptocurrency brokers and investors to report certain transaction gains yesterday, giving the public 30 days to provide feedback to the IRS on this version.Starting in 2026, cryptocurrency investors using brokers (currently mainly referring to CEXs like Coinbase and Kraken) will receive 1099-DA forms from these brokers to report certain cryptocurrency sales and transactions to the IRS as taxable events. IRS officials stated that this form will "bring more convenience and clarity" to users paying U.S. crypto taxes.The newly released version of 1099-DA is more streamlined than the initial draft of the tax form proposed by the IRS in April. The requirement for investors to fill in wallet addresses and transaction IDs has been removed (which had previously raised privacy concerns when the form was first published), and it is no longer necessary to provide the time of the related transactions, only the date.Drew Hinkes, a partner at Miami law firm K&L Gates and a cryptocurrency lawyer, commented that the updated form "has seen significant improvements, reducing the reporting burden and greatly decreasing the amount of data required."

ChainCatcher news, according to CoinDesk, Indian Finance Minister Nirmala Sitharaman stated in the 2024-2025 budget speech that the current cryptocurrency tax regulations will remain unchanged.Although the Indian crypto industry proposed to reduce the Tax Deducted at Source (TDS) on crypto transactions from 1% to 0.01% and sought to implement a progressive tax rate on gains instead of a fixed 30% rate, these proposals were not adopted. This budget is the first since Prime Minister Narendra Modi was elected for a third consecutive term.

ChainCatcher news, according to Coindesk, the U.S. Department of the Treasury's IRS has released a cryptocurrency trading tax system for 2025, aimed at establishing filing rules for digital asset brokers, but related rules for DeFi and non-custodial wallets have been temporarily shelved. The agency believes that mainstream crypto platforms handling the vast majority of transactions can no longer wait for rules, but other issues require further study, and corresponding rules will be formulated later this year.The newly released tax rules will take effect for trading starting in 2025 and will require brokers to closely monitor the cost basis of customer tokens beginning in 2026. The new rules for cryptocurrency brokers require trading platforms, custodial wallet services, and digital asset exchange platforms to submit disclosures regarding changes in customer assets and earnings. These assets will also include (in very limited circumstances) stablecoins, such as USDT, USDC, and high-value NFTs, although the IRS has explicitly declined to address the long-standing debate over whether tokens should be considered securities or commodities.Under the new regulations, the IRS will not require reporting for most regular stablecoin sales and has set a $600 annual threshold for NFT earnings, which must be reported only if exceeded.

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 Cointelegraph, the Digital Chamber of Commerce has submitted feedback on the IRS's proposed 1099-DA form, which is intended for reporting digital asset transactions.The Digital Chamber's detailed response aims to simplify the form, making it easier for brokers handling digital assets such as cryptocurrencies to use, and addresses taxpayer privacy concerns, including only requiring taxpayers to report the necessary information needed for digital asset transactions.

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 IRS (Internal Revenue Service) has stated that as the tax filing deadline of April 15 approaches for American citizens, the agency is preparing for a significant increase in future cryptocurrency tax crime cases. Guy Ficco, head of IRS Criminal Investigation, indicated that the IRS is getting ready to handle the rise in tax fraud and evasion cases that will follow.

ChainCatcher news, according to Cointelegraph, the Internal Revenue Service (IRS) has stated that as the tax filing deadline of April 15 approaches for American citizens, the agency is preparing for a significant increase in future cryptocurrency tax crime cases. IRS Criminal Investigation Chief Guy Ficco stated that the IRS is preparing to handle the increase in tax fraud and evasion cases that will follow.

ChainCatcher news, the Biden administration released the 2025 budget proposal on March 11, which includes provisions for a series of regulatory measures for digital assets.It is expected that the proposed rules for digital assets by 2025 will generate nearly $10 billion in additional tax revenue. Among these, it is anticipated that applying anti-money laundering rules to digital assets alone could raise over $1 billion in taxes in the 2025 fiscal year; incorporating digital assets into fair market valuation rules (which require taxation based on the current market value of securities rather than the purchase price) is expected to generate an additional $8 billion in revenue that same year. Additionally, the proposal also imposes a consumption tax on cryptocurrency mining operations.

ChainCatcher news, according to Cointelegraph, the Internal Revenue Service (IRS) has appointed two cryptocurrency tax experts from the private sector to help lead the IRS in establishing services, reporting, compliance, and enforcement programs focused on digital assets.The official tax filing season in the United States began on January 29, after which the IRS has issued multiple notices urging citizens to report income from their holdings of cryptocurrencies and digital assets, including non-fungible tokens (NFTs).

ChainCatcher news, according to The Block, the ruling People Power Party of South Korea is considering postponing the collection of cryptocurrency investment income tax for another two years in the upcoming election campaign. The party stated that it will prioritize establishing a basic regulatory framework for cryptocurrencies rather than taxing investors, and plans to propose a series of new regulations for the crypto industry in the next term.It is reported that South Korea's cryptocurrency income tax was originally scheduled to be implemented on January 1, 2023, but has now been postponed to take effect in January 2025. Another delay would push the start date of the tax plan to 2027.

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."

ChainCatcher news, as the announcement date for India's Federal Budget 2024 approaches, India's Web3 community is urging for amendments to cryptocurrency tax regulations. Despite calls from the Web3 community over the past two years, the Indian government has yet to revisit the tax laws related to cryptocurrencies. Many in the industry believe these laws hinder the growth of cryptocurrency in India and lead to a brain drain to more crypto-friendly countries.The Indian cryptocurrency community has been using the hashtag "#ReduceCryptoTax" on social media platforms to express three main demands to the Indian government, including advocating for more flexible tax rates, reducing the Tax Deducted at Source (TDS) on each cryptocurrency transaction from 1% to 0.01%, and allowing loss carryforwards similar to the stock market.