ChainCatcher news, according to News.bitcoin, South African cryptocurrency traders have begun receiving notifications from the South African Revenue Service (SARS) indicating that their tax affairs are under review.The tax authority is collecting information from various cryptocurrency exchanges to assess compliance. Traders who fail to provide the requested information may face criminal charges under the Tax Administration Act. The South African Revenue Service may also investigate cases of unreported cryptocurrency ownership in the past.The South African Revenue Service has not yet provided clear guidance on whether cryptocurrency trading is considered capital gains or income. Therefore, accurately recording gains and losses from local and foreign cryptocurrency exchanges remains challenging.

ChainCatcher news, according to CryptoSlate, the Brazilian Federal Revenue's special department will begin collecting information from foreign cryptocurrency exchanges to ensure compliance with local regulations.Deputy Secretary of Inspection Andrea Chaves stated that the tax department is concerned about the operations of these exchanges in Brazil and will collect taxable information. A regulation to summon foreign exchanges is expected to be released before the weekend.It is reported that the total amount of cryptocurrency declared in Brazil reached 133.6 billion reais (approximately 24.6 billion USD) in the first half of 2023, a 36.6% increase compared to the first half of 2022. Among this, 14.5 billion reais (approximately 2.7 billion USD) came from foreign exchanges.Data from Kaiko Research shows that from the beginning of 2024 to early May, the cryptocurrency trading volume involving the Brazilian real reached 6 billion USD, a year-on-year increase of 30%.

ChainCatcher news, according to cryptonews, the Russian tax authorities will start collecting taxes in digital rubles from 2025, while banks will also have the authority to block suspicious CBDC transactions. As part of the expanded pilot, government agencies have committed to using CBDC more actively in 2024.Previously, Russian President Putin signed the "Digital Ruble Law," which will take effect on August 1, 2023. According to this law, the Central Bank of Russia will become the main operator of the digital ruble platform. The digital ruble is intended to be used as a means of payment and remittance, and not for investment purposes.

According to Yonhap News Agency, South Korean listed gaming company WeMade announced that it has been fined 53.69 billion won (approximately 4,106.75 USD) due to a comprehensive investigation by the Central Regional Tax Office into corporate taxes from 2019 to 2022. This amount is the total fine imposed on WeMade and its subsidiary WeMadeTree.It is reported that the National Tax Service decided to levy this tax due to a tax investigation into WEMIX (the cryptocurrency issued and used by WeMade and WeMadeTree). An official from WeMade stated, "These taxes are generated based on the accounting and tax treatment of WEMIX used from 2019 to 2022, and we plan to pay these taxes."

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, according to CoinDesk, a senior EU official stated that the unanimous support of EU member states to share data on citizens' holdings of cryptocurrencies with tax authorities may lead to a formal agreement on the law as early as next week.In 2022, the European Commission proposed the eighth amendment to the directive on administrative cooperation to curb tax evasion using cryptocurrencies, expanding existing laws aimed at preventing taxpayers from hiding taxable assets in concealed offshore bank accounts. (Source link)

ChainCatcher message, Sun Yuchen stated in response to the community discussion regarding "platforms like Huobi providing customer information to Chinese tax authorities to assist in taxation" that currently, Huobi Global is headquartered in Seychelles and operates in the Caribbean. Huobi Global will not share any customer information with tax authorities unless it follows international judicial assistance procedures. (source link)

ChainCatcher news, according to CoinDesk, the European Commission will propose a bill next week that will require cryptocurrency service providers in the EU region to report detailed information about customers within the EU to local tax authorities. The document shows that the bill aims to prevent tax evasion using cryptocurrencies and may apply to stablecoins, derivatives, and NFTs. (CoinDesk)