ChainCatcher news, according to Bitcoin.com News, Coinbase CEO Brian Armstrong has proposed a comprehensive reform of the U.S. tax system, calling for the elimination of personal income tax and shifting the tax filing burden onto corporations.He stated, "To be honest, completely eliminating personal income tax is the ideal scenario, shifting the tax filing burden onto corporations. Trying to generate an equivalent amount of revenue through sales tax or corporate income."Brian Armstrong believes that a simplified system could relieve the pressure on millions of Americans, making taxes easier to manage while maintaining essential government revenue.

ChainCatcher news, according to Bitcoin.com, the Kenya Revenue Authority (KRA) has proposed the establishment of a tax system integrated with cryptocurrency trading platforms for real-time monitoring of transactions. Under this system, the KRA will capture key information for each transaction, such as transaction time and value.The tax department stated that the current system cannot track cryptocurrency transactions, leading to significant tax revenue loss. The tax department also cited Section 3 of the Kenyan Income Tax Act, which allows for taxation of cryptocurrency income. A tax official in Kenya stated, "Our goal is to establish a robust and efficient system to effectively collect cryptocurrency taxes."In addition to the real-time tax system, Kenya is also considering the use of artificial intelligence (AI) and machine learning technologies to detect tax evasion. These technologies are expected to optimize the tax administration processes of the Kenya Revenue Authority and improve transparency.

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 Japan Blockchain Association (JBA) calls on the national government to amend the tax system to accommodate cryptocurrencies. The JBA claims that its review of the current tax system indicates that the growth of Web3 businesses in Japan is being hindered.Specifically, it demands that the personal transaction tax be set at a uniform rate of 20% and that profits generated from crypto transactions be exempt from taxation. Statistics from the Japan Cryptocurrency Exchange Association show that as of April 2023, approximately 6.8 million crypto accounts have been opened. The JBA believes that if the tax system is amended, investment will increase, according to a survey.The JBA also calls for the elimination of the unrealized profit tax on third-party issued tokens at year-end, stating that companies will no longer need to sell their held tokens to pay taxes, which will lower the entry barriers for Web3 businesses.Earlier this week, Japanese Prime Minister Fumio Kishida stated that Web3 has the potential to change the traditional internet framework and contribute to social transformation, and the government is committed to creating an environment conducive to promoting Web3.

ChainCatcher news, the International Monetary Fund (IMF) working paper on taxation and cryptocurrency assets warns that taxing cryptocurrency assets is more challenging, and the current tax system is not designed to handle these assets. The IMF's working paper emphasizes that certain crypto assets may not persist in the future, while other enduring assets will become "fundamental innovations in decentralized finance." Therefore, the IMF states that the tax system must adapt to cryptocurrencies with "coherence, clarity, and effectiveness." (source link)