Taxation Of Crypto Assets
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Taxation Of Crypto Assets
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Author : Niklas Schmidt
language : en
Publisher: Kluwer Law International B.V.
Release Date : 2020-11-27
Taxation Of Crypto Assets written by Niklas Schmidt and has been published by Kluwer Law International B.V. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-11-27 with Law categories.
The emergence of crypto assets has required taxation authorities worldwide to develop unprecedented policies and compelled tax lawyers to apply existing laws in new ways. This book – the only one to focus solely on the taxation of crypto assets – provides a detailed country-by-country analysis of how the tax law of thirty-nine countries may apply to this rapidly developing area, including different use cases and compliance and documentation requirements. Following an overview of the technology and key characteristics of crypto assets, as well as the key tax concepts and types of taxes that could apply to them, leading practitioners in each particular jurisdiction summarize the relevant tax law in that country. Fully explained are such aspects of crypto assets as the following and how they are interrelated: sales; exchanges; receipt as remuneration; forks; airdrops; mining; staking; initial coin offerings; security token offerings; and initial exchange offerings. Contributors describe how each jurisdiction applies income and capital gains taxation, value-added tax and sales tax, withholding taxes, transfer taxes, and gift, inheritance, estate and wealth taxes in the context of crypto assets. Reporting requirements and enforcement are also covered. Tax law, as it applies to crypto assets, is new and continues to evolve. This book will be welcomed as the premier resource for tax practitioners, government officials, advisors, investors, issuers, users of crypto assets, and taxation academics who are seeking informed awareness of the policy choices countries make in dealing with the taxation of this new technology. Tax lawyers dealing with crypto assets will have comprehensive practical guidance on how to comply with the tax laws of multiple jurisdictions.
Crypto Taxation In Usa
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Author : Prashant Thakur
language : en
Publisher: Prashant Kumar Thakur
Release Date : 2023-09-26
Crypto Taxation In Usa written by Prashant Thakur and has been published by Prashant Kumar Thakur this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-09-26 with Business & Economics categories.
"Crypto Taxation in USA " is a comprehensive book for everyone from crypto investors to tax professionals, offering a detailed overview of how the IRS taxes digital asset transactions when actual tax law that applies to digital assets are still to be enacted by Congress. Discover what constitutes a taxable event—from trading and staking to mining and even airdrops of cryptocurrencies. The guide also delves into hot topics like the taxation of NFT transactions and Initial Coin Offerings (ICOs)by blockchain companies. Stay current with the latest IRS guidelines, including new memos and revenue rulings updated for 2023. Whether you're a seasoned investor or a crypto newbie, this book equips you with the knowledge to make informed financial decisions in the ever-evolving world of cryptocurrency. Here are the list of topics covered : What is a cryptocurrency under US Tax law ? What are the taxable events for cryptocurrency transactions? How is gain or loss on the sale of crypto taxed? How IRS tax staking rewards ? Taxation of receipt of cryptos by airdrops. How IRS tax receipt of cryptos on hard-fork ? How is the gift of cryptocurrencies taxed ? How are cryptocurrencies rewarded on mining taxed? How is the swapping or exchange of cryptocurrencies taxed ? How is the payment of cryptocurrencies for goods or services creates taxable event? How do NFT transactions get taxed? What are the Reporting Requirements for Crypto transactions? Can you offset losses of crypto trades ? Can you claim diminution in value of cryptocurrency ? Can you argue “theft “ by the crypto exchange and claim loss under section 165 ? Whether exchanging cryptocurrencies qualify for like-kind exchange under section 1031 ? Is reporting of digital currency in a foreign account required? Claiming deduction for donating cryptocurrencies to charities . Is the rule of "backup withholding" applicable to payments through cryptocurrencies? How is the Initial Coin Offerings taxed ?
Cryptoasset Taxation
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Author : Dion Seymour
language : en
Publisher: Bloomsbury Professional
Release Date : 2023-12-14
Cryptoasset Taxation written by Dion Seymour and has been published by Bloomsbury Professional this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-12-14 with Business & Economics categories.
This publication provides clear and authoritative guidance on the tax issues surrounding crypto-assets in the United Kingdom. Crypto-assets are a type of digital asset. The most common examples are Bitcoin and Ethereum. HMRC do not consider crypto-assets to be money or that buying or selling crypto-assets is gambling. This means that, in HMRC's view, profits or gains from buying and selling crypto-assets are taxable. The author is Dion Seymour, a Crypto and Digital Assets Technical Assets Director at Anderson. He was formerly the crypto-asset policy and product owner at HMRC. As well as advisory work in this area, he also speaks regularly on this subject. This is an evolving area in the UK and globally. It can be challenging for advisors dealing with business and individual clients to keep up with the pace of technical developments and the tax implications. The book will help readers understand HMRC's view by providing clear and practical guidance on the technology (including clear definitions of the technical terms), and the tax impact, including relevant case law. The commentary will be enhanced by the inclusion of worked examples and illustrative flowcharts and diagrams. The book will also outline the compliance requirements including self assessment returns and penalties. The OECD regime will also be covered. This book will be an authoritative and valuable tool for any advisors looking ion to this area for the first time.
Taxing Crypto Asset Transactions
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Author : Shaun Parsons
language : en
Publisher:
Release Date :
Taxing Crypto Asset Transactions written by Shaun Parsons and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Introduction To The Crypto Taxation Framework Under The Personal Income Tax In Portugal
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Author : Diogo Pereira Coelho
language : pt-BR
Publisher: Leya
Release Date : 2023-07-26
Introduction To The Crypto Taxation Framework Under The Personal Income Tax In Portugal written by Diogo Pereira Coelho and has been published by Leya this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-07-26 with Law categories.
Over the last few years, the creation and reception of the blockchain technology, as well as operations related to crypto-assets, have resulted in numerous atypical and differentiated legal situations, including camouflaged complex financial legal situations that are identical to traditional securities. The purpose of this text is to introduce the tax framework for income from operations related to crypto-assets in Portugal (pre- and post-State Budget 2023) and, above all, to contribute to the understanding of a matter whose legal framework should, at the very least, be clear, precise, concrete and detailed, not least because of the high scrutiny and supervision that this type of activity entails or, at least, requires.
Bitcoin Tax Havens
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Author : Jean Franco Fernández Clark
language : en
Publisher: Jean Franco Fernández Clark
Release Date : 2021-06-19
Bitcoin Tax Havens written by Jean Franco Fernández Clark and has been published by Jean Franco Fernández Clark this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-06-19 with Law categories.
Most crypto generate Capital Gains Tax when sold. Tax havens can help you reduce, legally, yBitcoin or any other cryptocurrency increase in value is considered, in general, capital gain. Any offshore tax planning in order to optimize the crypto tax bill shall be pursuant and respectful of international tax laws as for any other type of asset tax planning, having in mind the particularities of this new assets, banking restrictions, and value fluctuation. The Capital Gain Tax Base is the difference between the value you acquired the asset, and the selling price. Any country or jurisdiction that does not tax capital gains, or has a territorial tax system, can be considered a crypto tax haven. Some jurisdiction tax capital gains but specifically exclude crypto earnings from taxation. Real Estate Property Capital Gain is usually levied in the country where it is located, so even if you move your tax residency, you might be withheld tax on those capital gains when triggered. One of the benefits of Crypto is that, different from Real Estate, is not an immovable property, so you can implement certain tax strategies to optimize your tax earnings when you cash out, like moving the crypto to another entity, or moving your residency. Finally, there are other types of bitcoin “offshore jurisdictions” or “tax havens” where the benefit is not just taxes, but the ability to launch an ICO or Crypto Exchange, with fewer regulations in comparison to other jurisdictions. our tax base. The information contained in this book comes from personal experience only and the author’s personal point of view, and it, in any way, shall not constitute legal, tax, or financial advice. You must get the advice from a license attorney, accountant, or financial services provider. This short book will cover, in a general manner: -What to be aware of in regards to crypto taxation, including capital gains, exit tax, changing your tax residency, and more. -Banks Common Reporting Standards and why most banks are reluctant to working with crypto businesess. -Crypto friendly jurisdictions that don't tax crypto gains and / or capital gains in general, including how to buy a second passport or get express permanent visa, where to open an offshore bank account that won't block crypto transaction conversion to fiat. - A simple yet effective offshore structure with a bank account that will allow you to trade bitcoin tax free. -Nominee Shareholders The content herein won't make you a tax expert, but will give you an insight before you engage a licensed lawyer Content Quality Disclaimer: Please note that the content in this book will not make you an expert. It addresses superficially generalities in regards to crypto taxation and how to optimize your taxes. In order to get an specific Price justification: International Tax Counseling usually starts at 100$ per hour, and can get up to four figures hourly rate or more. Hence, the price of this book matches its content. About the Author: International Tax Lawyer. Speaks English, Spanish, French, Italian, Russian.
Taxmann S Taxation Of Virtual Digital Assets Basic Primer Analysing The New Scheme Of Taxation From An Income Tax Gst Perspective Including Cryptocurrencies Nfts Finance Act 2022 Edition
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Author : Taxmann
language : en
Publisher: Taxmann Publications Private Limited
Release Date : 2022-04-23
Taxmann S Taxation Of Virtual Digital Assets Basic Primer Analysing The New Scheme Of Taxation From An Income Tax Gst Perspective Including Cryptocurrencies Nfts Finance Act 2022 Edition written by Taxmann and has been published by Taxmann Publications Private Limited this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-04-23 with Law categories.
This one-of-a-kind book provides a complete analysis (from an Income-tax & GST perspective) of the new scheme of taxation of Virtual Digital Assets (VDAs), which includes Cryptocurrencies and Non-fungible Tokens (NFTs). This book helps the reader to understand the following: • Basic Concepts & Ecosystem of VDAs • Difference between the New & the Old Scheme of taxation of VDAs • GST Implications on VDAs • Current Tax Challenges This book also explains the essential taxonomy of the following: • Crypto Assets • NFTs • Blockchain Technology • Distributed Ledger Technology • Airdrop • Mining, etc. The Present Publication is the First Edition, authored by Taxmann's Editorial Board. This book is amended by the Finance Act 2022 and addresses the following critical issues w.r.t. to VDAs: • All foreign currencies have been kept out of the meaning of VDA. Why Bitcoin is a • VDA even if El Salvador has adopted Bitcoin as its official currency? • How to determine the situs of VDA for taxability in the hands of a non-resident? • Head in which the income from transfer of VDA should be taxed? • How should the income from the lending of cryptocurrencies be taxed? • Whether mining of cryptocurrencies is a taxable event? • How to determine the cost of acquisition of mined cryptocurrencies? • Tax implications if VDAs are lost or stolen • How to determine the fair market value of VDAs? • Whether Section 87A rebate and maximum exemption limit allowed from income from VDAs? • Treatment of losses incurred from transfer of VDAs on or before 31-03-2022 • How to compute the income from the transfer of VDA before 01-04-2022? • How to compute the TDS under Section 194S in case of an exchange of one VDA foranother VDA? • Whether VDA is money, legal tender, or security? • Whether VDA is a good or service? • Whether services by foreign crypto exchanges are OIDAR services? The detailed contents of the book are as follows: • Concept of Virtual Digital Asset • Meaning of Virtual Digital Asset • Scheme of Taxation of Virtual Digital Asset on or after 1-4-2022 • Transfer of Virtual Digital Asset without or for inadequate consideration on or after 1-4-2022 • Deduction of tax at source under Section 194S • Scheme of taxation of Virtual Digital Asset before 1-4-2022 • Taxability of cryptocurrency under the GST law
Taxation Of Cryptocurrency Block Rewards In Selected Jurisdictions
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Author : The Law Library of Congress
language : en
Publisher:
Release Date : 2021-02-16
Taxation Of Cryptocurrency Block Rewards In Selected Jurisdictions written by The Law Library of Congress and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-02-16 with categories.
This report by the foreign law specialists of the Law Library of Congress surveys the tax treatment of new tokens obtained by cryptocurrency mining or staking, often known as "block rewards," in 31 countries around the globe. It also addresses the tax implications of cryptocurrency tokens acquired through airdrops and hard forks (also referred to as a "chain split") in various jurisdictions. This report complements a broader comparative study on regulatory approaches to cryptoassets, including the application of tax laws to cryptocurrency activities, published by the Law Library in April 2019.The report shows that while tax authorities of a number of countries have published guidance on the taxation of mined tokens such as Bitcoin and other "proof-of-work" cryptocurrencies, only a few specifically address the taxation of tokens received through staking, a term used to describe the process of obtaining reward tokens in the newer "proof-of-stake" cryptocurrencies. For countries where no explicit taxation rules on block rewards are available, the report provides information such as general taxation rules, proposed legislation, official statements, and comments from legal scholars and tax experts, which may be helpful in understanding how block rewards may be treated for tax purposes.Cryptocurrency is variously treated by the surveyed countries as investment property, a financial instrument, an intangible asset or property, a financial asset, a commodity, etc., as the table below shows. Italy treats exchanges of cryptoassets like exchanges of foreign fiat currencies for tax purposes. The taxation of cryptocurrency is dependent not only upon its nature, but also on other factors such as ho w it is acquired or used.
Taxing Cryptocurrencies
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Author : Katherine Baer
language : en
Publisher: International Monetary Fund
Release Date : 2023-07-05
Taxing Cryptocurrencies written by Katherine Baer and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-07-05 with categories.
Policymakers are struggling to accommodate cryptocurrencies within tax systems not designed to handle them; this paper reviews the issues that arise. The greatest challenges are for implementation: crypto's quasi-anonymity is an inherent obstacle to third-party reporting. Design problems arise from cryptocurrencies' dual nature as investment assets and means of payment: more straightforward is a compelling case for corrective taxation of carbon-intensive mining. Ownership is highly concentrated at the top, but many crypto investors have only moderate incomes. The capital gains tax revenue at stake worldwide may be in the tens of billions of dollars, but the more profound risks may ultimately be for VAT/sales taxes.
Taxation Virtual Currency And Blockchain
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Author : Aleksandra Bal
language : en
Publisher: Kluwer Law International B.V.
Release Date : 2018-11-29
Taxation Virtual Currency And Blockchain written by Aleksandra Bal and has been published by Kluwer Law International B.V. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-29 with Law categories.
The emergence of convertible decentralized virtual currency schemes confronts tax authorities with unprecedented questions, among them are the status of virtual currency for tax purposes, which virtual transactions may bene?t from a VAT exemption and determining the most optimal method of tax regulation. This ?rst book-length treatment of this major current topic provides an in-depth and comprehensive analysis of the tax implications of virtual currency transactions. Seeking to ascertain whether virtual currency requires additional regulation or whether the law as it stands is adequate to administer its usage, the analysis not only thoroughly explains the nature of the underlying blockchain technology and its regulatory and judicial treatment so far but also identi?es best practices for virtual currency transactions and makes recommendations for the improvement of the existing tax systems. Among the aspects of the phenomenon covered are the following: – particular aspects of virtual currency use such as smart contracts and initial coin offerings; – comparative review of income tax consequences of virtual currency transactions in Germany, the Netherlands, the United Kingdom and the United States; – VAT/sales tax treatment of transactions involving virtual currency in the European Union and the United States; – methodology for creating an effective regulatory framework for the taxation of virtual currency; and – the future of blockchain. The book has three parts and an annex that describes tax regulations, administrative rulings and court decisions concerning virtual currency in twenty countries. In its in-depth analysis of tax implications of virtual currency transactions in major economies, detailed overview of recent tax developments that affect virtual currency transactions and evaluation of tax policies related to virtual currencies, this book has no peers. Especially in view of the OECD's examination of the tax challenges presented by the digital economy as part of its base erosion and pro?t shifting (BEPS) project, this clear and comprehensive explanation of the functioning of virtual currency and blockchain technology will be welcomed by tax administration of?cials and by persons mining and transacting in virtual currencies needing to know their compliance obligations.