Lawmakers belonging to South Korea’s opposition People Power Party have prepared a fresh challenge to the planned crypto tax law. According to The Korea Herald, opposition lawmakers are advocating for a one-year extension to the start of crypto taxation in the country. As previously reported by Cointelegraph, South Korea’s crypto tax regime that will see the imposition of a 20% levy on cryptocurrency gains above 2.5 million Korean won ($2,100) will come into effect in 2022. Apart from the one-year delay, the lawmakers are also pushing for a tiered tax levy for crypto that is in line with the Financial …

The United States Internal Revenue Service continues to propose new tax reforms to regulate the crypto investments in the U.S., with the latest notice sharing tax obligations for the marijuana industry. The notice, signed by IRS Small Business/Self-Employed Division Commissioner De Lon Harris, reflects the priorities of the United States federal agency to ensure cryptocurrency tax compliance among local businesses that grow, distribute and sell cannabis. Commissioner Harris said that the use of cryptocurrencies in the cannabis industry is one of the top enforcement priorities of the IRS. The statement coincides with the recent proposal by the Senate lawmakers from …

South Korean Minister of Strategy and Finance Hong Nam-ki has vowed that the controversial crypto tax code will come into effect on Jan. 1, 2022, despite moves this week by the majority Democratic Party to postpone it to 2023. The tax code will levy a 20% tax on income generated by crypto transactions in excess of 2.5 million Korean won, or about $2,100. International media this week reported that the Democratic Party, which holds a slim majority in South Korea’s National Assembly, intends to have passed a bill postponing the crypto tax law by the end of October. But the …

As the Income Tax Department of India reportedly considers taxing crypto traders and crypto exchanges soon, experts believe investors should rest assured. According to ET Now’s report, the tax department, which operates under India’s Ministry of Finance, has signaled interest to tax crypto earnings through trade and exchanges. However, the sources claim that the move will not entitle cryptocurrencies to a valid asset class position. Speaking to Cointelegraph, Indian entrepreneur Nischal Shetty, CEO of WazirX crypto exchange, said that getting clarity on crypto-related Goods and Services Tax (GST) will help in identifying the asset class of cryptocurrencies: “It’s a no-brainer …

According to regional media reports, the Financial Administration of the Republic of Slovenia, or FURS, is considering imposing a 10% taxable income bill on cryptocurrency asset activity in the near future. Under the current legislation method, the authority analyzes an individual's digital asset activity on a case-by-case basis by trawling through their buy and sell transactions. This can result in a stagnant and tedious crypto administrative process. The introduction of this progressive initiative aims to digitally streamline the process, focusing solely on the purchase of goods and services, or the conversion of crypto assets into fiat currencies. Within these parameters, …

Global professional services firm Ernst & Young (EY) continues exploring the potential of blockchain technology to improve taxation processes with a new initiative. The company announced Wednesday that EY completed a blockchain-based project to address complexities and inefficiencies in the cross-border withholding tax (WHT) process, generally a paper-based process where data could be lost or not shared properly due to privacy concerns. “It also may not be trusted by counterparties and tax authorities who require more and more information to validate that the correct amount of withholding tax has been paid either by relief at source or after a withholding …

United States’ city of Jackson, Tennessee, continues exploring a potential dive into cryptocurrencies, now looking to accept Bitcoin (BTC) for property tax payments. Jackson Mayor Scott Conger announced late Thursday that the city’s blockchain task force had launched a study on potential methods to accept property tax payments in Bitcoin in the city. The blockchain group will also explore how to allow employees to dollar-cost average Bitcoin, or purchase smaller amounts of Bitcoin over regular time intervals. Dollar-cost averaging Bitcoin purchases are considered to be the best strategy for accumulating Bitcoin, multiple studies confirmed. Conger earlier took to Twitter to …

Russian expatriate and former professional sailboat racer Katie Ananina is the founder of Plan B Passport, a firm that brokers citizenship through investment schemes for tax-haven nations that don’t impose capital gains on crypto holdings to wealthy investors. According to a Sunday report from CNBC, Plan B brokers hundreds of passports for predominantly western clients each year. Customers select from one of seven jurisdictions: Saint Kitts and Nevis, Antigua and Barbuda, Dominica, Vanuatu, Grenada, Saint Lucia and Portugal. “If the government starts affecting me, I will take all [my assets] into my hands and go elsewhere,” said Ananina, adding: “I …

Last month, the United States Internal Revenue Service (IRS) sent approximately 10,000 letters to cryptocurrency holders regarding their crypto holdings. The IRS has begun sending letters to taxpayers with digital currency transactions that potentially failed to report income and pay the resulting tax from digital currency transactions or did not report their transactions properly. Those who already received letter 6173, titled “Reporting Virtual Currency Transactions” on July 16 now have less than a week to reply to the IRS. The most serious of the trio of letters that were disseminated (sent alongside letters 6174 and 6174-A), 6173 requires immediate action. …