Taxes

6 Bankers Accused of Earning €30M in Bonuses From German Fraud, Tax Lawyer Out on €4M Bail

</header> <strong>Former bank employees have received bonuses worth millions of euros in an illegal trading scheme that also involved a tax lawyer, prosecutors in Frankfurt revealed this week. The case is part of multiple investigations carried out across Germany, the hardest hit country in a notorious tax fraud scandal known as the Cum-ex Files. </strong> …

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Uzbekistan Prepares Crypto Tax Exemptions, Launches Licensed Exchange

</header> <strong>A new presidential decree in Uzbekistan envisages the introduction of tax exemptions for income obtained from operations involving crypto assets. The draft document published recently also incorporates proposals for the establishment of a blockchain valley and licensing regime for cryptocurrency miners. The country has just launched its first licensed crypto exchange. </strong> Also read: …

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UK Tax Agency to Pay $100K for Blockchain Surveillance Software

</header> <strong>On January 17, the UK tax agency Her Majesty’s Revenue and Customs (HMRC) published a job opportunity for a private contractor to design a cryptocurrency blockchain analysis tool. According to the listing, the contract is for one year and HMRC will pay the contractor $100,000 for software that can “identify and cluster crypto asset …

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Britain’s Tax Agency Offering Contract for Tech to Combat Crypto Tax Evasion

Britain’s tax agency is inviting contractors to provide a tech tool to help Britain’s tax agency combat crypto cybercriminals.  What the agency wants The technology, which Her Majesty’s Revenue & Customs (HMRC) posted on Jan. 17 in an open contract call worth 100,000 pounds sterling, should gather intelligence through cluster analysis. The HMRC’s Cybercrime team …

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Authors of New York’s P2P ‘Public Venmo’ Bill Hope for Greater Decentralization

New York lawmakers proposed a bill on a peer-to-peer (P2P) savings and payment platform called the “New York Inclusive Value Ledger.” Introduced by New York State Assembly legislator Ron Kim and Senator Julia Salazar, the bill proposes to set up the “empire state inclusive value ledger establishment and administration act” that would create a system …

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Crypto Tax Reporting Failures Can Be Expensive, Even Criminal

The Internal Revenue Service is aware that millions of cryptocurrency transactions may still remain unreported. Taxpayers may think they will not be caught, and many Coinbase users may have thought their information would be protected until the John Doe summons proved otherwise. The best way to avoid penalties is to disclose and report as accurately …

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Tax Compliance Firm TaxBit Raises $5M to Improve Crypto Tax Reporting

TaxBit, a crypto-oriented tax compliance firm, has raised $5 million in a seed round that saw participation from the Winklevoss twins’ family office, Winklevoss Capital. In a Jan. 6 announcement, TaxBit said that it plans to use the raised funds to enhance its software products on an international scale as its tax reporting tool has …

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South Korea Drafting Legislation To Tax Individual Crypto Profits

Cryptocurrency and taxation laws are creating a great deal of confusion in South Korea. On Dec. 30, South Korea’s government stated that under current law, it cannot impose income taxes on individuals’ profits from transactions of cryptocurrency. This, however, contrasts with the National Tax Service’s recent imposition of an 80 billion won ($68.9 million) tax …

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Government Confirms Crypto Profits Not Taxable in South Korea

</header> <strong>South Korea has confirmed that income tax cannot be levied on individual investors’ profits from crypto transactions under the current tax law. The government, however, is reviewing international trends</strong><strong> and the approaches of major countries to crypto taxation in an effort to amend the existing Korean tax law to include cryptocurrency.</strong> Also read: Regulatory …

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South Korea Imposes $69M Tax Obligation on Crypto Exchange Bithumb

</header> <strong>The National Tax Service of South Korea (NTS) has decided to withhold income tax from Bithumb’s foreign customers. The total tax to be imposed on their transactions amounts to more than 80 billion won (over $69 million), the leading Korean cryptocurrency exchange announced. </strong> Also read: Poles Hit With Backdated Tax on Crypto Trades …

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