By Balwant Jain Tax laws allow certain tax benefits for premiums paid for life insurance policies as well as in respect of money received from the life insurance company. Let us discuss. Tax benefits for life insurance premium paid An individual whether a resident of a non-resident and a HUF can claim a deduction for …
Japan should cut corporate taxes on cryptocurrencies to retain its entrepreneur base, one of the country’s top crypto entrepreneurs said on Monday (Aug 8). “At least 20 or more” companies have moved abroad due to taxes, Sota Watanabe, CEO of infrastructure company Web3 Stake Technologies Pte.he told Bloomberg News. Watanabe moved his company to Singapore …
Source: iStock/mura Japanese companies related to crypto assets have urged the government to carry out tax reforms, claiming that the current system is not in sync with the tax rules of other countries. The proposals come from Association of Crypto Asset Companies of Japan (JCBA) and the Japan Virtual Currency Exchange Association (JVCEA), which, according …
For unlucky crypto investors looking to turn lemons into lemonade, it turns out that digital assets lost during an exploit or hack can potentially be claimed as a tax loss, provided you live in the correct country, experts told Cointelegraph. After the news that over 8,000 Solana wallets were compromised and approximately $8 million worth …
The Internal Revenue Service (IRS) has modified the cryptographic question asked on Form 1040, the tax form used by all US taxpayers to file an annual income tax return. New Crypto Tax Question The Internal Revenue Service (IRS) released a draft Form 1040 for tax year 2022 last week. Form 1040 is the tax form …
The Japan Crypto Asset Business Association (JCBA) and the Japan Crypto Asset Exchange Association (JVCEA) have published a tax reform request for 2023. The request calls for separate taxation of cryptocurrencies at a rate of 20%, among other things. The Japan Crypto Asset Business Association (JCBA) and the Japan Crypto Asset Exchange Association (JVCEA) have …
The South Korean tax administration has pledged to crack down on tax evasion through virtual assets and platforms. While the Korean government has yet to begin taxing capital gains resulting from cryptocurrency investment and trading, authorities in Seoul claim that cryptocurrencies have been actively used for money laundering. Korean Citizens Accused Of Investing In Crypto …
On July 11, Kazakhstan President Kassym-Jomart Tokayev enacted new tax rates for crypto mining operators. While these amendments reflect the country’s growing frustration with the opaque and low-taxed use of the national electricity grid by both foreign investors and domestic perpetrators, the new taxes could hardly be called exclusionary. Additionally, they could signal increased adoption …
For immediate release The TaxPayers’ Alliance (TPA) has welcomed Rishi Sunak’s proposed income tax cut, with modelling suggesting this could boost growth by £11 billion. But analysis by the TPA also laid bare the impact of the national insurance rise, with the £11 billion dwarfed by the potential for £38 billion of growth if the …
The IRS seeks to be more efficient in collecting taxes from cryptocurrency trading getty What happened The Infrastructure Act passed by the US Congress in 2021 brought cryptocurrency exchanges under the controversial definition of “broker” and subjected them to the IRS information reporting regime. As a result, starting January 1, cryptocurrency exchanges will be required …