Blog Archives

Tax Notices Sent To Crypto Traders By Indian Government

Posted on 22nd January, 2018

Late last week, the Indian government began sending tax notification documents to tens of thousands of cryptocurrency traders and investors in the country. According to Reuters, these notices follow a recent government survey that found over $3.5 billion in cryptocurrency transactions within the country over the last 17 months. By some estimates, India’s population of […]

Israel Considers VAT For ICOs

Posted on 17th January, 2018

Earlier today, the Israel Tax Authority (ITA) released a draft version of their plans to tax proceeds generated by initial coin offerings (ICOs). Under the plan, the ITA would impose a value-added tax (VAT) on profits generated from ICOs, although the tokens themselves would not be taxed. The plan also creates two distinct categories for […]

UPDATE: Instabill offers services to Isle of Man bitcoin startups

Posted on 18th September, 2014

Earlier this week, bitcoin startups on the politically independent U.K. holding of Isle of Man were faced with potentially catastrophic news. The island’s primary treasury service provider, Capital Treasury Services (CTS), announced it was severing its relationship with all digital currency businesses. It has since been revealed that the CTS decision was made under pressure […]

Canadian payroll firm says growing number of companies paying employees in BTC

Posted on 1st September, 2014

The Canadian Press reports today that bitcoin-backed salary payments are on the rise in Canada. According to Waterloo, Ontario,-based payroll firm Wagepoint, employees and businesses are increasingly interested in paying out in BTC rather than the Canadian dollar (CAD). The firm launched one of the first cryptocurrency-based payment options in the world last November, but […]

Australian government publishes guidelines for bitcoin businesses

Posted on 27th August, 2014 is the Australian government’s official portal for all forms of business in the country down under. It’s the definitive source for details on starting a new business in kangaroo country, providing guides and FAQs for nearly any business-related topic imaginable. This week, the website published its first guide to accepting bitcoin and other digital […]

Report: Spain’s tax authority weighs in on bitcoin

Posted on 23rd May, 2014

Until this week, the Spanish government has kept its distance from bitcoin. With the rapid growth of interest in virtual currencies in Europe, and the recent explosion of bitcoin automated vending machines in Spain itself, it’s only natural that the country’s tax authority, the Agencia Estatal de Administración Tributaria (AEAT), has turned its gaze to […]

Canada to rule on a “case-by-case basis” for bitcoin taxes

Posted on 28th April, 2014

Following their southern neighbor’s lead, the Canada Revenue Agency (CRA) recently issued new guidance on how virtual currencies will be taxed in the country. The document cites related Supreme Court of Canada rulings relating to the Income Tax Act, and indicates specific tax precedents for both personal and business activities, further reinforcing bitcoin’s unique status. […]

French officials confirm bitcoin is taxable

Posted on 27th April, 2014

Although bitcoin currently has no legal status in France, the French Ministry of Economy and Finance has confirmed that any revenue from digital currency in the county is subject to taxation. Speaking with French news outlet Le Monde, a representative from the Ministry explained that there was no obligation to declare bitcoin earnings specifically, and […]

Ron Paul says there should be “no restrictions” or taxes on bitcoin

Posted on 18th April, 2014

There are few figures in recent American politics as controversial as former U.S. Congressman Ron Paul. The noted libertarian-leaning Republican from Texas has long been an opponent of the Federal Reserve banking system, and has advocated for more “private money” in the world economy. Although not a supporter of bitcoin per se, Paul has regularly […]

The rush for the killer bitcoin tax-calculation app begins with Libra

Posted on 3rd April, 2014

When the IRS announced last month that bitcoin was to treated as property, rather than as currency, many in the virtual currency community declared it a catastrophe. The panic was understandable, as capital gains taxes can be significantly more complicated to calculate, and often require the assistance of an accountant. But almost as soon as […]