TAX
Blockchain: Emergence of a New Breed of Tax Professionals in the Digital VAT World
Governments around the world are seeking new sources of revenue, and value-added tax (VAT) is the key revenue driver and the largest contribution to governmental budgets. Each year billions of dollars are lost in tax revenue due to non-compliance, evasion, fraud, and non-collection.
Shenzhen Taxation Bureau to Launch New Blockchain Tax System with Ping An Group
Ping An Insurance and the Shenzhen Taxation Bureau in China signed an agreement to start using blockchain, artificial intelligence (AI), big data, cloud computing, and other technologies to develop a management platform for taxation for all types of taxpayers in the Greater Bay Area.
The UK's HMRC Begin Tax Talks for Cryptocurrency
November 2019 has seen newly published guidelines come into place, with Her Majesty’s Revenue and Customs (HMRC) collecting advice and consulting with third parties to create new principles on different taxes in the United Kingdom.
UK Tax Authority Updates Its Guidelines for Crypto Taxation
HMRC updates its guidelines for crypto – taxation, relating to both individuals and businesses. The new guidelines explicitly state that crypto-currencies are not considered as ‘money.’
Blockchain-Based Invoices Reached $1 Billion USD in China with 10 Million Invoices
Shenzhen’s pilot blockchain technology invoice system has reached a new milestone. The program known as ‘fapiao’ which allows the Chinese government to track purchases and prevent tax evasion, has just issued its 10 millionth invoice.
Bitwala Incorporates CryptoTax for Better Tax Reporting
Bitwala, a German-licensed Bitcoin banking service application, announced its new integration remedy with CryptoTax, an entity that assists crypto users to adhere to yearly tax declaration deadlines. This will be instrumental in solving crypto tax headaches.
Crypto, Tax, and the IRS: The Good, The Bad, and The Downright Ugly
The IRS wants a piece of your crypto, and the agency is sending letters to thousands of taxpayers who may have failed to declare profits from crypto deals. Question is, is the IRS entitled to what it's asking for?
IRS Sends Warning Letters to Prevent Crypto Owners from Evading Tax
The Internal Revenue Service began sending warning letters out to cryptocurrency owners in the United States, announcing that taxpayers should be paying back taxes they owe or to file amended tax returns in regards to their cryptocurrency holdings.