TAXATION
President Biden’s Tax Plans Spark Fear, Triggering a Bitcoin and Ethereum Price Drop
The speculation that U.S. President Joe Biden’s administration will increase capital gains taxes sent shock waves in the crypto space as Bitcoin (BTC) and Ethereum (ETH) dropped amid fears that this initiative could limit investment in digital assets.
Kraken Reminds Ripple XRP Holders of Looming Spark Token Airdrop as New Tax Development Unfolds
With the upcoming Spark token airdrop by Flare Networks, many Ripple XRP holders have scrambled to deposit their XRP in participating cryptocurrency exchanges.
PwC Expert's Take: What Are the 3 Grey Areas to Crypto Taxation in Hong Kong?
The Inland Revenue Department (IRD) of Hong Kong took a step further to provide clarity in taxing digital assets. In the recent press release titled “LCQ20: Regulation of virtual asset investment activities”, James Lau, the Secretary for Financial Services and the Treasury answered the queries raised by the Hon Wu Chi-wai on taxation of virtual assets, tax evasion of virtual asset-related business and latest effort to regulate virtual assets by the Hong Kong Securities and Futures Commission (SFC).
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.
Blockchain May Jeopardize London’s Financial and Tax Collection Systems, Proclaims John Straw
John Straw, a senior advisor to IBM and McKinsey, has warned that blockchain could render the financial service sector in London irrelevant. He also noted that the city’s banks could be destroyed, making the collection of corporate and personal taxes cumbersome.