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Canada's Tax Agency Targets $40M in Uncollected Crypto Taxes as Trudeau Seeks Major Capital Gains Hike ➡️ Read All : https://lnkd.in/egFbRTUB Based on a report by the National Post, Canada’s Revenue Agency (CRA) is actively searching for uncollected taxes on cryptocurrencies. The agency estimates that there... [...] #CanadaCryptoTax #CryptoAudit #CapitalGainsHike #CryptoTaxEvasion #TrudeauTaxPlan #Crypto #Regulation #NBTC

#News #StockGains #TaxCrypto #Turkey Turkey Denies Plans to Tax Crypto and Stock Gains: Turkey dismisses plans to tax crypto and stock profits, considering a “very limited” transaction tax instead. Turkey has rejected proposals to levy taxes on profits from securities and cryptocurrencies, but it has proposed a “very limited” transaction tax. In an interview in Ankara, Treasury and Finance Minister Mehmet Simsek stated that the government is contemplating […] The post Turkey Denies Plans to Tax Crypto and Stock Gains appeared first on Coinscreed.

Navigating Crypto Taxes in Canada: A Guide to Reporting Transactions In the ever-evolving world of cryptocurrency, understanding how to report transactions for tax purposes is crucial. Here are key considerations for Canadian crypto enthusiasts to ensure compliance and maximize returns. 1. Business Income vs. Capital Gains: Determine the income nature – use Form T2125 for business activities or Schedule 3 for capital gains. Remember, 50% of capital gains are taxable, while 100% of business income is subject to taxation. 2. The Key to Accurate Reporting: Accurate reporting relies on determining crypto asset values at each transaction. Maintain a robust documentation system for seamless tax filing, emphasizing the importance of detailed records for income and capital gains. 3. Calculating Capital Gains with Precision: Incorporate crypto transactions into your annual Income Tax Return. Use adjusted cost basis (or average cost) for precise calculations, considering the total cost of acquiring assets to assess gains and losses accurately. 4. When to Report Gains and Losses: Report gains or losses in the tax year of disposal – cashing out or trading. Buying and holding crypto doesn't trigger taxes, and transfers between your wallets are not taxable events. In conclusion, navigating crypto taxes in Canada requires understanding transaction types, determining asset values accurately, and adhering to reporting timing. Following these guidelines ensures a smooth, compliant tax filing process and optimizes financial outcomes. For more information, follow this link: https://lnkd.in/eBQXSpsS Or better yet, contact us!! MY TAX HUT Office: 403-265-0162 Email: [email protected] Web: www.mytaxhut.com If you found this valuable, please consider giving it a thumbs up, following, and sharing! #CryptoTax #CanadaTax 🇨🇦💰

News Alert 🇮🇹 Italy is gearing up for a dramatic shift in its approach to tax, with plans to hike capital gains on bitcoin to a staggering 42%. ◾ The new tax rate of 42% will apply to capital gains exceeding €2,000, a sharp rise from the previous 26% implemented in 2023. ◾ This tax hike is part of Italy's broader budget strategy aimed at generating revenue to support families, youth, and businesses amidst rising economic pressures. ◾ Italy’s move mirrors potential tax increases in other countries, such as the UK, indicating a regional shift toward stricter crypto regulations as governments seek to address fiscal challenges. Read more The Block 👇 https://lnkd.in/e4yGaF2e

Navigating Crypto Taxes in Canada: A Guide to Reporting Transactions In the ever-evolving world of cryptocurrency, understanding how to report transactions for tax purposes is crucial. Here are key considerations for Canadian crypto enthusiasts to ensure compliance and maximize returns. 1. Business Income vs. Capital Gains: Determine the income nature – use Form T2125 for business activities or Schedule 3 for capital gains. Remember, 50% of capital gains are taxable, while 100% of business income is subject to taxation. 2. The Key to Accurate Reporting: Accurate reporting relies on determining crypto asset values at each transaction. Maintain a robust documentation system for seamless tax filing, emphasizing the importance of detailed records for income and capital gains. 3. Calculating Capital Gains with Precision: Incorporate crypto transactions into your annual Income Tax Return. Use adjusted cost basis (or average cost) for precise calculations, considering the total cost of acquiring assets to assess gains and losses accurately. 4. When to Report Gains and Losses: Report gains or losses in the tax year of disposal – cashing out or trading. Buying and holding crypto doesn't trigger taxes, and transfers between your wallets are not taxable events. In conclusion, navigating crypto taxes in Canada requires understanding transaction types, determining asset values accurately, and adhering to reporting timing. Following these guidelines ensures a smooth, compliant tax filing process and optimizes financial outcomes. For more information follow this link: https://lnkd.in/eBQXSpsS Or better yet, reach out to us! MY TAX HUT Office: 403-265-0162 Email: [email protected] Web: www.mytaxhut.com If you found this valuable, please consider giving it a thumbs up, following, and sharing! #CryptoTax #CanadaTax 🇨🇦💰

Thomas Lobban sheds light on the increasing confusion around crypto taxation in South Africa. Despite the approval of 63 new crypto asset service providers, the tax implications for traders are still unclear. The article stresses the need for clearer guidelines and better education to help traders remain compliant. Dive into the details to understand these challenges and their implications for the future of crypto in the region. https://lnkd.in/dS453-8f #CryptoTax #LatitaAfrica #SouthAfrica #CryptoRegulation #TaxCompliance

🇪🇺 Europe presents a diverse landscape when it comes to long-term Bitcoin tax rates for individuals in 2024. From 0% tax havens to countries with rates over 40%, it’s crucial to understand how your country compares. Here’s a quick look at some key insights from the map: 🔹 𝗧𝗮𝘅-𝗙𝗿𝗲𝗲 𝗗𝗲𝘀𝘁𝗶𝗻𝗮𝘁𝗶𝗼𝗻𝘀: Countries like 🇩🇪 Germany, 🇵🇹 Portugal, and 🇨🇭 Switzerland remain Bitcoin-friendly with 0% tax on long-term holdings. Ideal for those who HODL! 🔹 𝗛𝗶𝗴𝗵-𝗧𝗮𝘅 𝗡𝗮𝘁𝗶𝗼𝗻𝘀: On the other end, 🇩🇰 Denmark tops the list with a 42% tax rate, followed by 🇫🇮 Finland (30-34%) and 🇮🇪 Ireland (33%). Investors in these countries face some of the highest tax rates in Europe. 🔹 𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁𝗶𝗻𝗴 𝗦𝘁𝗮𝗻𝗱𝗼𝘂𝘁𝘀: 🇦🇹 Austria applies a 27.5% tax only when converting Bitcoin to fiat, offering some flexibility, while 🇧🇪 Belgium maintains a 0% tax rate for long-term holdings under specific conditions. ➡️ Check out the full report to see where your country stands and how to navigate the evolving crypto tax landscape! https://lnkd.in/dJX7gwd7

🚨 Breaking News: Italy's Crypto Tax Plan Got a Makeover! 🎨💰 The government's tailor seems to have snipped the original tax proposal, reducing the rate from 40% down to a stylish 28%. Looks like Italian crypto enthusiasts might just save enough on their digital asset taxes to afford a better espresso machine! Looks like Italy's Finance Minister auditioned for a role in a tax thriller, and they've just received a script rewrite. The new rate will apply to crypto gains over €2,000, making the country a bit less taxing (pun intended) for HODLers. Now, who will be the next country to follow suit in this international tax-off?  La Dolce Vita might now spill over to the crypto sphere. With the new rates, Italy is saying, "Let's help our citizens keep more of their wealth where it belongs—in their lives and not in the tax office." #ItalyCryptoTax #HODLersEataly #FinanceTrend

"More and more Greeks are dealing in cryptocurrencies and digital assets, mainly people around the age of 30, according to accountants and tax experts. However, the absence of a tax framework creates problems both for those who wish to deal with cryptocurrencies and for the tax authorities, who in fact do not even recognize them. By September, the special committee that has been set up for that purpose is expected to deliver its findings to the Ministry of National Economy and Finance, which will propose solutions to deal with the issue. Sources say that from January 2025, cryptocurrencies will be included in taxation and profits will be taxed as capital gains from the sale of securities at a rate of 15%. The findings will be divided into three categories: Defining and recording all cryptocurrencies, method of taxation and monitoring process." #greece #cryptoregulation #crypto #cryptotax #cryptoassets #digitalassets

Crypto Tax Guide for Nigerian Investors