Binance, the world’s largest cryptocurrency exchange, has launched a tool to help its clients calculate and report their tax liabilities related to digital currency trading activity. The solution, called Binance Tax, is free and can support reporting of up to 100,000 transactions. Initially, it will be available to users in France and Canada.

Binance Tax allows you to import Binance transactions and make an estimate of clients’ tax liabilities, depending on the rules of your jurisdiction. The tool is easy to use and allows users to review all of their platform transactions on a single platform instead of having to do it manually.

The launch of Binance Tax comes at a time when countries around the world have introduced stricter requirements for the taxation of digital assets, such as a new tax regime in Italy that imposes a 26% tax on top crypto trading profits. to $2,000.

Binance Tax is in its early stages and currently only supports certain activities, such as spot trading, donations, and cryptocurrency rewards. The current version does not integrate with other platforms or wallets beyond Binance Wallet, but the company has announced plans to expand the tool to more markets and to integrate with other platforms in the future.

K. Tovar

(Reference image source: file)

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La entrada Binance launches cryptocurrency taxation tool apareció primero en Bitfinance.

The Tax Administration Service (SAT) of Mexico obliges the taxpayers of the country to report any activity that generates dividends and although the Mexican laws do not specify cryptocurrencies, they must declare any income that is accrued.

The clarification was made known by Juan Ignacio River, member of the College of Public Accountants of Mexico in the local newspaper El Economista, stating that: “The Income Tax Law (ISR) establishes that any increase in assets that a taxpayer could have.”

River also reported that despite the fact that Mexican laws do not specify the handling of cryptocurrencies “we should not forget about tax obligations.”

Lack of fiscal authority

Given the deep lack of fiscal authority in the Latin American region, many doubts have arisen regarding the proper handling that should be given to cryptocurrencies, River recommended that taxpayers keep an accounting and control in order for them to be declared before the SAT.

“You also have to remember that depending on the regime where you pay taxes, you must also make your provisional payments, which is not mandatory in all cases. But in all of them you definitely have to submit your annual return,” River reported.

K. Villarroel

Source: cointelegraph

La entrada Mexican taxpayers must report their income in crypto apareció primero en Bitfinance.