The Internal Revenue Service (IRS), a US Treasury department, has released a proposal that could exempt cryptocurrency miners from paying taxes.

Under the IRS tax proposal, mining companies and individual miners would be exempted from this tax obligation. “If approved by the government, the new rules will take effect no earlier than fiscal year 2025” for exchanges and from fiscal year 2026 for brokers.

According to the Treasury department, the document establishes the requirements for cryptocurrency mining companies to submit their reports. It also contains the “tax rules for cryptocurrency exchanges, payment systems and cryptocurrency wallets”.

In the document, of about 300 pages, the definition of “broker” is established, which includes platforms that trade digital assets, payment systems that participate in transactions, some wallet providers and people who regularly offer to buy assets. created or issued by them.

The exemption from paying taxes would be aimed at miners who earn money by confirming transactions on the blockchain. “According to the agency, mining companies are not subject to the law and cannot be considered brokers or intermediaries.”

Discussions on this proposal have started. The Treasury Department and the IRS will hold public comments until October 30, while public hearings are held on November 7 and 8.

M.Pino

Source: noticiascripto

(Reference image source: Kanchanara, Unsplash)

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La entrada Crypto miners could be exempted from paying taxes in the United States apareció primero en Bitfinance.

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.

Costa Rica proposes a 13 % tax on cryptocurrencies. The Costa Rican General Directorate of Taxation proposes to collect the tax on cryptocurrencies equivalent to a 13 % value added tax (VAT) for the purchase of crypto assets.

Additionally, it is requesting to impose a tax in the order of 15 % for the profits obtained by people, for the cryptocurrencies traded for a value higher than those established by the exchange houses or exchanges.

The Central Bank of Costa Rica establishes that cryptocurrencies are not legal tender because they do not comply with the requirements established for currencies legally considered as money.

According to the President of Taxation; Carlos Vargas, cryptocurrencies are assets without physical representation and as such must be subject to the country’s tax regulations. “I believe that it is already clear that, for Costa Rican purposes, it is not currency, it is not money. What we are trying to clarify is what is the tax treatment that, according to current regulations, this type of assets will have.”

Tax on cryptocurrencies

The Costa Rican government has shown little interest in the crypto ecosystem, but a private study found that citizens “looked favorably on bitcoin.”

On his part, the director of the country’s Central Bank, Rodrigo Cubero, has expressed his disagreement, noting that cryptocurrencies are not considered viable to cancel taxes, and expressed that his institution maintains a position of “vigilant tolerance”.

M. Rodríguez

Source: criptonota.com

La entrada Costa Rica proposes 13 % tax on cryptocurrencies apareció primero en Bitfinance.

Emmanuel Macron, president of France, reported that his government is studying applying some short-term measures to compensate the people most affected by the increase in fuel prices, with diesel at record levels.

During his inspection of the construction works of the Olympic Village for the 2024 Games, President Macron indicated: “The Government has mobilized and will have a response in the coming days,” but did not give further details.

The price of diesel was recently published, which was a historical record in France, achieving an average increase of 1.5354 euros per liter, which represents a 28 % increase and 95 octane gasoline is very close to the record reached in 2012.

Macron said: “This affects our compatriots, especially the most modest ones”, without underestimating the impacts it generates on the French population as a whole.

The government has already carried out some actions to protect its fellow citizens and in recent days announced measures to help those most affected by the sharp increase in gas. The president considers that the executive has greater sensitivity on these issues after the “tax hike on fuels” that occurred in 2018 and that generated strong protests by the movement called “yellow vests.”

M. Rodríguez

Source: elperiodicodelaenergia.com

La entrada Macron will take measures to face the rise in fuels apareció primero en Bitfinance.

An agreement between 136 countries establishes a global minimum tax of 15 % for multinational companies from 2023. This is a historic alliance that has been led, for 10 years, by the Organization for Economic Cooperation and Development (OECD).

This measure arises from the concern that multinational companies redirect their profits to places where taxes are lower, in order to reduce the tax burden to pay. The agreement represents more than 90 % of world GDP.

Additionally, it will allocate “more than 125,000 million dollars of profits from the 100 largest and most profitable multinational companies to countries around the world.” Ensuring that the transnationals pay “the equitable part of taxes that correspond to them, regardless of where they carry out their activities and generate profits.”

Of the 140 members of the OECD / G20 Inclusive Framework on Tax Planning Strategies (BEPS) 136 joined the declaration that establishes two pillars to address the tax challenges arising from the Digitization of the Economy. While Kenya, Nigeria, Pakistan and Sri Lanka have yet to adhere to the agreement.

Tax reallocation

The agreement on the global minimum tax does not attempt to eliminate tax competition, but imposes restrictions negotiated multilaterally, which will cause an additional collection, for the countries, equivalent to “about 150,000 million US dollars.”

The first pillar of the agreement establishes a fairer distribution between countries of the profits and tax rights related to the largest and most profitable multinational companies, reallocating tax rights on large companies from the countries of origin to the markets in which who carry out their economic activity and obtain benefits, regardless of having a physical presence or not.

This means that all those companies that register global sales above 20 billion euros and their profitability exceeds 10 %, which can be considered the most favored by globalization, will be subject to the new rules, so they will be reassigned to market jurisdictions 25 % of the profit that exceeds the 10 % threshold.

While the second pillar establishes a “minimum global tax on companies of 15 %, which will apply to companies that exceed “750 million euros” calculating an annual, worldwide collection, in the order of USD 150 billion.

In addition, the benefits of this agreement will also impact taxpayers and their administrations because it will provide greater stability to the international financial system, as well as the enhancement of legal security in tax matters.

M. Rodríguez

Source: Finanzasdigital.com

La entrada OECD countries sign a minimum 15 % tax agreement for multinational companies apareció primero en Bitfinance.