Five countries fight against tax evasion in Bitcoin

Authorities of the tax sector, cybersecurity as well as the financial service of five countries have joined under group J5 to fight against criminals in the network. Holland, England, Australia, Canada and the United States work to collect data, share information and act together.

The most common crimes pursued by the newly created group are tax evasion, money laundering, fraud and scams to customers through the Internet. All these scourges attack and violate the economic, fiscal and social systems of the countries involved.

International tax delinquency has led these five countries to organize themselves into a working group under the name Joint Chiefs of Global Tax Enforcement. The first meeting was already held and addressed issues such as digital finance, cryptocurrencies and the growing threat to international transactions they represent.

They will work together to strengthen intelligence agencies and plans. They expect to have new guidelines by the end of 2018. Meanwhile, they are focused on recent cases of Bitcoin scams and other cryptocurrencies.

Regarding the tax scenario, the authorities of the respective agencies in each country of the group have identified that there is a percentage of owners of virtual currencies that are not yet reporting gains or losses in their annual returns.

M.Pino

Source: Diario Bitcoin

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