India wants to assign taxes to cryptocurrencies
The Central Board of Indirect Taxes would consider the measure of applying 18 percent to foreign exchange operations, to see them as "intangible assets"
According to statements made by sources to international media, India is working on proposals that would allow making cryptocurrency transactions, subject to taxes on assets and services.
Apparently, the Central Board of Indirect Taxes would consider the measure of applying an 18 percent tax on foreign exchange operations, to be seen as “intangible assets”.
For the time being, the nation had stayed away from the regulations on cryptoactive, despite the efforts of the Central Bank to “reduce the ability of companies and citizens to interact with them.”
The movement is not the first one aimed at imposing taxes on cryptocurrencies in India. In February, letters were sent to around 0.5 million merchants demanding that they report their profits from the exchange activities. Also, last April, the Reserve Bank legally prohibited the institutions of the country from maintaining cryptocurrency companies. However, they haven’t managed to stop the proliferation of this type of exchange.
N. Moncada
Source: Cointelegraph
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