WazirX, the Indian crypto exchange, announced its partnership with Singapore-based TaxNodes on Tuesday, May 2. The aim of this partnership is to allow WazirX users to compute their crypto taxes in India and file their taxes on a timely basis. The move is intended to simplify the understanding for investors…
The crypto community of India has not been very supportive of the tax rules that the government enforced on the trade of virtual digital assets last year. It is estimated that only 0.07 percent of Indian crypto owners actually declared and paid their taxes in the year of 2022. The…
India’s contribution in the development of Web3, metaverse, and blockchain could increase multi-fold, if more Indians engaged with the digital assets sector, according to PayBito chief Raj Chowdhury. India’s current tax regime on the digital assets sector, Chowdhury believes, is restricting the growth potential of the sector in the country….
Italy’s parliament has decided to impose a 26 percent capital tax on profits exceeding $2,060 (roughly Rs.1.7 lakh) generated out of crypto trading. The country has acknowledged the presence of the virtual digital assets (VDA) sector in the existing financial system This tax imposition will be implemented as part of…
Rishi Sunak, the Prime Minister of the UK, is actively working on shaping up the crypto sector for the nation with rules and regulations. Going into 2023, foreigners who are using local British crypto exchanges for buying cryptocurrencies will be exempted from paying taxes. In the UK, profits generated out…
In India, using cryptocurrencies as a mode of payments in day-to-day retail purchases, has not quite picked up pace as compared to other nations like the US. It is however, noteworthy, that some business owners here, have begun experimenting with crypto payments and contribute substantially to the number of transactions…
India’s Central Board of Indirect Taxes and Customs (CBIC) has reached out to a bunch of crypto exchanges operating in the country. The body is seeking lists of all the cryptocurrencies that are being traded on the exchanges in India. The tax authority of India is reportedly evaluating if the…
The United Nation’s development arm, UNCTAD, believes that banks should be banned from holding crypto while suggesting that developing countries should implement extensive restrictions on the usage of cryptocurrencies, given the risks they pose to tax collection. The UN Conference on Trade and Development (UNCTAD), in a series of reports…
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