2019 was, without a doubt, a milestone for crypto taxation. Countries around the world realized cryptocurrencies are here to stay and adjusted their crypto tax policies as a result. This year alone, several countries have been busy establishing and amending crypto tax legislation. Governments around the world have published updated guidance, changed crypto tax rules, and used crypto tax benefits to attract high-net individuals, while some even banned crypto completely. Looking at the crypto tax legislation worldwide in 2019, one thing is apparent: No one can deny crypto tax anymore. Crypto is considered an asset and is therefore taxable. Whether …

Thomson Reuters, the multinational media conglomerate, announced on Dec. 19 a partnership with Verady, a firm that specializes in the accounting and reporting of cryptocurrencies and blockchain assets. The two companies will collaborate on bringing a new cryptocurrency tax tool to market. Thomson Reuters GoSystem Tax RS product will soon include a “Virtual Currency Organizer” for individuals reporting cryptocurrency transactions on tax form 1040. According to Thomson Reuters, the tax tool will serve as a single point of data entry and review for virtual currency transactions including exchanges, forks, purchases and payment for services rendered. This will provide accounting professionals …

The Income Tax Department of India is secretly training its officials to investigate cryptocurrencies. An internal guidebook circulated by the department explains cryptocurrencies, their characteristics, the “dark side of Bitcoin” and the best investigation practices for tax officials. The Indian government doesn’t consider cryptocurrencies as legal tender, but it also hasn’t declared them outright illegal. Crypto investors are therefore still doubtful on how to show their investments in their annual income tax returns. Due to all these circumstances, earning through cryptocurrencies is a gray area for the Indian crypto community. Earlier this year, the Income Tax Department sent detailed notices …

Denmark-based cryptocurrency users have begun receiving letters from the Danish tax agency, Skattestyrelsen, requesting that traders provide a full background of all their cryptocurrency transactions, sources informed Cointelegraph on Dec. 10. In its letters, Skattestyrelsen specifically asked crypto users to provide information about profits and losses for fiscal years 2016 to 2018, according to FIFO (First In First Out) principles. These principles represent a method of inventory valuation assuming that all goods are sold or used in the same chronological order in which consumers purchased them. Furthermore, the tax agency asked for the rates used for each transaction, information on …

Accounting advisor CPA.com and cryptocurrency accounting automation startup Lukka partnered to jointly launch a crypto asset tax preparation tool. CPA.com announced the partnership with Lukka in a press release published on Dec. 9. Per the release, the “LukkaTax for Professionals” crypto asset preparation tool for accountants aims to address issues currently faced by companies in the crypto industry. Specifically, CPA announced plans to start providing services for valuing digital assets and assurance around blockchain technology. A pressing need CPA.com states that it decided to engage with Lukka because of the growing portion of the American population that owns and trades …

The South Korean government plans to tax capital gains on cryptocurrency transactions. A Dec. 9 report from The Korea Times reveals that a revised bill to introduce the measure will be drawn up by the country’s Ministry of Economy and Finance by the first half of 2020. In parallel, the Korean National Assembly is in the process of advancing a related bill aimed at increasing transparency in cryptocurrency trading. If passed, the new regulations would come into effect one year after the Assembly’s plenary session. While the government’s capital gains bill will reportedly go ahead regardless of related legislation, The …

Brazil's tax agency, the Department of Federal Revenue (RFB), published a new tax code that specifies fines for taxpayers who fail to declare their Bitcoin (BTC) and cryptocurrency transactions. On Dec. 6, Cointelegraph Brasil reported that the new crypto tax code is a further follow-up to provisions made by the RFB in August that require Brazilian citizens to report all transactions involving cryptocurrencies, in accordance with rules established by Normative Instruction 1,888 introduced in May 2019. The already implemented tax code applies to individuals, companies and brokerages, and includes all crypto-related activities, including buying and selling, as well as donations, …

Kazakhstan’s lawmakers won’t be taxing cryptocurrency mining until the mined crypto is exchanged for fiat money. According to a legislative analyst at a local blockchain association, cryptocurrency mining will not be treated as entrepreneurial activity but rather a “purely technological process,” local business publication Kursiv reports Dec. 4. Madi Saken, legislative analyst at the National Association for the Development of the Blockchain and the Industry of Data Centers of the Republic of Kazakhstan (NABDC), reportedly announced the news at a local blockchain event “Blockchain Day” on Dec. 4, news which Saken has confirmed in an email to Cointelegraph. Tax liabilities …

After many countries around the world such as the United States, the United Kingdom, France, and Portugal published their own cryptocurrency tax guidelines this year, it is only reasonable they will expect to see an increase in crypto tax filing. They may even follow suit with the U.S. Internal Revenue Service and begin their own crypto tax compliance campaign. As the price of Bitcoin (BTC) jumped this year, so too did the tax liability for every profitable sale, trade or exchange for Bitcoin traders. The recent drop in Bitcoin price presents traders with a great opportunity to reduce tax liabilities …

Bitcoin (BTC) price’s decline has come as a result of geopolitical and financial factors, a senior investment executive has suggested. In a tweet on Nov. 25, Gabor Gurbacs, digital asset director at investment management giant VanEck, highlighted several causes which, he says, “may” have forced Bitcoin to lows of $6,500. His findings chime with general sentiment over Bitcoin price, which recovered around 11% on Monday to linger around $7,200 at press time. China’s publicity war on cryptocurrency Like many, Gurbacs accepted that China reportedly cracking down on cryptocurrency exchanges offering services to its nationals had piled pressure on Bitcoin. Specifically, …

Missouri-based software maker CryptoTrader.Tax has launched a new product facilitating cryptocurrency tax reporting. As the 2019 tax year comes to an end, the software is designed to help firms, certified public accountants and professionals counsel their clients about reporting their taxes from crypto in accordance with the tax guidelines set out by the United States Internal Revenue Service (IRS). CryptoTrader.Tax announced the news in a press release on Nov. 25. The new tool allows to auto-generate client’s tax reports The newly released crypto tax professional suite by CryptoTrader.Tax provides step-by-step process description for importing crypto transactions by clients, as specified …

The Excise Department in Thailand is poised to introduce a new way of refunding overpaid taxes to oil exporters by using blockchain technology. On Nov. 25, director-general Patchara Anuntasilpa told the Bangkok Post that the Thailand Excise Department will change its current tax refund practice by introducing a blockchain-based tax payback system, which it hopes to implement by the middle of 2020. One of three blockchain-based pilots Patchara explained that the future tax payback system will require oil exporters to pay excise tax and claim overpaid taxes after they have shipped the fuel. Blockchain technology will make it more efficient …