Search results for "CGT"
11:52

The Australian court ruling may lead to a $640 million Bitcoin tax refund.

PANews May 19 news, according to Cointelegraph, a criminal case ruling in Australia may trigger a $640 million Bitcoin tax refund. Judge Michael O'Connell of Victoria ruled in a case involving the theft of 81.6 Bitcoins (currently valued at about $13 million) that Bitcoin should be considered currency rather than a taxable asset. The ruling directly challenges the Australian Taxation Office's (ATO) position since 2014, which has classified cryptocurrencies as capital gains tax (CGT) assets. Tax lawyer Adrian Cartland pointed out that if the ruling is upheld on appeal, it could lead to a total of AUD 1 billion (approximately USD 640 million) in tax refunds for Bitcoin traders. The ATO has not yet confirmed the specific amount of refunds. It is noteworthy that the judge compared Bitcoin to Australian.
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11:21
PANews reported on March 25 that according to Cyvers _s monitoring, Curio Eco_, which focuses on physical asset (RWA) infrastructure, was attacked, with a loss of up to $16 million, involving smart contracts based on MakerDAO within its ecosystem. The security incident appears to have resulted from a vulnerability in the privilege access logic, which was exploited by an attacker to mint an additional 1 billion CGT tokens. It is reported that the value of digital assets currently held by the attackers is approximately $39.7 million.
11:28
The International Monetary Fund (IMF) has asked Pakistan's Federal Board of Revenue (FBR) to impose a capital gains tax (CGT) on cryptocurrency investments as one of the requirements to qualify for the $3 billion bailout fund. During the review negotiations on the $3 billion Standby Arrangement (SBA), the IMF group recommended that the Federal Reserve Bank of Pakistan tax crypto capital gains and was also asked to review taxes on real estate and listed securities. The four-day IMF assessment began on March 14, and if Pakistan agrees to the conditions, the IMF will pay about $1.1 billion. (Cointelegraph)
09:07
PANews reported on March 18 that, according to Cointelegraph, in order to obtain $300 million in bailout funds, the International Monetary Fund (IMF) recommended that Pakistan's Federal Revenue Board (FBR) impose a capital gains tax (CGT) on cryptocurrency investments. The proposals could be part of the upcoming bailout package under the Extended Fund Facility (EFF) and could formally introduce a strict crypto capital gains tax in the 2024-2025 fiscal year budget. The IMF also recommends that Pakistan collect capital gains from real estate ownership transfers.
08:37
PANews reported on November 14 that according to Cointelegraph, the Australian Taxation Office (ATO) issued guidance on the processing of capital gains tax (CGT) on the packaging of DeFi and personal crypto tokens, clarifying its intention to continue to tax the capital gains of Australians when wrapping and unwrapping tokens. The ATO adds: "Capital gains from capital gains tax activities are equal to the market value of the property you received as a result of the transfer of your crypto assets. However, the triggering of a capital gains tax event depends on whether the individual has recorded a capital gain or loss. A similar approach is also being considered for taxing liquidity pool users and providers, as well as DeFi interest and rewards. In May 2022, the ATO listed crypto capital gains as one of four key focus areas. Building on this initiative, Australian tax collectors have recently clarified a range of actions that are considered taxable in their jurisdiction. In its statement, the ATO said that the transfer of crypto assets to an address that the sender does not control or that already holds the balance will be considered a taxable capital gains tax event.
08:25
The Australian Taxation Office (ATO) has issued guidance on the handling of capital gains tax (CGT) on the packaging of DeFi and personal crypto tokens, clarifying its intention to continue to tax the capital gains of Australians when packaging and unbundling tokens, Golden Finance reported. In May 2022, the ATO listed crypto capital gains as one of four key focus areas. Building on this initiative, Australian tax collectors have recently clarified a range of actions that are considered taxable in their jurisdiction. In its statement, the ATO said that the transfer of crypto assets to an address that the sender does not control or that already holds the balance will be considered a taxable capital gains tax event. The ATO adds that the capital gains from capital gains tax activities are equal to the market value of the property you received as a result of the transfer of the crypto asset. However, the triggering of a capital gains tax event depends on whether the individual has recorded a capital gain or loss. A similar approach is also being considered for taxing liquidity pool users and providers, as well as DeFi interest and rewards.
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