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Tax

Crypto Tax Software Developers Get Serious About System Standards

A growing number of crypto tax software developers are trying to bolster their products’ technical credibility with the Certified Public Accountant's (CPA) stamp of attestation. Attestation is an independent review conducted by a CPA, whose report includes conclusions about the reliability of data, statements – or systems, in the case of software services.Lukka and Verady, two competing developers, both announced on Jan. 21 their tax software solutions have received System and Organization Control (SOC)...

South Korea Considers 20% Crypto Tax

The South Korean government is said to be considering imposing a 20 percent tax on all cryptocurrency transactions.South Korea's Yonhap News Agency reported Monday that officials from the Ministry of Economy and Finance's income tax office had been reviewing a new proposal that could see the country adopt a clearer regime for how it taxes cryptocurrencies. An anonymous official speaking to Yonhap suggested South Korea is considering re-classifying returns made on cryptocurrencies as...

How Is the Biggest CO2 Polluter Becoming Leading World Solar Panels Producer

Society is now witnessing the implementation of digital currencies, AI and blockchain technology worldwide. These new digital technologies require a high consumption of electric energy, which is currently produced with coal and fossil fuels that adversely impact the environment. A global shift toward green energy will require the removal of the technological, infrastructural, regulatory and tax policy barriers. In a series, my articles evaluate the tax, digital technology and solar policies (including...

Bithumb Exchange Fighting Back Against ‘Groundless’ $69M Tax Bill

South Korea-based exchange Bithumb is fighting a move by the country's tax authority to withhold over $69 million in tax on foreign cryptocurrency transactions.Confirmed by the company in December, National Tax Service (NTS) based its demand on the rate for miscellaneous income. The tax is calculated at an annualized rate of 22 percent, and in this case was based on the amount of foreign withdrawals from Bithumb.A withholding tax is paid by the...

Crypto-Focused Accounting Firm Lukka Releases Tax Preparation Product

Just in time for the 2019 tax season, cryptocurrency accounting firm Lukka announced a “do-it-yourself” crypto tax preparation product tailored for retail investors. Known as LukkaTax, the product evolved from LibraTax, a commercial crypto tax calculator Lukka released in 2014 when the company was first formed.While Lukka has primarily been focused on providing institutional-grade solutions to crypto funds, fund administrators and enterprises, the company is now catering to retail investors who must...
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