The Israeli tax-collection agency makes headlines in the latest crypto news today for targeting all of the cryptocurrency investors and traders in the country in their pursuit aimed to stop tax evasion.
According to the daily news info media Calcalist, the Israel Tax Authority has implemented some strict measures meant to successfully find the people who are suspects of not reporting gains that they gained via crypto investments and trading.
Some of the measures include sending notice letters to those who are suspected of not reporting their extra earnings from trading with cryptocurrencies. Some of the signs that help the agency to look after those individuals are frequent traveling outside of the country without evidence of the trip’s expenses and also people who have more than one real estate are targeted as well.
Another measure that the Tax Authority has taken is the process of opening tax accounts for those who have been suspicious and those who didn’t report gains made from crypto trading and the agency promises that the pursuit against tax evaders is just starting.
This decision comes only two years since the Tax Authority classified bitcoin as assets and noted that all other cryptocurrencies including bitcoin must be taxed as such.
The ITA noted last year:
‘’Bitcoin will be considered in accordance with the Income Tax Ordinance as asset and its sale will be taxed as a sale of property. Income from selling bitcoin will be classified as capital income and capital gains will be taxed according to fixed tax rates’’.
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