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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“Perhaps the oil-backed cryptocurrency will be the pioneering project that will create a reliable structure for the cryptographic market as a whole," he concluded.
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“We describe an extension to Zether that can also hide the sender and receiver involved in a transaction among a group of users chosen by the sender. Though the overhead associated with anonymity scales linearly with the size of the group, no trusted set-up is needed and no changes to the underlying smart contract platform are required.”The report specifies that the Zether contract will never transfer funds without checking a transfer proof in order to prevent illegal transfers. This new design makes sure that the security of Zether depends on itself and not on third-parties or outside smart contracts. All of the privacy coins that provide users with a higher level of anonymity are still receiving mixed feelings from the community. For example, Charlie Lee declared he is focused on making Litecoin more fungible and private and to implement confidential transactions sometime in 2019.
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“We will never accept won or renminbi or francs or cryptocurrency, or any other currency. You have to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re currently accepting. This platform just allows for that exchange, basically before that debt is settled to the state of Ohio.”Sprague pointed out that the treasury is reviewing how the program can be expanded and they are looking into the potential risks that can come up by using this method of tax payments. Ohio is working hard to attract blockchain-related businesses to the state. The state has already passed a law allowing businesses to pay taxes in crypto but the State Treasurer Josh Mandel stated that the legislation ‘’pants a flag’’ in Ohio regarding cryptocurrency adoption. Two days ago, the County Auditors’ Association of Ohio announced the gathering of a group that will work to explore the benefits of blockchain in real estate and transfer of land titles.
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