Crypto tax software COINLEDGER enters Canada

[Encryption tax software COINLEDGER enters Canada] Jinse Finance reported that CoinLedger, a leading tax reporting platform for DeFi users, announced today that it has officially entered Canada. Investors and cryptocurrency users in Canada can now use the platform to automate all their capital gains, losses and income tax reporting under Canadian tax laws.

By simply connecting their wallets to CoinLedger, Canadian users can now automatically import and record their historical transactions across all crypto platforms. Users can generate relevant local tax forms with the click of a button. (prnewswire)

Other news:

The Minister of Finance of South Korea reiterated that postponing the encryption tax law "damages policy consistency": According to news on November 10, in January this year, the South Korean Ministry of Planning and Finance announced an amendment to the Income Tax Law, which was quickly met with strong opposition from virtual asset investors. The revised law stipulates that the National Tax Service will levy a 20% tax if profits from cryptocurrency trading exceed 2.5 million won (about $2,120). Cryptocurrency investors have criticized many aspects of the new tax plan and timetable. The ruling Democratic Party and the conservative National Power Party have proposed a plan to postpone the cryptocurrency tax for 1 to 2 years in consideration of the national sentiment. Even Democratic presidential candidate Lee Jae-myung said he would push forward a plan to delay the virtual asset tax during the campaign.

Meanwhile, Finance Minister Hong Nam-ki told Parliament today that postponing the crypto tax law “damages policy consistency” and that it makes sense to levy taxes where profits are generated — reaffirming once again that the crypto tax law should proceed as planned. He went on to say on behalf of the government, "Even if the ruling party and the Conservative Party reach an agreement, the government is not in favor of postponing tax collection." Hong Nam-ki also said, "The government has the ability to fully construct the tax system within this year."

However, one expert said that was unlikely. "(Government) can tax virtual assets on exchanges, but we all know that's not all. If you think about it, peer-to-peer (P2P) transactions are also a big part of crypto transactions." Professor of Tax Accounting at Hanyang Women's University Oh Moon-sung said, “If P2P transactions cannot be taxed, but cryptocurrencies are taxed on the exchange, fewer people will use the exchange.” More people will seek ways to evade taxes. (Forkast) [2021/11/10 6:44:34]

Head of Sovos Solutions: The IRS Difficult to Track People Who Need to Pay Crypto Taxes: Jinse Finance reported that Wendy Walker, head of solutions at tax compliance company Sovos, said that crypto taxation is currently a vague area. The IRS is having difficulty determining who needs to pay cryptocurrency taxes. [2020/10/31 11:17:29]

Australia seeks public input on crypto tax guidelines: The Australian government wants to hear from the public on its taxation of cryptocurrencies. The Australian Taxation Office (ATO) said on Monday it had updated its March 13 guidance on cryptocurrencies following an increase in inquiries from taxpayers. As a result, officials launched a public comment process to "look at the actual issues experienced in the cryptocurrency taxation process." [2018/3/27]