Webber Wentzel’s Post

🚨 Tax + crypto = 💥 Israeli law considers virtual currencies property, and directive 5.18 means that you pay capital gains tax even if your assets were seized and sold by the authorities during an investigation! 😬 Add volatile prices and you got a legal roller coaster 🎢. Is it fair to tax suspects before a guilty verdict? ⚖️ The Sitbon ruling sheds some light, but there is much more to explore... 💬 Curious? Dive deeper in my latest article and let's discuss! https://lnkd.in/dCXcHYQx what do you think 😎 Thanks for O2K.tech, Antonia Eilander MA LLM & Dorcas Wokocha for the platformץ

Nigerian SEC to Introduce Crypto Licensing and Taxation Legislation Nigeria’s #SEC to #licensecrypto issuers and introduce a #tax bill that aligns with global regulatory trends for #digitalcurrencies. https://lnkd.in/gm8KP546

Quick Q&A session with my colleague Selwyn Figueras following Nigel Feetham KC MP’s announcement last week on Gibraltar’s Income Tax Act. Here we discuss the impact it may have on Gibraltar DLT Providers and how it aligns with Gibraltar’s overall regulatory approach towards crypto assets and FinTech more broadly. Hassans Gibraltar Finance Gibraltar Financial Services Commission #crypto #cryptoassets #cryptoregulation

🚨 The French 2025 Finance Bill, currently under discussion in Parliament, introduces 𝐧𝐞𝐰 𝐨𝐛𝐥𝐢𝐠𝐚𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐜𝐫𝐲𝐩𝐭𝐨-𝐚𝐬𝐬𝐞𝐭 𝐬𝐞𝐫𝐯𝐢𝐜𝐞 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐫𝐬 (𝐂𝐀𝐒𝐏𝐬) 🚨 🔍 These reporting obligations to the French tax authorities 🇫🇷 apply to both French AND 𝐟𝐨𝐫𝐞𝐢𝐠𝐧 𝐂𝐀𝐒𝐏𝐬! 💡 𝐒𝐭𝐚𝐫𝐭𝐢𝐧𝐠 𝐰𝐡𝐞𝐧? January 1, 2026 💡 𝐖𝐡𝐨 𝐢𝐬 𝐜𝐨𝐧𝐜𝐞𝐫𝐧𝐞𝐝? Service providers offering crypto-asset-related services, such as: - Custody and administration of crypto-assets on behalf of clients - Operation of a crypto-asset trading platform - Exchange of crypto-assets for funds or other crypto-assets - Placement of crypto-assets - Crypto-asset advisory services, etc. 💡 𝐖𝐡𝐢𝐜𝐡 𝐮𝐬𝐞𝐫𝐬 𝐚𝐫𝐞 𝐚𝐟𝐟𝐞𝐜𝐭𝐞𝐝? - Users who are residents of France or a partner state/territory - If the user is a passive non-financial entity, in cases where at least one controlling person is a resident of France - Users who have made at least one reportable transaction 💡 𝐖𝐡𝐚𝐭 𝐦𝐮𝐬𝐭 𝐛𝐞 𝐝𝐞𝐜𝐥𝐚𝐫𝐞𝐝? - Transactions involving digital assets - Accounts used to hold these assets - The identity of the account holders. 💡 𝐖𝐡𝐲 𝐭𝐡𝐞𝐬𝐞 𝐧𝐞𝐰 𝐨𝐛𝐥𝐢𝐠𝐚𝐭𝐢𝐨𝐧𝐬? To comply with European Directive 2023/2226 (DAC 8), which mandates the automatic exchange of tax information related to digital assets. 💡 𝐖𝐡𝐚𝐭 𝐚𝐫𝐞 𝐭𝐡𝐞 𝐩𝐞𝐧𝐚𝐥𝐭𝐢𝐞𝐬 𝐟𝐨𝐫 𝐧𝐨𝐧-𝐜𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞? Fines of up to €2,000,000! 💡 𝐖𝐡𝐚𝐭 𝐚𝐛𝐨𝐮𝐭 𝐝𝐚𝐭𝐚 𝐩𝐫𝐨𝐭𝐞𝐜𝐭𝐢𝐨𝐧? Service providers will be required to inform users that their data will be transmitted to the French tax authorities and potentially shared with other EU member states. 📌 Note: 𝐄𝐱𝐞𝐦𝐩𝐭𝐢𝐨𝐧𝐬 are possible under certain conditions and will need to be assessed on a case-by-case basis. #CASPs #Compliance #Crypto #Tax #France

As alluded to recently the IRD are firing a shot across the bow to New Zealand crypto-asset investors. Agreeing with Campbell Pentney on his thoughts and to add to this: - There is no reporting on crypto transactions in individual or corporate tax returns so little data for the tax department to focus on. - The great area of "capital / revenue" issue with staked tokens or tokens with a yield prevails. - There are some accounting platforms coming out which assist the calculation of tax liability on a trade by trade basis but it remains complex. These platforms do drive down compliance costs so it’s great to see these coming into the picture. - The tax department reviews will likely unfortunately fall on the investors who have voluntarily disclosured historial tax liabilities. - 2024 Provisional tax will see crypto values reaching new highs so tax liabilities for traders will be up. An important point here is we need more interpretation statements to help taxpayers deal with the difficult tax issues. If you have any questions in this area please reach out to the tax team at The Advisory Group. Meg Murthi Varun Keshav Catherine Wang, CA #cryptotax #taxplanning #taxstrategy

ICYMI with LinkedIn being down for some of yesterday, as part of the measures tabled for the 2024 budget in the UK was a consultation of CRS effectively being extended to cover cryptoassets. This is a big deal - firms will remember the challenges when CRS came in for TradFi firms and when the travel rule for Crypto firms. Look out for a webinar shortly where we will be discussing this further. #cryptoassets #digitalassets #tax https://lnkd.in/et8CPi83

#Australia's tax office (ATO) ramps up efforts to combat #crypto tax evasion, requesting data from 1.2 million accounts on various exchanges. The move aims to identify traders who have failed to report transactions, citing complexities in tax rules and concerns over anonymity fostering tax evasion. Read full story: https://lnkd.in/gGM99yx4

Early this morning, I had the opportunity to open a discussion on Nigeria's latest activities on Binance with PwC's tax team in Nigeria. We shared the story from; - the ban on Binance services in Nigeria, - detainment of its executives, - FIRS' (Nigeria's tax authority) lawsuit against Binance for tax evasion All exacerbated by the escape of one of the detained executives. Nigeria's crypto space is volatile in this current wave of events. Amidst our current FX challenges, Nigeria’s policies around Crypto-based businesses are under trial and the metrics reflect as much already, especially about Foreign Direct Investments. As an important measure, businesses now tread with caution while the government must seek to enact good policies and an improved approach to tackling tax (or policy) infractions. - All thoughts are mine. See news: https://lnkd.in/dhnaGe-6 #businessanalytics #thoughtleadership

On the 17th October 2023, the latest amendments to Directive 2011/16/EU on administrative cooperation in the field of taxation were unanimously agreed upon by the EU Council to cover the automatic exchange of information on crypto assets. Read more in our latest article below: https://lnkd.in/eu-vUHPi

South African Revenue Service (SARS) is finally making its long overdue move on the crypto-asset market. SARS, along with nearly 50 other jurisdictions worldwide have committed to implementing the OECD's Crypto-Asset Reporting Framework (CARF) into law. This move is to strengthen tax transparency, combat evasion, and bolster public revenues. As a hub for crypto trading, SARS aims to finalize CARF adoption by 2027, facilitating exchanges subject to legislative procedures. Crypto assets present new challenges for tax authorities due to their decentralization. CARF establishes a global tax transparency framework, enabling the automatic exchange of crypto tax information among jurisdictions. It includes rules covering asset scope, entities subject to reporting, transaction details, and due diligence procedures. SARS's commitment to CARF signifies increased oversight in the crypto market, ensuring fair tax collection. The era of crypto taxation is here, and compliance is going to be a major requirement. #Crypto #Taxation #SARS #OECD #CARF