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Bulgarian Revenue Agency Announces Inspection of Cryptocurrency-Selling Companies
The objective of the investigation is to assure compliance with tax and social security regulation, as the agency is reportedly worried about the use of crypto-assets for revenue concealment and tax evasion.
The Bulgarian RSA reportedly conducted a survey of the companies that own online platforms for the sale and purchase of cryptocurrencies — like cryptocurrency exchanges — and already assigned control actions (which presumably means checks) to nine companies.
After the completion of the checks, the tax authority will reportedly use the information obtained from the platform to determine whether the users have declared their income from the use of cryptocurrency exchanges.
In Bulgaria, the income from the sale of virtual currencies is declared in annual tax returns, treated as profit from the sale of a financial asset, and taxed at 10 percent. Companies profiting from the sale of crypto-assets are subject to taxation under the Corporate Income Tax Act.
As Cointelegraph reported today, Denmark’s Tax Authority has been authorized by the country’s Tax Council to obtain information regarding all trades of cryptocurrencies across three domestic crypto exchanges.
In July 2017, Cointelegraph reported that the United States’ tax agency had stepped back from its request toward the cryptocurrency exchange Coinbase to turn over information on every single one of its U.S. users. Instead, a November 2017 court order determined that only high-transacting users’ information was required, bringing the total number of users reported by Coinbase to around 13,000.
Author: Cointelegraph By Adrian Zmudzinski
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