Israeli tax authority Set to collect taxes from cryptocurrency holders
The Israel Tax Authority have send notice to digital asset owners to reveal the details of their assets so that they can be taxed. The Israel Tax Authority has also consulted cryptocurrency exchanges in Israel and around the world for the detailed report of Israelis who trade these currencies. It has also be gathered that tax advisers across the country have sent letters to digital wallet holders asking them to report their assets and income. The authorities have applied the regulations of the EU Common Reporting Standards (CRS) for the automatic exchange of financial account information. They have receive data on European-based funds and accounts maintained by Israelis. More information about Israelis who have accounts in the US will be obtained through the FATCA agreement, which transmits data from the US Internal Revenue Service (IRS) to Israel.
Tax regulation applied in 2018, establishes that investors in digital currencies are subject to a capital gains tax of 25% as long as their activity does not become a commercial company. If it becomes a company, they will be charged "a two-stage corporate tax or a marginal tax depending on the individual tax brackets." According to experts.
The recent increased in Bitcoin prices has increased the authorities' interest in the cryptocurrency sector.
Leor Nouman, president of one of the largest law firms in Israel, S. Horowitz & Co commented : “The Tax Authority recently renewed its interest in this area as a result of two factors: the lack of money and the desire to fill the public coffers where this resource could help. The second main consideration is that Bitcoin has rebounded. The Tax Authority's working assumption is that since Bitcoin has hit $ 20,000, quite a few merchants must have cashed in and the Authority assumes it can get its hands on quite a bit of money.
The death of Bitcoin have been announced over 350 times
Since its inception, it has been common place among crypto skeptics to announce the end of Bitcoin. A trend that has also been driven by volatility in the price of the cryptocurrency.However, after eleven years of existence, it seems that Bitcoin has finally succeeded. Attracting large institutional investors from around the world to its market, who already accept cryptocurrency as a financial product in which to invest in the long term. Thus moving away the ideas of an early death of Bitcoin.
The end of bitcoin is uncertain as the success of cryptocurrency has never been assured. The very operation of BTC, based on a decentralized scheme which is totally different from the traditional fiat money has been dominant for more than a century. The death predictions decreases as years pass.
Do you think bitcoin will survive till 2050 ?