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Israel Categorizes Bitcoin As Asset To Be Taxed

With investors subject to capital tax gain, Israel’s official tax authority has established that cryptocurrencies like Bitcoin will be taxed as an asset.
On an update released on Monday, the Israel Tax Authority reiterated from its previous stand on considering cryptocurrencies as ‘assets’ rather than being currencies. In response to insistent requests from the masses to clarify the government’s stance on the issue, the authority first issued an early draft which clarified tax guidelines for cryptocurrency users and adopters last January 2017.
With the said draft being updated, the final circular is released. The authority had set guidelines of taxation for assets; wherein individual investors will be subject to the 25% capital gains tax for profits from their cryptocurrency holdings. In addition to this, businesses, individuals involved in mining and trading cryptocurrencies, and exchanges trading cryptocurrencies will have to pay 17% value-added tax (VAT). Although, individual investors will be exempted from paying VAT, since cryptocurrencies used for investment purposes are marked as intangible assets.
The Authority’s stance on cryptocurrency also has a certain resemblance with the approach of the country’s central bank publicized on January.

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