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.

Related posts
cryptocurrencyDOGEdogecoinDOGEUSDElon MuskNewstesla

Dogecoin Blows Hot As ‘Dogefather’ Elon Musk Considers Making DOGE A Payment Option At Tesla

Dogecoin was expected to race to the moon after Elon Musk’s SNL performance, but the asset took the bearish route and dipped until nearly 40% of its value was lost. The crypto went from a high of $0.73 to a…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTMarketsNewsxbtusd

The Bitcoin Bull Run Is Far From Over – Here’s What’s Following

Bitcoin entered the month of May above $50,000 but has been range-bound below the $60,000 price mark since the 18th of April. Bitcoin hit a daily high of $59,464 on Sunday, this is the highest price the leading cryptocurrency has…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTETFNewsxbtusd

Bitcoin May Never Go Below $50k Once An ETF Is Approved, Declares On-Chain Analyst

Bitcoin may never drop below $50k asserts on-chain analyst Ki-Young Ju. But as usual, there are conditions that follow this possibility. In a tweet, Ju analyzed that Bitcoin could follow the same path that gold took in 2004 when the first…