Israeli gov't seeks to track crypto holdings above $61K
Framed as a "war against black capital," Israel's Ministry of Finance estimates the new legislation could bring in $9.2 million in additional state revenues through tax. The Israeli government is ratcheting up its efforts to deter tax evasion and close loopholes for would-be money launderers as part of a “war against black capital.” Among the measures outlined in a new draft bill published by the Ministry of Finance this week, a new statutory requirement is being proposed to place cryptocurrency users under increased scrutiny. The proposed law would make it mandatory for cryptocurrency....
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An Israeli draft bill seeks to demand that investors report bitcoin holdings above $61,000 to tax authorities, bitcoin advocates oppose.
Israeli lawmakers have proposed in a draft new law to treat bitcoin as a currency instead of an asset for tax purposes, local media reported. According to a report from Globes, four legislators from the Yisrael Beiteinu political party presented the Income Tax Ordinance (Taxation of the Sale of Digital Currencies) bill in the Israeli parliament Knesset on September 22. The bill by the four – MK Oded Forer, Yevgeny Soba, Yulia Malinovsky, and Alex Kushnir – proposes several changes to crypto taxation, including the amendment of the existing tax law to exempt digital assets like....
Israeli business newspaper Globes is reporting that the Israeli government is mulling the possibility of imposing a tax on profits from Bitcoin. The article states that the Israel Tax Authority is considering the move based on the idea that anyone who makes profits from Bitcoin owes taxes. It was unclear how exactly a tax on Bitcoin profits would be levied, though, as Israel has yet to even recognize Bitcoin as an official currency. Israeli Bitcoin exchange Bits of Gold’s CEO, Jonathan Rouach, suggests the tax authority is not prepared for the necessary paradigm shift to even know where to....
The revenue collector, the Israel Tax Authority (ITA) has reportedly sent notifications to dozens of Israelis who own digital currencies asking them to fully disclose their assets and be taxed accordingly. In addition to sending letters to local citizens, the tax body has also sent inquiries to cryptocurrency exchanges operating in Israel and those based outside the country. Data Sharing Reports of the notifications and inquiries being sent by the revenue collector were preceded by Israeli media speculation that tax assessors across the country were exerting “pressure on the digital....
In the last part of this series, we talked about the state of Bitcoin in Israel and the efforts of Israeli Bitcoin community organizers Meni Rosenfeld and Ron Gross in running the Israeli meetup group. Here, we talk about the next stage in the Israeli Bitcoin community's growth: the effort to set up an Israeli Bitcoin Association. National Bitcoin organizations have been a popular subject lately, with the Bitcoin Alliance of Canada soon to announce its official launch and similar organizations in other countries now picking up worldwide. But what is the benefit of having a national Bitcoin....