Search results for CARF
Crypto
Cautious on financial investment income tax, presses ahead with digital asset tax as equity dispute lingers
The government is holding to its plan to impose tax on digital asset income from 2027 while taking a cautious stance on introducing the financial investment income tax, keeping alive an equity dispute with listed stocks. The industry says preparation is lacking, including verification of acquisition costs and tax standards by transaction type, and calls for a review of the timeline. Analysts and industry groups also raise issues such as loss carryforwards, data links and overseas trading information.
Crypto
Some countries tax bitcoin unrealised gains when taxpayers lose residency status
Some countries including Canada and Australia can levy tax on unrealised bitcoin gains when a taxpayer loses tax residency, prompting some high-value holders to consider emigration timing ahead of selling, CryptoSlate reported. Automatic exchange of crypto transaction and tax residency data under CRS and CARF is reinforcing the focus on tax residency. The OECD says 76 jurisdictions plan to join CARF, with cross-border exchanges starting in 2027. Rules vary across the UK, Spain, the United States and Puerto Rico.
Crypto
People Power Party pushes to abolish digital asset income tax after scrapping financial investment tax
South Korea\'s People Power Party has formalised as party policy a push to abolish an income tax on digital asset investment gains and is moving to pursue related legislation. At a meeting in Seoul, lawmakers and representatives of major exchanges discussed scrapping the planned taxation from Jan. 1, 2027. Lawmakers cited double taxation concerns, unequal treatment versus stocks and limits in the National Tax Service’s capacity and information systems.
