The Australian Tax Office(ATO) has launched a data matching program where they use third-party data related to cryptocurrency to improve the integrity of the tax system. According to Australian Financial Review, ATO’s new program will assist them to catch crypto investors who have failed to pay taxes. Currently,...
Ernst & Young (EY) one of the “Big Four” accounting firms in the world has launched a tool for accounting and reporting cryptocurrency assets. According to AccountingToday, Ernst & Young has launched a tool called EY Crypto-Asset Accounting and Tax (CAAT) for tax calculations for the cryptocurrency transactions. This tool is made...
It’s true that most government authorities around the world are beginning to show interest in profits earned through Bitcoin or any cryptocurrency. As reported by a Finnish-English news outlet, the tax authorities of Finland have been tracking the bank records of its citizens to figure out if any undeclared...
Taxes in the modern economy can be high and in some regions, high taxes can make a company’s business model almost completely useless. In countries with high taxes, even individuals feel the strain of paying more to the government than they actually get to keep. In Canada, for example,...
