https://www.coindesk.com/israel-confirms-will-tax-bitcoin-property/
Quote
Israel's government confirmed Monday that it would treat bitcoin and other cryptocurrencies as a kind of property for tax purposes.
The notice confirms past indications that the Tax Authority will regard cryptocurrencies as "a property, not a currency", making it therefore taxable as such. The Authority's position was first detailed in a draft circular issued in January of this year.
The circular explains that profits from cryptocurrencies will be subject to capital gains tax at rates between twenty percent and twenty-five percent, while individuals mining or trading cryptocurrencies in connection with businesses must pay a seventeen percent value-added tax (VAT) in addition to capital gains tax.
The notice confirms past indications that the Tax Authority will regard cryptocurrencies as "a property, not a currency", making it therefore taxable as such. The Authority's position was first detailed in a draft circular issued in January of this year.
The circular explains that profits from cryptocurrencies will be subject to capital gains tax at rates between twenty percent and twenty-five percent, while individuals mining or trading cryptocurrencies in connection with businesses must pay a seventeen percent value-added tax (VAT) in addition to capital gains tax.
Slowly but surely countries are moving in to legalizing cryptos and taxing it. It's an welcoming move for sure. 2018 is showing us a lot of hope and light is becoming brighter day by day.
20 to 25% tax is not a very huge tax implication, at least far better than Japan where people are asked to pay 15-55% tax on their Cryptocurrency income. I am sure we will see a lot more countries this year who will take the same path as Israel.
Damn 15% to 55% tax on japan?
That 55% of your crypto currency income is more than half and its pretty huge, I think they should lower it and it's kinda frustrating to pay 55% of your hard earned crypto currency income. For example if you profit 1 bitcoin you should pay 0.55 bitcoin to japan government if your on 55% tax list? lmao that tax will surely hurt and be a pain in the butt.I thought japan was a crypto currency friendly country but it looks like they're milking out people based from what you just have said.
