Copy link
Increase text size
Decrease text size
Link copied

Israeli crypto owners told to disclose their holdings

The Israel Tax Authority plans to boost tax collection by targeting crypto trading income.

Jerusalem, Israel / Image by Walkerssk from Pixabay

Sat, 26 Dec 2020, 13:39 pm UTC

Profits from crypto transactions are now being targeted by the Israel Tax Authority (ITA) in its efforts to boost revenue collection. The agency recently sent notices to dozens of cryptocurrency owners instructing them to disclose their digital assets so they can be taxed properly.

Dozens of cryptocurrency-owning Israelis received notifications from the ITA asking them to fully disclose their digital assets for taxation purposes, Bitcoin.com report. This development came after previous speculations by the Israeli media said that tax assessors were exerting “pressure on the digital currency market.”

The letters sent by the tax agency requested crypto holders to “report all assets and income, although many have no other assets aside from their digital wallet,” according to Globes. ITA also sent inquiries to Israel-based crypto exchanges, as well as exchanges abroad, for information on Israel nationals who are trading in digital currencies on their platforms.

The Tax Authority “receives data from Europe-based funds and accounts held by Israelis” via the EU Common Reports Standards regulations for the automatic exchange of financial information, Globes added. Similarly, the ITA also receives data from the US Internal Revenue Service through the FATCA agreement.

ITA stated in 2018 that cryptocurrency investors are subject to a 25 percent capital gains tax if their trading activity is not a commercial enterprise. Should their activity become a business, they will be subject to a two-stage corporate tax, or a marginal tax depending on their tax bracket.

The report added that the tax agency is now becoming more interested in the crypto market with Bitcoin’s recent rally. The world’s largest cryptocurrency by market cap soared past its previous December 2017 all-time high and recently established a new record above $25,000, according to Coindesk. The token’s price slid back after briefly trading above $25K and is now trading slightly above $24,800.

“The Tax Authority renewed its interest in this area recently as a result of two factors: lack of money and a desire to fill the public coffers, where this resource could help,” Adv. Leor Nouman, chairman of the tax practice group at the law firm S. Horowitz & Co, said. “The second main consideration is that Bitcoin has rallied. The Tax Authority's working assumption is that, as Bitcoin has hit $20,000, quite a few traders must have cashed out, and the Authority assumes it can lay its hands on quite a bit of money.”

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Moses
  • 2021.01.02 20:26:15
I am a crypto currency trader and i make over 200% daily trading all day and night and also by passing even when market is down and others are resting , If you are interested, I can teach you how to trade and also help you achieve your goal in life with crypto i can turn 4 btc into $340,000.00 in less than four weeks, now that bitcoin has high prices...please note that crypto currency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins , bitcoin can also be traded for Ethereum, Litecoin, United States Dollar, Ripple, Euro, IOTA, and other stocks you need to put to trading on a daily basis with a very correct strategy and a target of profit as you get into the trading market with your capital. Also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door ???? inbox me for more info....contact me on WhatsApp +1(206)-742-5358
  • 0
  • ·
  • 0
More
  • Bitcoin (btc) $45,328.00 (-2.69%)
  • Ethereum (eth) $1,375.79 (-6.36%)
  • Cardano (ada) $1.31 (-11.48%)
  • Tether (usdt) $1.01 (+0.14%)
  • Binance Coin (bnb) $214.91 (-4.60%)
  • Bitcoin (btc) $45,328.00 (-2.69%)
Feb 28, 2021 (Sunday)
09:03
BTC Surges by 1.03% Within 5 Mins, Marking 45,152.1 USDT
07:49
BTC Surges by 1.05% Within 5 Mins, Marking 44,724.7 USDT
06:03
BTC Drops by 1.3% Within 5 Mins, Marking 44,221.2 USDT
05:17
BTC Surges by 1.38% Within 5 Mins, Marking 45,442.07 USDT
05:06
BTC Surges by 1.55% Within 5 Mins, Marking 44,851.9 USDT
04:59
BTC Drops by 1.1% Within 5 Mins, Marking 44,313.1 USDT
03:40
BTC Drops by 1.21% Within 5 Mins, Marking 44,801.4 USDT
Feb 27, 2021 (Saturday)
23:51
BTC Surges by 1.43% Within 5 Mins, Marking 46,427.1 USDT
22:58
BTC Drops by 1.04% Within 5 Mins, Marking 46,020.14 USDT
16:04
BTC Surges by 1.04% Within 5 Mins, Marking 46,758.04 USDT
15:30
BTC Drops by 1.07% Within 5 Mins, Marking 46,792.2 USDT
13:30
BTC Surges by 1.18% Within 5 Mins, Marking 47,616.2 USDT
13:25
BTC Drops by 1.0% Within 5 Mins, Marking 47,121.63 USDT
12:34
BTC Surges by 1.52% Within 5 Mins, Marking 47,566.5 USDT
12:21
BTC Drops by 1.05% Within 5 Mins, Marking 46,957.1 USDT
08:22
BTC Drops by 1.08% Within 5 Mins, Marking 46,713.61 USDT
07:01
BTC Drops by 1.35% Within 5 Mins, Marking 47,404.39 USDT
06:42
BTC Surges by 1.03% Within 5 Mins, Marking 48,244.9 USDT
03:17
BTC Surges by 1.02% Within 5 Mins, Marking 47,875 USDT
01:38
BTC Surges by 1.03% Within 5 Mins, Marking 47,916.05 USDT
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft