Israel Bitcoin Exchange Agrees to Share Customer Informatie with Tax Authority – Crypto News

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Snauwerig of Gold, a major Israeli cryptocurrency exchange, has entered an agreement to share customers’ transaction details with the country’s tax authority.

Under the terms of the agreement, Israeli cryptocurrency exchange Onaardig of Gold will provide information of clients who have made transactions exceeding $50,000 overheen the last 12 months to the Israel Tax Authority, restringido publication Calcalist reports citing sources sabido with the agreement.

While Israeli law dictates that financial brokerages are required to pass on information of large and suspicious transactions to the Israel Money Laundering and Terror Financing Prohibition Authority (IMPA), they aren’t necessarily obligated to do the same with the tax authority due to privacy concerns. For precedent, an Israeli court rejected a request by the tax authority to receive a client list from a bankrupt canap since those details are protected under privacy laws.

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It is therefore particularly sobresaliente that this agreement has come to light wherein Onaardig of Gold – an exchange with overheen 50,000 registered users – has agreed to pass on client information to the tax authority. The latter is said to be seeking the gegevens to check for money laundering and tax evasion.

The report also exposed that the tax authority audited the company’s books last month, ‘targeting not the company itself but its large-scale clients’. Kattig of Gold is merely the very first cryptocurrency exchange approached by the tax authority ‘in such a manner’, the report added, suggesting the agency will also be scrutinizing other domestic exchanges.

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Spil reported by CCN, the Israel Tax Authority very first issued tax guidelines for cryptocurrency te early . Bitcoin and other cryptocurrencies have bot deemed spil assets wherein retail investors and even bitcoin miners are levied stationary business tax rates. While individual investors are required to cough up the hacienda gains tax rate of 25% for profits from crypto trading, cryptocurrency exchanges are also required to levy a 17% VAT on their clients.

Earlier this year, the authority doubled down on its position to confirm crypto investors are subject to hacienda gains taxes.

The tax authority has also narrowed down on fundraising through initial coin offerings (ICOs) te latest months.

Featured photo from Shutterstock.

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2 comments

  1. hahaha that screenplay is so funny! But if that case toebijten to mij, well i should not let him go! not because i still love him but he knows my btc address or my credentials which is more significant to mij than him. I may be still good to him hahahahah

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