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Trump’s election has fueled an increase in digital currency and digital goods transactions and Commitment to learn in three months the appropriate measures for taxation and monitoring of cryptocurrency trading income.
(Previous Summary:Taiwan’s Bitcoin Frenzy: The number of currency deposit registrations and trading activity are both at new highs, and the APP’s financial sector is in second place)
(Development background:Big changes will happen when Trump takes office! Central bank signals three major financial and economic shocks to Taiwan: Tariff barriers could spell disaster)
to standThe Finance Committee of the Court today reviewed the 2014 Central Government General Budget regarding the Ministry of Finance and Taxation Bureau, Taipei National Taxation Bureau, Kaohsiung National Taxation Bureau, Northern District Taxation Bureau and its affiliates, Central Taxation Bureau of District and its affiliates, the South District Tax Bureau and its affiliates, and Customs Affairs The Department of Finance and its affiliates, State Property Administration and the annual expenditure budget department attached and allocation of funding resources, Finance Minister Zhuang Cuiyun and leaders relevant bureaus and departments present at the meeting for consultation.
US Republican President-elect Trump, who strongly supported cryptocurrencies before the election, will return to the White House, and cryptocurrency-friendly voters will return to the US Congress in large numbers, raising expectations that cryptocurrencies thrive in a favorable regulatory environment. development, spurring Bitcoin to rise to new heights In response, Kuomintang legislator Lai Shibaoa questionAt that time, they were worried about the cryptocurrency taxes in Taiwan.
The Ministry of Finance will recommend appropriate measures for assessment of taxes
Wu Lianying, director of the Taipei National Tax Bureau, said that 26 virtual asset operators have completed declarations of compliance with anti-money laundering laws and regulations to the tax Financial Supervisory Commission.
Song Xiuling, Director of the Tax Department, pointed out that according to the current tax law, cryptocurrency is not money and is a digital asset transaction As long as income from these transactions -assets, a fee must be raised however, since it We are self-certifying, inspections must be strengthened. The Ministry of Finance will also cooperate with the Financial Audit Commission to implement specific legislation on virtual assets, and there will be new audit measures in the future.
Song Xiuling said that the National Tax Bureau currently has verification tools that can be used to investigate digital goods transactions from other data sources and check if there is any understatement of income.
Zhuang Cuiyun promised that appropriate measures for taxation and inspection of cryptocurrency trading income would be proposed within 3 months:
I think that since the former has explained that it is not a currency, but a virtual asset, an asset, its transactions should be built on the appropriate currency and would right to raise income tax. Then the next step is how we’re going to study and do the study part. Then I think we’ll do another study on this part.
What is the current cryptocurrency tax system?
ChuoshareportThe current tax law dictates that if investors in domestic profit enterprises sell or exchange purchased virtual assets, they will, in accordance with the provisions of the Income Tax Law, calculate profits and losses out after deducting relevant costs and expenses from the income collected, and calculating the income, and the tax of the enterprise making a profit in proportion to the Income Tax Act.
A comprehensive personal income tax will adopt a “territorial approach”. , should be treated as a transaction.
If there is a property trading loss, a special property trading loss deduction can be calculated and deducted from the property trading income.
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2024-11-18 08:40:00
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What recent changes have been made to cryptocurrency taxation in Taiwan, and how do they compare to regulations in other countries?
Hello, I’m the website editor for world-today-news.com. We appreciate your interest in being a guest for our upcoming interview. To ensure we cover a diverse range of topics in our discussion, please answer the following questions.
1. In light of the recent rise in popularity of digital currencies and transactions, what are your thoughts on the current cryptocurrency taxation system in Taiwan? Do you think the tax laws are sufficient to regulate the digital currency market or should there be stricter regulations?
2. With the potential for a more cryptocurrency-friendly environment under the Trump administration, many investors are turning to digital currencies for profit. How do you see this impacting Taiwan’s tax revenues? Do you anticipate an increase in revenue from cryptocurrency transactions?
3. The Ministry of Finance plans to propose appropriate measures for taxation and monitoring of cryptocurrency trading income within three months. Could you provide more information on these proposed measures and how they will affect digital currency traders in Taiwan?
4. What challenges does the government face in implementing these new measures? Are there any technical or legal hurdles that the government needs to address before enforcing these regulations?
5. How can Taiwan balance the need for regulation and oversight of cryptocurrency transactions while also promoting innovation and growth in the digital asset market?
6. As Taiwan’s financial sector navigates this new landscape, what role do you see Taiwan playing in the global adoption of cryptocurrencies? Do you anticipate any potential partnerships or collaborations with other nations in the development of cryptocurrency regulations?
7. In the context of blockchain technology, how do you see Taiwan positioning itself as a leader or a follower in terms of adopting and implementing new technologies? What initiatives is the government taking to encourage the growth of blockchain-based industries?
8. with the increase in digital goods transactions and the potential for increased activity in virtual asset operators, what steps is the National Tax Bureau taking to ensure compliance with anti-money laundering laws and regulations?
Thank you for your time and insight on these important topics. We look forward to sharing our conversation with our readers.
