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    Shadow Naruto
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    The document summarizes cryptocurrency tax policies in several countries. Switzerland taxes cryptocurrency as a wealth tax from 0.3-1%. Japan taxes it as miscellaneous income from 0-45%. The US taxes it as capital gains from 10-30% under the IRS. Singapore applies an 8% goods and services tax. The EU varies from 0-50% capital gains tax depending on the member nation. India introduced a new 30% tax on cryptocurrency profits along with a 1% TDS for transactions over 50,000 rupees. Losses cannot be offset against other income.

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    The document summarizes cryptocurrency tax policies in several countries. Switzerland taxes cryptocurrency as a wealth tax from 0.3-1%. Japan taxes it as miscellaneous income from 0-45%. The US taxes it as capital gains from 10-30% under the IRS. Singapore applies an 8% goods and services tax. The EU varies from 0-50% capital gains tax depending on the member nation. India introduced a new 30% tax on cryptocurrency profits along with a 1% TDS for transactions over 50,000 rupees. Losses cannot be offset against other income.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    5 views5 pages

    Coutnries

    Uploaded by

    Shadow Naruto
    The document summarizes cryptocurrency tax policies in several countries. Switzerland taxes cryptocurrency as a wealth tax from 0.3-1%. Japan taxes it as miscellaneous income from 0-45%. The US taxes it as capital gains from 10-30% under the IRS. Singapore applies an 8% goods and services tax. The EU varies from 0-50% capital gains tax depending on the member nation. India introduced a new 30% tax on cryptocurrency profits along with a 1% TDS for transactions over 50,000 rupees. Losses cannot be offset against other income.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    Coutnries

    COUNTRY Legal Status Type of tax Tax Rate of Tax VASP Reg
    Authority Body
    Switzerland Asset Wealth Tax SFTA 0.3 – 1% FINMA
    Japan Property Misc. Tax NTA 0 – 45% FSA
    USA Digital Asset Capital Gains IRS 10 – 30% FinCEN,
    Tax IRS, CFTC
    Singapore Goods GST IRAS 8% GST MAS
    EU Asset Capital Gains Member 0 – 50% Depends on
    Tax Bodies Member
    nations
    Finance Bill 2022
     Flat 30% tax along with applicable surcharge and 4% cess
     1% TDS above 50,000 or (10,000 in certain cases)
     Reported as (i) Business Income (ITR Form – 3) or (ii) Capital Gains (ITR Form – 2)
     Taxes generally (not crypto) are (i) Business Income are taxed a maximum of 30% only if it exceeds Rs.
    10 Lakh. The taxes on (ii) Capital Gains are taxed maximum of 20% LTCG and 15% STCG
     any losses incurred through crypto transactions cannot be offset against any income or profits gained
    cryptocurrency
    Currency Buy (in Rs.) Sell (in Rs.) Net Profit or Loss Tax Rate Tax Amount

    Bitcoin 80,000 1,00,000 20,000 30% 6,000

    Ethereum 60,000 30,000 - 30,000 30% _

    TOTAL Rs. 6,000


     For Example, Mr. X has purchased Rs. 80,000 worth of Bitcoins and later, sold it for Rs. 1,00,000. He
    also bought Ethereum worth Rs. 60,000 and sold them for Rs. 30,000. The exchange charged a trading fee
    of Rs. 2,000. The tax on both these transactions shall be computed as illustrated in the table below:

    Currency Buy (in Rs.) Sell (in Rs.) Net Profit or Loss Tax Rate Tax Amount

    Bitcoin 80,000 1,00,000 20,000 30% 6,000

    Ethereum 60,000 30,000 - 30,000 30% _

    TOTAL Rs. 6,000

     Here, Rs. 30,000 loss is not allowed to be offset against the gains of Rs. 20,000. Entire Rs 20,000 income
    is taxed at 30%. Also, the trading fee of Rs. 2,000 is not allowed as a deduction. This in reality leads to an
    accumulated loss of Rs. 18,000 in view of the whole transaction.
     10,000 + 6,000 + 2,000 = 18,000 Loss (Net Loss + Tax Amount + Trading Fee)

     With the one percent tax deductible at source rule for cryptocurrency transactions
    coming into effect from July 1, volumes in Indian Crypto exchanges have dropped
    over 70% in the last four days. In early April trading volumes on cryptocurrency
    exchanges were down 30- 70% tax on crypto profits took effect. India is also
    considering levying a 28% GST on crypto
     http://timesofindia.indiatimes.com/articleshow/92651192.cms?utm_source=contentofinterest&utm
    _medium=text&utm_campaign=cppst

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