tax

#Japan is really bad when it comes to the crypto market. I think we are the only country that needs to pay crazy capital gains taxes on crypto (with rates maxing out at 55%) - can you imagine you make 1Mil but then government will take more than half of your money. When you lose government won't support anything. can't write off... i
The government really needs to change...
#Japan #仮想通貨 #tax

Cryptocurrency transactions, including trading, staking, and earning rewards, are taxable events in most countries. As tax season approaches, properly reporting your crypto activity is crucial to avoid penalties. Fortunately, exchanges like Binance provide tools to simplify the process.

Why Crypto Taxes Matter?

Every time you trade one crypto for another, sell crypto for fiat (like USD), or earn interest, you likely create a tax liability. Authorities are increasingly tracking crypto activity, making accurate reporting essential.

Using Binance’s Tax Reporting Tool

Binance offers a built-in Tax Reporting Tool to help users generate transaction summaries. Here’s how to use it:

Step 1: Access the Tool

Log into your Binance account. On the desktop site, click "Wallet" in the top menu, then select "Tax" from the dropdown.

Step 2: Generate Your Report

The tool dashboard will show an overview. Click "Generate Report." You can select the fiscal year (e.g., 2023) and your reporting country to apply relevant tax rules.

Step 3: Review & Download

Binance will compile your taxable transactions: trades, earnings, payments, and more. Once ready, you can download the report as a CSV or PDF file. This document summarizes your gains, losses, and income.

Important Tips for Crypto Tax Management

1. Keep Records: Use the Binance tool, but also maintain your own records of deposits, withdrawals, and external wallet transactions.
2. Understand Your Country’s Rules: Tax laws vary. Some countries have capital gains taxes, others have income-based taxes. Consult a tax professional if unsure.
3. Report All Income: Don’t forget non-trading activities like staking rewards, Binance Earn interest, or NFT purchases—these are often taxable.
4. Start Early: Don’t wait until the deadline. Gathering data takes time, especially if you use multiple wallets or exchanges.

Beyond Binance’s Tool

For complex portfolios across multiple platforms, consider dedicated crypto tax software (like Koinly, CoinTracker) that can integrate your Binance report with data from other sources.

Final Thought

While Binance’s tool provides a strong foundation, crypto taxation can be intricate. Use the generated report as a starting point, and seek expert advice to ensure full compliance. Staying organized and proactive is the key to a stress-free tax season.

Disclaimer: This article is for informational purposes only and does not constitute tax advice. Please consult a qualified tax professional for guidance specific to your situation.
#tax #BinanceSquareFamily

People buying cryptocurrency in the UK now need to share their account details or face penalties, in changes that came into effect on 1 January.
The move by the UK's tax body is designed to ensure they pay all relevant tax on buying and selling crypto, including capital gains tax.
HMRC will begin automatically collecting information on all users of cryptocurrency exchanges - which are effectively the industry's banks - in a bid to start collecting tens of millions in unpaid tax.
The change comes as the financial watchdog continues its consultation on tougher regulation for the industry, including measures to stop insider trading.
The value of Bitcoin, which is often seen as a barometer of the entire industry, surged from about $93,500 (£69,500) a coin at the start of 2025 to a high of nearly $124,500 before falling below $90,000 by the end of the year.
Investors who bought when the value was lower and sold when it was higher are in line to pay taxes, but authorities have historically struggled to collect it, says Dawn Register, a tax dispute resolution partner at accountancy firm BDO.
"HMRC has been concerned for some time about high levels of non-compliance among crypto investors," she says.
The new rules coming in will make it much harder for the crypto rich to hide any untaxed gains, giving the tax authorities much more information about crypto users and their transactions.
Cryptocurrency exchanges, which act like banks for the industry allowing people to exchange standard currency for virtual coins, must now ensure they automatically share up to date and accurate accounts of all their users' earnings.
If not, fines may be imposed.
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These Cryptoasset Reporting Framework (CARF) regulations are being implemented in dozens of other countries which will make international cooperation easier for tax authorities to share information.
HMRC estimates there could be many thousands of crypto owners in the UK with unpaid tax bills and hope the new rules will bring in at least £300m in the next five years.
Ms Register warns that anyone who made crypto gains in the 2024-25 financial year may have to file a tax return before 31 January, through a new dedicated section in the self-assessment form.
"HMRC is also looking to encourage voluntary disclosure where people have unpaid tax in earlier years and want to correct their affairs," she says.
"HMRC is running a disclosure facility where taxpayers can come clean on undeclared gains and unpaid tax prior to April 2024."
Meanwhile, the Financial Conduct Authority is running public consultation until 12 February on other proposed crypto rules, which include standards for crypto exchanges, new requirements to ensure brokers act responsibly, and rules around crypto lending and borrowing.
Commenting on the consultation last month, the authority's executive director for payments and digital finance David Geale said regulation was coming.
"Our goal is to have a regime that protects consumers, supports innovation and promotes trust. We welcome feedback to help us finalise these rules," he said.
With additional reporting from Joe Tidy
#Tax #USDT #Crypto #CryptoCurrency

Republicans in the U.S. Congress are pushing a new tax package that has sparked concerns among companies and investors alike. At the heart of the debate is Section 899, a provision that could significantly increase taxes for foreign corporations operating in the U.S. — up to 20%. And that’s exactly why both Main Street and Wall Street are pushing back.
🔹 Who’s affected? Almost everyone — from European corporations to investment funds from Canada, Australia, and Japan. And the worries are real: the new tax could apply to profits from rents, real estate sales, and securities investments.
🔹 Why the increase? The U.S. is responding to foreign digital taxes it sees as unfair. But the side effects might be broader than anticipated.

💼 Nearly 200 Companies at Risk
Representatives from companies like Shell, Toyota, SAP, and LVMH are already sounding the alarm — some of them are scheduled to meet with members of Congress this week to challenge Section 899. They warn that up to 8.4 million U.S. jobs could be at risk.
David McCarthy from the CRE Finance Council warns the new tax framework could decrease the value of commercial real estate, as funding for purchases could dry up.
Beth Zorc, CEO of the Institute of International Bankers, cautions: “Section 899 could suppress direct foreign investment, destabilize the financial market, and jeopardize jobs across the U.S.”

📉 Investments on Hold, Wall Street Shaken
The proposal could affect nearly $40 trillion in U.S. assets held by foreign investors, including treasuries, corporate loans, and deposits. Dividends and interest could be newly taxed at 5% annually over four years.
Some legal experts say investors are already pausing planned U.S. investments until more clarity emerges. Even sovereign wealth funds, which were previously exempt, could be affected.

📊 Billions in New Revenue, Trillions in Debt
Section 899 could generate $116 billion in tax revenue over the next decade. But according to the Congressional Budget Office, the entire budget proposal would increase the U.S. deficit by $2.4 trillion by 2034.
While Republicans see the law as a way to punish unfair foreign tax policies, business leaders warn the consequences for the U.S. economy could be severe and long-lasting.

#WallStreet , #GlobalMarkets , #TaxPolicy , #USPolitics , #tax

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