Tax authorities in Brazil have been more active in regulating the crypto market resulting in what one observer has called a cooling of the market for smaller exchanges.
Following new application of new tax norms in August 2019, Brazil has recently seen some of the results of those actions. Cointelegraph Brasil reported that two major cryptocurrency exchanges based in the South American nation have been shut down following threats of heavy fines and the immediate effects of the regulations.
Other things to check out:
List of bills pared down in Salem | Mail Tribune
2 Brazilian Crypto Exchanges Shut Down Citing Strict New Tax Laws | Finance Magnates
Lawmakers in Brazil have garnered support to create and enforce tax regulations for the cryptocurrency industry following reports of rampant fraud in the sector last year. Now, the effects of those regulations are being felt: according to Bitcoin.com, two of the country's cryptocurrency exchanges–Acesso and Latoex–have made the decision to shut down in the face of hefty fines, stricter rules, and dwindling trading volumes.
Acesso Bitcoin, one of the crypto exchanges that will shut down, points to the current situation created by the new regulations as the main reason for its shutdown.
GOP senators offering bill to cement business provision in Trump tax law | TheHill
The bill would permanently extend a portion of the tax law that allows businesses to immediately write off the full costs of certain investments, which is commonly referred to as "full expensing." This provision is currently slated to start to phase out after 2022.
"My bill to make full expensing permanent would give manufacturers and businesses of all sizes certainty around investment planning and it would keep our economy humming," Toomey said in a statement.
Check out this next:
Treasury And IRS Issue Final Opportunity Zone Tax Regulations | Akerman LLP - JDSupra
On December 19, 2019, the Treasury and the IRS fulfilled their promise to issue final regulations by year-end that provide guidance on Qualified Opportunity Zone (QOZ) investments.
As noted in the prior two Akerman Practice Updates that analyzed the Proposed Regulations shortly after the respective issuance of each, 4 Code Sec. 1400Z-2, which was enacted with the Tax Cuts and Jobs Act, P.L.
The second benefit is that such taxpayer may potentially exclude 10 percent of such deferred gain from gross income if the eligible taxpayer holds the qualifying investment in the QOF for at least 5 years. 6 An additional 5 percent of such gain may also be excluded from gross income if the taxpayer holds that qualifying investment for at least 7 years and had made the qualifying investment no later than December 31, 2019. 7 However, Code Sec.
Final Tax Regulations Offer More Certainty to Opportunity Zone Fund Managers and Investors |
Opportunity Zone (or “OZ”) investment was hailed in 2018 and 2019 as the hottest and most innovative way of attracting significant private capital to distressed communities in the United States and its territories by offering significant tax deferrals, reductions and exclusions to investors with capital gains willing to make these investments.
Orrick’s November 2018 client alert on Opportunity Zones and Qualified Opportunity Funds” Accelerating U.S. Community Impact Financing sets forth the key elements of the tax benefits provided by investment in Opportunity Zones. In large part, these key elements remain unchanged:
Now is the Time for Tax Automation - CFO
While larger organizations have been leveraging automation for quite some time, some mid-market organizations are still using cumbersome manual methods for researching and updating sales and use tax rates that are slow, prone to error, and a drain on valuable resources.
Any business that has to collect and remit sales tax can reduce manual processes and improve accuracy with a tax automation solution. While implementing new systems and processes can feel daunting, the results of the transformation can free up time and resources to focus on expanding the business rather than keeping track of new tax rates and regulations.
Shifting sales-tax laws confuse many retailers - HFA
Happening on Twitter
A Brazilian team will play in the Grand Finals of a Rainbow 6 Major for the first time ever. Ninjas in Pyjamas vs… https://t.co/WTKcGLEUwu INTERRO (from Canada) Sun Feb 16 18:51:50 +0000 2020
To all my Brazilian fans. I am not performing at this festival and was never confirmed to play it. The promoter is… https://t.co/KUWlWBLaGA steveaoki (from ÜT: 34.075736,-118.301746) Mon Feb 17 19:34:25 +0000 2020
I interviewed football legend, world cup winner (2) and the most capped Brazilian player ever, @officialcafu last n… https://t.co/Xt7UvXdoC5 omaakatugba (from Germany 🇩🇪) Mon Feb 17 08:26:33 +0000 2020
Trent for #BallonDor? Cafu certainly thinks so! 🙌 The Reds' right-back on the Brazilian legends kind words... https://t.co/UWdH6xsRr0 btsportfootball (from Pitchside, no filter) Mon Feb 17 21:07:47 +0000 2020
And by utilizing the peer-to-peer methodology of the blockchain expertise, transactions, and cross-border transactions will be carried out with none issues. If you want to learn more about this topic please visit Quickex.io
ReplyDelete