January 30, 2018
On December 1, 2017 the National Tax Agency released a statement relating to regulation of blockchain titled “Tax Calculations on Cryptocurrency Investments.”
Tax is charged if:
Under current tax laws, tax is not charged for holding cryptocurrencies. If sold or exchanged, however, up to 55% tax may be charged, calculated proportionately to value. Furthermore, future legislations may see “20% tax on assets considered shares.”
Below, quoted from the National Tax Agency HP regarding the regulation of blockchain:
In principle, profits arising from selling or using virtual currency such as Bitcoin are classified as miscellaneous income unless taxed as business income (requires income tax filing).
Losses arising from the calculation of the amount of miscellaneous income can not be totalized with other income.
Cryptocurrency acquired via mining is subject to business income or miscellaneous income taxation. The calculation of profit is as follows: profit – necessary expenses = taxable income
A version of this article originally appeared in Token News, a trusted news source of Infinity Blockchain Labs (IBL).
Infinity Blockchain Labs is a visionary blockchain development company engaged in intermediary and regulation of blockchain services employing blockchain compliance technology. We focus on forming alliances with established businesses and regulatory institutions across various industries, as well as providing collaborative incubation for early stage blockchain projects. We aspire to empower Vietnam to become a global leader in adoption and regulation of blockchain.
In our attempts to nurture a community which can leverage blockchain development, we partner with outside institutions for research and projects. We apply this belief in collaborative relationships to how we share knowledge – an integral part of our efforts to make Vietnam a global hub for blockchain development. We are therefore delighted to share the information Token News, a trusted voice in the blockchain sphere. We trust that their expertise of blockchain developments around the globe will create a more educated, passionate group of entrepreneurs and regulators that can power blockchain regulation adoption all over the world.
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