Taxing Crypto Today
Governments have yet to address all the ways crypto might be taxed, the International Monetary Fund (IMF) has realized, and the amount of taxes not imposed or collected may reach well into the tens of billions of dollars. That insight does little to reduce the variety of challenges to taxing crypto currency, however.
Crypto’s “semi-anonymity,” its dual nature as an investment vehicle and a means of payment, and its high volatility complicates the task of tax collectors beyond their current abilities, according to a new IMF working paper. There is no consensus yet even on how to tax cryptocurrency— as income, capital gains (which is most common) or gambling, and it doesn’t help that tax systems were designed before the emergence of blockchain technology, which has spun out a range of assets that needs separate treatment.
The paper noted that crypto is not an especially effective means for tax evasion due to its high fees and volatility. However, if the potential for crypto tax collection could be harnessed, “corrective” taxation could help offset the undesired influence of crypto currency on macroeconomic factors, as well as further ecology goals. The paper noted that green taxation is being explored, but more mechanisms must be considered.
The paper cited research monitoring crypto transactions relative to statements by tax authorities in the United States. It showed that the market does respond to tax authorities’ guidance, sometimes indicating new attempts at evasion.
Crypto Tax Compliance
Despite the “vast amounts of data in principle available on transactions in cryptocurrencies,” the International Monetary Fund (IMF) has noted that there is “relatively little analytical work or empirical evidence” to draw on. This is compounded by the fact that crypto is popular in emerging economies, where collection technology may be limited. Moreover, the crypto market is divided between whales and small holders, which may necessitate separate treatment.
The IMF suggests that proper tax design is essential, and that a flat-rate tax could be imposed on anonymous transactions. The challenge lies in the technology rather than anonymity. Centralized exchanges, such as Crypto.com and Voyager Crypto, could present more opportunities to police for tax compliance than decentralized exchanges, although the necessary work would have to be done to implement it. Mandatory Anti-Money Laundering/Know Your Customer measures would not be sufficient for tax reporting purposes.
One way to promote tax compliance is to impose greater reporting requirements on crypto miners, according to the IMF. Sales and value-added taxation (VAT) for crypto, such as crypto today, crypto.com, voyager crypto, and crypto currency, have been largely overlooked and are a complex web of inconsistencies.
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Serikali bado hazijashughulikia njia zote ambazo crypto inaweza kutozwa kodi, Mfuko wa Fedha wa Kimataifa (IMF) umegundua, na kiasi cha ushuru ambao haujatolewa au kukusanywa inaweza kufikia makumi ya mabilioni ya dola. Hata hivyo, ufahamu huo haupunguzi changamoto nyingi za kulipa kodi ya sarafu ya crypto. "Kipengele cha ""semi-anonymity"" cha cryptocurrency, asili yake ya mbili kama chombo cha uwekezaji na njia ya malipo, na kutofautiana kwake kwa hali ya juu, hufanya kazi ya wakusanyaji wa kodi kuwa ngumu zaidi ya uwezo wao wa sasa, kulingana na karatasi mpya ya kazi ya IMF." Hakuna makubaliano hata juu ya jinsi ya kodi cryptocurrency kama mapato, faida ya mtaji (ambayo ni ya kawaida) au kamari, na haina kusaidia kwamba mifumo ya kodi walikuwa iliyoundwa kabla ya kuibuka kwa teknolojia blockchain, ambayo imesababisha mbalimbali ya mali ambayo inahitaji matibabu tofauti. "Kampuni hiyo pia ilisema kuwa ""Crypto sio njia bora ya kuepuka kodi kwa sababu ya ada yake ya juu na kutofautiana.""" Hata hivyo, kama uwezo wa crypto kodi ya ukusanyaji inaweza kutumika, "kurekebisha" kodi inaweza kusaidia kusawazisha ushawishi usiofaa wa cryptocurrency juu ya mambo ya kiuchumi, kama vile malengo zaidi ya ikolojia. Karatasi hiyo ilibainisha kwamba ushuru wa kijani unachunguzwa, lakini mifumo zaidi lazima ichunguzwe. Utafiti huo ulitaja uchunguzi wa shughuli za crypto kuhusiana na taarifa za mamlaka ya kodi nchini Marekani. Ilionyesha kwamba soko linaitikia mwongozo wa mamlaka za kodi, wakati mwingine kuonyesha majaribio mapya ya kuepuka. "Licha ya ""kiasi kikubwa cha data kwa kanuni inapatikana juu ya shughuli katika cryptocurrencies,"" Shirika la Fedha la Kimataifa (IMF) imebainisha kwamba kuna ""kiasi kidogo cha kazi ya uchambuzi au ushahidi wa kihistoria"" kutegemea." Hii ni pamoja na ukweli kwamba crypto ni maarufu katika uchumi zinazoibuka, ambapo teknolojia ya ukusanyaji inaweza kuwa mdogo. Kwa kuongezea, soko la crypto limegawanywa kati ya nyangumi na wamiliki wadogo, ambayo inaweza kuhitaji matibabu tofauti. IMF inashauri kuwa muundo sahihi wa kodi ni muhimu, na kwamba kodi ya kiwango cha gorofa inaweza kuwekwa juu ya shughuli zisizojulikana. Changamoto iko katika teknolojia badala ya kutokujulikana. "Badilishano la kati, kama vile Crypto.com na Voyager Crypto, linaweza kutoa fursa zaidi kwa polisi kwa kufuata ushuru kuliko kubadilishana kwa kugawanyika, ingawa kazi muhimu ingekuwa imefanywa kutekeleza.""" Hatua za lazima za kupambana na uvujaji wa fedha au kujua mteja wako hazitoshi kwa madhumuni ya kuripoti kodi. Njia moja ya kukuza kufuata kodi ni kuweka mahitaji makubwa ya kuripoti kwa wachimbaji wa crypto, kulingana na IMF. Kodi ya mauzo na thamani iliyoongezwa (VAT) kwa crypto, kama vile crypto leo, crypto.com, crypto ya msafiri, na sarafu ya crypto, imepuuzwa sana na ni mtandao tata wa kutofautiana. Jisajili kwa jarida letu la barua pepe ili upate machapisho ya hivi karibuni yaliyopelekwa moja kwa moja kwa barua pepe yako.