Thursday, November 26, 2020
Home XRP - Top 10 Israeli lawmakers propose a bill to tax cryptocurrency gains.

Israeli lawmakers propose a bill to tax cryptocurrency gains. brings yield farming to Bitcoin and Ripple (XRP)

September 26th 2020

Israeli lawmakers have proposed a bill seeking to amend the taxation of crypto-related activities so that the sale of bitcoin and crypto-assets isn’t subject to 25% capital gains tax.

According to local news reports, four members of the Knesset, Israel’s legislative body, from the Yisrael Beiteinu faction, the secular nationalist political party, submitted a private member’s bill seeking to amend the taxation of crypto-related activities so that the sale of bitcoin and crypto-assets isn’t subject to 25% capital gains tax. The proposed bill seeks to amend the way digital assets activities are taxed under the Income Tax Ordinance. Crypto news aggregator websites like cryptopanic are a good way to keep up with the crypto industry. 

The tax on crypto-assets is 25% in the country. 

Under the ordinance, cryptocurrency is considered an asset. The and conversion of crypto assets in fiat currency are subject to capital gains tax. Currently, the tax on most capital gains in the country is 25%. However, section 91 of the Income Tax Ordinance provides relief in the taxation of capital gains from short-term lenders or non-CPI linked bonds, which are taxed at only 15%. The proposed bill states that the regulatory reality in Israel is not adapted to the existing reality in the field. The bill also seeks to add a section in the ordinance, which deals with the “determination of distributed digital currency.”

The bill seeks to put crypto-assets under currency for taxation purposes. 

 Under this proposed section, the Minister of Finance may prescribe provisions under which the digital assets shall be determined as a distributed digital currency. The purpose of the proposed bill is that Bitcoin and other digital assets are considered a currency for the taxation purpose. The State of Israel has the ability to be among the leaders in the field of digital currencies, if only it recognizes the use of the blockchain as a currency for everything,” said K Forer after the bill was submitted. Crypto regulations in most countries are still in a grey area. 


Jai Pratap

Jai Pratap

Jai Pratap

Jai Pratap

Jai Pratap

A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Enable Notifications


No thanks

Source link

XRP Editor

XRP Editor

Editor at, gathering information and insights about Ripple, XRP and related things from around the internet. Opinions deriving from any content do not represent ours. All content copyrights are with the original creators and holders. By clicking on the ‘source’ link you can visit the originating place of the content.

Popular Articles

Oracle Exploit Sees $100 Million Liquidated on Compound

More than $100 million was liquidated on lending platform Compound in the last 24 hours, according to LoanScan. This includes the third largest COMP...

FTX launches spot margin trading after UI lag fuels liquidations

Popular crypto-derivatives exchange FTX was in the crosshairs earlier today after UI outages contributed to severe consequences for a few traders in the market. According...

Finance Redefined: DeFi gets its first merger after a devastating hack, Nov. 18-25

Finance Redefined is Cointelegraph's weekly DeFi-centric newsletter, delivered to subscribers every Wednesday. On Saturday, we saw one of the most complex smart contract hacks so...

Former Microsoft Engineer Says Nigerian Expatriates Are Using Bitcoin to Circumvent Country’s Overvalued Exchange Rate

A former Microsoft software engineer and co-founder of Buycoins Africa Tomiwa Lasebikan says some Nigerians expatriates are now using bitcoin to circumvent the country’s...

BTC dumps as Coinbase CEO mentions US regulations for crypto wallets

Veterans will say it’s the same story in a different dress. Bitcoin has, historically, been met by regulatory “FUD” or the prospects of a...

Yearn Finance announces another ‘merger’ with the Cream lending protocol

Two days after Yearn Finance (YFI) and Pickle Finance joined forces in DeFi’s first effective merger, Yearn founder Andre Cronje published details of another...