Tax
Governor Cancels New York City’s Proposed Congestion Pricing
Commuters in the Big Apple are breathing a sigh of relief. New York City’s proposed congestion pricing has been shelved by the state’s governor. As reported by Raw Story, the Metropolitan Transit Authority has put the first ever congestion pricing on pause. Back in April, it was announced that New York City would impose additional tolls […]
IRS introduces broader ‘Digital Assets’ category ahead of 2022 tax year
American taxpayers will find a broader, more defined category encompassing cryptocurrencies and nonfungible tokens (NFTs) in their 2022 IRS tax forms. The draft bill released by the Internal Revenue Service features a well-defined Digital Assets section that outlines if and how taxpayers will account for the use of cryptocurrencies, stablecoins and NFTs. Page 16 of the draft defines Digital Assets as any digital representations of the value recorded on a ‘cryptographically secured distributed ledger or any similar technology.’ 2021’s tax form required taxpayers to indicate whether they had received, sold or exchanged in ‘virtual currency’ – with this term changing in the yet-to-issued 1040 tax form for 2022. Taxpayers are required to answer the Digital Assets s...
Tax on income you never earned? It’s possible after Ethereum’s Merge
After much buildup and preparation, the Ethereum Merge went smoothly this month. The next test will come during tax season. Cryptocurrency forks, such as Bitcoin Cash, have created headaches for investors and accountants alike in the past. While there has been progress, the United States Internal Revenue Service rules still weren’t ready for something like the Ethereum network upgrade. Nonetheless, there seems to be an interpretation of IRS rules that tax professionals and taxpayers can adopt to achieve simplicity and avoid unexpected tax bills. How Bitcoin Cash broke 2017 tax returns Because of a disagreement over block size, Bitcoin forked in 2017. Everyone who held Bitcoin received an equal amount of the new forked currency, Bitcoin Cash (BCH). But when they received it caused some issu...
Shakira Facing Trial In Spain For Alleged Tax Fraud
HipHopWired Featured Video Source: Gisela Schober / Getty Pop superstar Shakira will be put on trial in Spain for alleged tax fraud after a judge approved the motion by prosecutors. According to reports, a judge in the town of Esplugues de Llobregat formally confirmed that the trial can proceed on Tuesday, (Sept. 27). The singer, whose full name is Shakira Isabel Mebarak Ripoll, is facing six counts of tax fraud. Authorities have accused her of failing to pay 14.5 million euros ($13.9 million) in taxes on income earned between 2012 to 2014, a time that the 45-year-old claimed she was “leading a nomadic life.” They first made the allegations in 2018. If found guilty, the singer could face a prison sentence of eight years along with a weighty fine. Her case is the latest in the country’s cra...
P2E gamers, minors not any safer from the tax man, says Koinly
Modern parents are going to need to keep an even closer eye on their kids’ gaming habits, as some of them may be accumulating a hefty tax bill, according to a crypto tax specialist. Speaking to Cointelegraph during last week’s Australian Crypto Convention, Adam Saville-Brown, regional head of tax software firm Koinly said that many don’t realize that earnings from play-to-earn (P2E) games can be subject to tax consequences in the same way as crypto trading and investing. This is particularly true for play-to-earn blockchain games that offer in-game tokens that can be traded on exchanges and thus have real-world financial value. “Parents were once worried about their kids’ playing games like GTA, with violence […] but parents now need to be aware of a whole new level […] tax complexit...
MultiChoice Shares Soar as Nigerian Tax Dispute is Settled
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UK police seize $249.5 million worth of cryptocurrency
The British police on Tuesday said they have seized £180 million ($249.5 million) of an undisclosed cryptocurrency, as part of a money laundering investigation launched against organised crime groups that moved into cryptocurrencies in order to clean their money. The latest seizure happened in less than three weeks after the London police made a £114 million haul on June 24 as part of its money laundering investigation. By this, a cryptocurrency payload totalling £294 million ($408 million) has been reportedly seized so far under the money laundering investigation. “While cash still remains king in the criminal world, as digital platforms develop we’re increasingly seeing organised criminals using cryptocurrency to launder their dirty money,” Reuters quoted Graham McNulty, a metropolitan P...
Minister: Why Twitter, other platforms must register to operate in Nigeria
The Federal Government says its directive that Over the Top (OTT) and social media platforms operating in the country must register and obtain license to operate is in conformity with global trend. The Minister of Information and Culture, Alhaji Lai Mohammed, said this on Friday when he featured on Nigerian Television Authority (NTA) programme “Good Morning Nigeria’’ monitored by newsmen. NAN reports that the Federal Government recently suspended operations of Twitter and directed that all OTT and social media platforms operating in the country must register with Corporate Affairs Commission. The Federal Government said they must also apply for licensing with the National Broadcasting Commission ( NBC). NAN reports that OTT media service is a media service offered directly to viewers via t...
Bulgaria to set up its own ‘blacklist’ after U.S. graft sanctions
Bulgaria will set up its own “blacklist” of companies and people associated with three Bulgarians and 64 entities that the United States has imposed sanctions on over alleged corruption, preventing state dealings with them, the interim government said late on Friday. The United States this week blocked assets and cut off access to its financial system to former lawmaker and media mogul Delyan Peevski, government official Ilko Zhelyazkov and fugitive gambling tycoon Vassil Bozhkov. The interim government, in office until a July 11 parliamentary election, is setting up a group of financial and interior ministry officials as well as tax and intelligence officers to identify and list people and entities associated with those under U.S. sanctions. State administrations and companies with state ...
Manchester United step up Kingsley Coman transfer bid
Getty Images Manchester United have reportedly told Kingsley Coman they are ready to pay him £200,000 a week after tax. The Bayern Munich star has two years left on his contract but is yet to agree terms over a new deal. Bild claim Coman, 24, earns £200k a week before tax but ‘would like to have it in net’. United have apparently ‘indicated’ to the Frenchman they are willing to meet his demands – and make him their joint fifth top earner. But there is no guarantee of a quick transfer as Bayern are in no rush to make a decision on his future. And the Bundesliga champions will be able to demand a hefty fee with Transfermarkt valuing him at £58.5million. United are in the market for a new winger with Jadon Sancho and Cristiano Ronaldo both top targets. Coman has long been linked and could be ...
CISLAC raises concerns over Nigeria’s debt profile, coronavirus accountability
The Civil Society Legislative Advocacy Centre (CISLAC), has expressed concerns over $2.18 billion foreign loan request to the Nigerian Senate to fund the 2021 Appropriations Act, by President Muhammadu Buhari. It has therefore urged the National Assembly to insist on an analysis of debt repayment strategy to be in place as its key priority to approvals. In a statement by Executive Director, CISLAC and Head of Transparency International – Nigeria, Auwal Ibrahim Musa Rafsanjani, he said national public finance management regime is meant to save the nation’s economic system from collapse: rescuing jobs, supporting livelihoods and bailing out many businesses on the brink. He warned the government to avoid the catastrophe that the international finance institutions forced on Greece: destroying ...
