The Resource Developing a regulatory framework for the taxation of virtual currencies

Developing a regulatory framework for the taxation of virtual currencies

Label
Developing a regulatory framework for the taxation of virtual currencies
Title
Developing a regulatory framework for the taxation of virtual currencies
Creator
Subject
Language
eng
Summary
This article reviews virtual currency regulations in five selected countries (Australia, Germany, the Netherlands, the United States and the United Kingdom), develops a methodology for creating an effective regulatory framework for the taxation of virtual currencies, and makes recommendations for the improvement of certain characteristics of the existing income tax systems that currently struggle with the enforcement of tax compliance obligations regarding transactions in virtual currencies. The author advocates the use of legislation to clarify the fundamental aspects of virtual currency transactions together with more detailed non-binding interpretative guidance that can be quickly adapted to changing circumstances. Enforcement and monitoring measures by tax authorities should not target an infinitely large number of unidentified individuals but a much smaller number of operators providing exchange services and wallet providers. A third-party reporting regime for virtual currency intermediaries should be aligned with the existing reporting obligations for anti-money laundering purposes
Citation source
In: Intertax. - Alphen aan den Rijn. - Vol. 47 (2019), no. 2 ; p. 219-233
http://library.link/vocab/creatorName
Bal, A.M
Geographic coverage
  • European Union
  • North America
Language note
English
http://library.link/vocab/subjectName
  • digital economy
  • virtual currency
  • income tax
  • enforcement
  • tax compliance
  • reporting requirements
  • anti-money laundering
  • intermediary
Label
Developing a regulatory framework for the taxation of virtual currencies
Instantiates
Publication
Label
Developing a regulatory framework for the taxation of virtual currencies
Publication

Library Locations

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      52.3736660 4.9336932
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