The Resource Developing a regulatory framework for the taxation of virtual currencies
Developing a regulatory framework for the taxation of virtual currencies
Resource Information
The item Developing a regulatory framework for the taxation of virtual currencies represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation.This item is available to borrow from 1 library branch.
Resource Information
The item Developing a regulatory framework for the taxation of virtual currencies represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation.
This item is available to borrow from 1 library branch.
- 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
- Language
- eng
- Label
- Developing a regulatory framework for the taxation of virtual currencies
- Title
- Developing a regulatory framework for the taxation of virtual currencies
- 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
- Label
- Developing a regulatory framework for the taxation of virtual currencies
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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.library.ibfd.org/portal/Developing-a-regulatory-framework-for-the/YGP_JexjM4s/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.library.ibfd.org/portal/Developing-a-regulatory-framework-for-the/YGP_JexjM4s/">Developing a regulatory framework for the taxation of virtual currencies</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.library.ibfd.org/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.library.ibfd.org/">International Bureau of Fiscal Documentation</a></span></span></span></span></div>
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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.library.ibfd.org/portal/Developing-a-regulatory-framework-for-the/YGP_JexjM4s/" typeof="Book http://bibfra.me/vocab/lite/Item"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.library.ibfd.org/portal/Developing-a-regulatory-framework-for-the/YGP_JexjM4s/">Developing a regulatory framework for the taxation of virtual currencies</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.library.ibfd.org/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.library.ibfd.org/">International Bureau of Fiscal Documentation</a></span></span></span></span></div>
