Confusion erupted last year when crypto holders who had made massive gains on their cryptocurrency holdings were suddenly faced with tax season.
With the lack of clear regulations and assistance for paying taxes, most of these taxes remain unpaid. A year later, has anything changed?
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Recently, Finance Magnates spoke with Gidi Bar Zakay, CEO of Bittax, about his company, and how tax practices in the cryptocurrency industry have evolved over the past year, and how they will continue to evolve in the future.
”We identified the need for users in the crypto world to pay taxes in accordance with the authorities’ position”
Before Bar Zakay got involved with the cryptocurrency industry, he spent years as a tax accountant. “In my profession, I am an accountant and jurist and I grew up in the Israel Tax Authority (ITA) until my last position as deputy director general of the Israel Tax Authority, where I was responsible, inter alia, for international taxation, exchange of information between countries and tax legislation,” he explained. He retired from the ITA in 2009.
Bar Zakay first discovered Bitcoin in 2016. “At a relatively early stage, we identified the need for users in the crypto world to pay taxes in accordance with the authorities’ position, which began to move forward.”
“We have identified the current difficulties in data collection, processing and accurate reporting for the authorities, and to this end we have established Bittax, which is an innovative Platform built with a deep understanding of both Blockchain technology and tax laws in order to bridge the gap between these worlds.”
Turns out Israel’s a thing in crypto. Who knew? Congrats @BancorNetwork @BlockchainIL @zen_protocol @COTInetwork @stx_coin can’t wait to land in Tel Aviv on Dec. 6 https://t.co/4E9fG7YqOt
— Lou Kerner (@loukerner) November 24, 2017
“There may be places that sound like crypto paradise, but at the end of the day no country will want to transfer money to its territory from some countries, and therefore even if it is now easy to conduct it is not sure that this will be the situation in the future. And if one country should be noted for the better, Switzerland can be noted as a friendly country to crypto from regulatory aspects.”
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