Israeli Tax Authority Declares Bitcoin a Taxable Asset, Not Currency

[kreslik.news]

After years of uncertainty regarding reporting cryptocurrency transactions and holdings on their tax statements, Israelis have finally received an official statement from the authorities. Unfortunately, the policy seems to be very strict and prohibitive to users.

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A new draft paper circulated by the Israel Tax Authority (link to PDF in Hebrew) today sets to clarify the taxing of “Bitcoin, Litecoin and other virtual currencies” activities in the country. The authorities explain they are doing so after receiving repeated questions from the cryptocurrency users community ... (read more)