Tax

When we talk about taxes, it’s almost automatic to hear people complain. “It’s a robbery!”, “The government just wants to fill its pockets!”, or even the classic: “I pay taxes and I don’t see any return!” But are taxes really that bad? Is hating taxes the best approach? Today, I want to bring a different view on the subject, using simple, realistic language and a touch of controversy to provoke reflection.

Taxes: Villains or Silent Heroes?

First of all, let's demystify one thing: taxes do not exist to "rob" you. They are the financial engine of any country. Roads, hospitals, schools, social programs, public safety... All of this depends on the taxes paid by citizens and companies.

The President of Mexico announced that President Trump agreed to postpone tariffs for one month after discussions between the two sides. In return, Mexico will:
Deployment of 10,000 National Guard soldiers to assist in border protection.
Cooperate with the U.S. on security and business initiatives.

Mexico chose to cooperate instead of confront the Trump administration. The market reacted positively and recovered after this information.

Here's the reasoning in summary, read this at least once.
The Federal Revenue, the State, the system, whatever you want to consider, are people that form a legal entity, basically.
There is no group coexistence without rules, rights and obligations, therefore, there is no life without the State, our most modern form of social organization.
Taxes are demonized by people, and there is a reason for this, it is indisputable, after all we pay high taxes (they are not the highest in the world, but they are high) and we do not get an adequate return, and this is another problem.

#TonAttack is a standout project on The Open Network (TON), heralding a new era where gaming and blockchain technology converge:

TonAttack is not just another game is an ecosystem where players can own, trade, and utilize NFTs in ways that enhance gameplay. Whether it's through strategic battles or collecting unique digital assets, the integration of NFTs offers true ownership and potential value appreciation over time!

Built on TON's blockchain, TonAttack benefits from one of the most scalable infrastructures in the crypto space!

TonAttack is committed to community engagement, regularly updating its followers with development progress, upcoming features, and special editions like holiday-themed NFTs! This transparency and interaction not only builds a loyal community but also ensures the game evolves in a direction that its players want!

Introducing #TAX as its ticker, TonAttack is set to introduce a unique economic model within its game! This could involve gameplay rewards, staking opportunities, or even a marketplace for trading in-game assets, all underpinned by the TON blockchain's capabilities!

Summary of Ton Attack Unique Card Game:

Concept: A card game focusing on integrating numerous meme coins from the Ton Ecco ecosystem.Utility: Cards serve dual purposes: gameplay and marketing/advertising.Game Modes:Mini App Game:Free to Play: Offers solo play or with friends; winners receive airdrops from sponsors.Pay to Play: Players can compete for a pot, with revenue shared among TAX holders.Revenue Distribution: Revenue from the game (pay-to-play fees, advertising) is redistributed to TAX holders through staking.Physical Products:Game Packs: Physical card games for home play, introducing new people to the meme crypto space.Collectible NFT Cards: Blind packs with NFTs that offer royalty payments.Development Phases:Current: Completion of Season 1 meme cards, nearing completion of the mini-app game.Future Projects:Season 2 Meme Cards and an Influencers Card Pack.A 3D trailer leading to a final PC game that will include tournaments using these cards and NFTs.An online store selling various collectibles, using TAX as currency.Innovation: An image-generating bot for custom card creation, charging for this service.Meme Coin Integration: Launching new meme coins within the game ecosystem, starting with a 3D version.

#mememcoinseason2024 #MemeWatch2024

The Thai Ministry of Finance recently announced a revolutionary change in its tax policy, exempting domestic #cryptocurrency trading from the value-added tax (VAT). This move signifies a significant shift towards a more favorable stance on cryptocurrencies, albeit with uncertainties for foreign investors.
Proposal for Digital Assets
According to data published in the Bangkok Post on February 7th, Secretary of the Ministry of Finance, Paopoom Rojanasakul, emphasized the ministry's effort to promote digital assets as a new tool for fundraising.
Changes in Tax Regulations
The new government has decided to make changes in tax regulations concerning cryptocurrencies. The 7% VAT previously required on income from cryptocurrency trading has been suspended. This tax exemption came into effect on January 1st, 2024, without specifying a definitive end date for its validity.
Exemption Also Applies to Crypto Exchanges
The VAT exemption not only applies to the transactions themselves but also to regulated cryptocurrency exchanges, brokers, and dealers under the supervision of the Thai Securities and Exchange Commission.
Thailand's Potential as a Crypto Hub
The Post emphasized that the new tax policy could support Thailand's growth as an offshore crypto hub and attract further investors to the country's digital ecosystem.
Uncertainty for Foreign Investors
Despite these positive steps, uncertainty remains for foreign investors. In September, the government issued a new decree stating that foreign income from cryptocurrency trading is subject to personal income tax if acquired in Thailand.
Challenges for Foreign Investors
Accessing Thai cryptocurrency exchanges is also becoming more challenging for foreign investors, partly due to the lack of opportunities to obtain a national digital identity, which is necessary for opening a trading account.
Conclusion
While Thailand is taking measures to support the domestic cryptocurrency market, foreign investors remain on the sidelines facing obstacles. It is evident that despite efforts towards regulation and support, challenges persist that hinder full engagement in Thailand's crypto market.
#tax

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

 

South Korean tax authorities continue their efforts to uncover and combat tax fraud related to cryptocurrencies. Recently, a raid was conducted in the city of Hwaseong, during which cryptocurrency assets worth over $768,500 were seized.
Cracking Down on Tax Evaders
Raids conducted by tax authorities in Hwaseong are part of their extensive efforts against tax evasion and non-compliance. By seizing cryptocurrency assets, authorities obtain evidence of undeclared income and implement tax measures.
Increasing Pressure for Tax Transparency
South Korea is intensively working to increase tax transparency, especially regarding income from cryptocurrencies. New technologies and electronic systems enable authorities to better monitor cryptocurrency transactions and uncover tax evasion.
Monitoring Cryptocurrency Transactions
Tax authorities utilize sophisticated cryptocurrency monitoring systems to identify undeclared income and tax fraud. These systems allow authorities to scrutinize transactions and identify individuals attempting to evade their tax obligations.
Expanded Investigations and Raids
Raids and investigations conducted by tax authorities target not only individuals but also businesses and organizations suspected of tax fraud. Authorities rely on modern technologies and collaborate with other agencies to ensure compliance with tax laws and prevent tax evasion.
Stringent Enforcement
South Korean authorities make it clear that they will consistently penalize individuals and organizations involved in tax fraud. In this way, they aim to create an environment where all taxpayers adhere to laws and contribute fairly to public finances.
Future Development
Given the constant evolution of technologies and cryptocurrencies, authorities are expected to continue improving their methods for monitoring and uncovering cryptocurrency tax fraud. They are likely to employ increasingly sophisticated technologies and collaborate with international partners to ensure an effective fight against tax evasion and non-compliance.
Conclusion
South Korean authorities are paying increased attention to uncovering and combating tax fraud in the cryptocurrency sector. Their goal is to ensure compliance with tax laws and enhance tax transparency in the country. Through the use of modern technologies and thorough investigations, they strive to create a fair and transparent tax environment for all citizens.
 #tax #Korea #crypto

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

India is not making moves to change its controversial #cryptocurrency tax policy, even as the election season approaches. The current regulations include a 30% tax on cryptocurrency profits and a 1% Tax Deducted at Source (TDS) on all crypto transactions. National Finance Minister Nirmala Sitharaman unveiled the interim budget in parliament and did not comment on changes to these taxes, in line with low expectations.
Election Year and Interim Budget
Expectations for changes in #tax policy were minimal as India approaches general elections in the next two months. Sitharaman did not make any changes to taxation, whether direct or indirect. During an election year, it is customary to present an interim budget to temporarily finance government expenditures. The full budget is usually expected in July after the elections. Surveys suggest that Prime Minister Narendra Modi and his Bharatiya Janta party have a chance at re-election.
Cryptocurrency Industry's Efforts to Reduce TDS
The Indian cryptocurrency industry has been lobbying intensely for the government to reduce the 1% TDS rate on crypto transactions to 0.01% since it was first announced two years ago. Indian crypto exchanges are facing challenges and are trying to find ways to grow, which has become difficult due to the high TDS.
Rajagopal Menon, Vice President of the WazirX cryptocurrency exchange, stated, "The integration of provisions for long-term funding of domestic crypto projects would benefit digital public infrastructure and the Prime Minister's aspirations for innovation, especially given India's crucial phase in the crypto revolution." It is expected that this proposal will soon be included in the government's agenda along with demands for a reduction in TDS rates to 0.01% and compensation for traders.
Tax Drove Traders to Cryptocurrencies Abroad
This tax policy prompted up to five million cryptocurrency traders to move their transactions abroad, costing India potential revenues of $420 million since the tax was introduced in July 2022, according to a study by the Esya Center.
Recently, the government has taken steps against foreign cryptocurrency exchanges, bringing activity back to Indian exchanges, and the cryptocurrency industry continues to seek relief from these tax burdens.
#crypto

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“