The burgeoning interest in virtual currency has been hailed as the “gold rush” of the 21st century, with potentially staggering gains to be made on crypto transactions and owners able to maintain a certain level of anonymity. Tax authorities worldwide are grappling with the tax treatment of cryptocurrency transactions, as well as whether to require that they be reported. The April issue of ITN includes updates on several countries (Bahrain, Czech Republic, Indonesia, Spain and the U.S.), whose authorities have released guidance or policies on the indirect tax treatment of cryptocurrency. While not immediately related to indirect tax, the OECD has launched a public consultation on a global tax transparency framework for the reporting and cross-border exchange of information on crypto assets, including proposed changes to its common reporting standard
Read these compelling articles and more, including the Indirect Tax Bytes column, in the April issue!