The Israel Revenue Service (ITA) is taking decisive action against tax evaders who hide their earnings from investments in cryptocurrency and trading digital assets. Thus, some residents of the country, who travel frequently and own many real estate properties [of more than three apartments], have already received notification letters, CTech reports.
Note that cryptocurrencies in the Israeli jurisdiction are considered as financial assets, and their holders are subject to income tax in the amount of 25-30%. At the same time, cryptocurrency exchanges are forced to pay value-added tax of 17%.
Over the past two weeks, ITA has unilaterally opened hundreds of tax accounts for supposed cryptographers from the cryptocurrency sphere.
“We will continue the search for hidden revenues ,” said ITA head Eran Yakov.
Earlier, the Israel Securities Authority refused to recognize Bitcoin as a security.
Recall that at the beginning of the summer the Israeli Parliament postponed the adoption of the law on countering money laundering using cryptocurrency. The stated reason was the insufficient elaboration of the strategy to combat the laundering of illegally obtained incomes.
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