Local reports have asserted that the Israel Tax Authority has launched a renewed crackdown on unreported cryptocurrency earnings. The Israeli tax regulator has opened hundreds of tax accounts and sent letters of notice to Israeli citizens suspected of failing to disclose earnings derived from cryptocurrency-relate activities.
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Citing an anonymous “Israeli official familiar with the matter,” local media outlet Calcalistech has reported that the Israel’s tax regulator has sent letters to citizens suspected of failing to report crypto income, as well as individuals who frequently travel overseas without possessing the required funds on paper and individuals who own more than three apartments.
Eran Yaakov, the head of the Israel Tax Authority, stated that the regulator will continue to actively target withheld cryptocurrency earnings moving forward.
Soon thereafter, the Israel Tax Authority sought to crack down on undisclosed cryptocurrency earnings and holdings, issuing letters to citizens suspected of failing to divulge pertinent cryptocurrency-related activities in May of this year.
At the time, news.Bitcoin.com reported on rumors that undercover agents of the Israeli tax regulator were monitoring local groups for the peer-to-peer trade of cryptocurrencies on major social media platforms including Facebook, Whatsapp, and Telegram.
What do you think of Israel’s tax regime for cryptocurrency earnings? Share your thoughts in the comments section below!
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The post Israel Tax Authority Launches Offensive on Undisclosed Crypto Earnings appeared first on Bitcoin News.
Source: NewsBtc
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