A new research report from Divly has revealed surprisingly low cryptocurrency tax payment rates around the world. Leading the list was Finland, wherein 4.09% of crypto owners declared their crypto holdings to authorities. Most governments have seen significantly lower tax payments on crypto assets, with the U.S. and Canada having rates of 1.62% and 1.65% respectively. Such a small tax payment rate is likely the effect of inadequate public awareness, perceived complexity of the filing process, and nonexistent government enforcement of crypto tax payments. Despite this, increasing government oversight of the industry and proposed changes to international Directives could lead to a sizable uptick in cryptocurrency tax payment rates in the coming years. In the U.S., for instance, President Joe Biden has put forward a budget plan that would focus on illicit trading activity and would introduce a new tax on electricity usage for Bitcoin mining. As the regulatory landscape of cryptocurrency evolves, the rate of tax payments amongst investors and traders is likely to experience an upward trend.



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