TAX

According to BlockBeats, U.S. President Donald Trump has stated that while relations with Europe remain positive, the trade situation is challenging. Europe has imposed heavy taxes and has taken legal action against American companies. The continent has maintained a firm stance on trade issues.
#tax #Europe #TRUMP

🔹 The U.S. Treasury extends accounting maneuvers to avoid default

🔹 Court rulings on Trump-era tariffs could accelerate the debt crisis

🔹 Washington signals possible end to the 'revenge tax' amid global tax talks

The U.S. Treasury Department announced it will continue using emergency accounting measures to avoid breaching the debt ceiling, extending them through July 24, 2025. This gives lawmakers more time to reach a solution and avoid a potential national default.
Treasury Secretary Scott Bessent urged Congress to act without delay, warning that pending court rulings on Trump-era tariffs could push the U.S. closer to a financial breaking point, known as “X-date”—the moment when the government can no longer meet its financial obligations.

Emergency Measures Buy Time but Not a Solution
The Treasury confirmed that it is extending the period during which it can use “extraordinary accounting measures”—temporary tactics like suspending investments in federal programs or reallocating funds across government accounts—to stay under the statutory debt limit.
Bessent sent a formal letter to House Speaker Mike Johnson and other key congressional leaders, calling on them to act before the upcoming August recess. While these temporary steps help avoid an immediate crisis, Bessent emphasized they do not fix the root problem: the need to raise or suspend the debt ceiling.
Failing to act, he warned, could damage investor confidence and hurt the U.S. credit rating, with serious repercussions not only for the national economy but for global markets as well.

GOP Divisions Delay Action as Debt Threat Looms
Pressure is mounting on Republican lawmakers, who have so far failed to finalize a major tax and spending package due to internal disagreements over funding priorities.
If they don’t reach a deal soon, the Treasury could run out of options to keep paying bills without breaching the debt ceiling. The longer Congress delays, the higher the risk of market volatility, investor panic, and public distrust.

Court Rulings on Tariffs Could Shake Government Revenues
Adding to the uncertainty are ongoing legal challenges to Trump-era tariffs. These tariffs have generated $23 billion in revenue, which has helped bolster the Treasury’s cash reserves during this debt-restricted period.
However, a recent ruling from the U.S. Court of International Trade declared that some of these tariffs exceed presidential authority and lack a legal basis. If the Treasury is forced to stop collecting or even refund certain tariffs, the government could lose a key revenue stream at a critical time.
Such a development could move the X-date up by weeks, giving Congress significantly less time to act than current projections suggest.

Treasury Suggests End to 'Revenge Tax' Amid OECD Tax Progress
In a separate development, the Treasury is signaling that it may soon eliminate the controversial "revenge tax", as OECD-led global tax talks show real progress. Deputy Treasury Secretary Michael Faulkender stated that an international agreement may render the U.S. Section 899 provision—aimed at countries with digital service taxes—unnecessary.
Section 899, introduced under the Trump administration, is widely seen as a retaliatory measure. It would impose tax penalties on investors and firms in countries that the U.S. believes are discriminating against American tech giants like Google, Apple, and Amazon with digital taxes.
Countries such as France, Canada, and the United Kingdom have enacted such digital taxes. If a global agreement is reached, the U.S. may drop these retaliatory threats, potentially easing transatlantic tensions.

🔻 Summary
The U.S. Treasury is buying time—but market patience is limited. By extending emergency measures, it gives Congress breathing room, but pressure is mounting fast. If courts, tariffs, or political inaction converge, the U.S. could face a default crisis within weeks. Decisions made in the coming days could prove critical.

#USPolitics , #TRUMP , #Tariffs , #TradeWars , #tax

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
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 continues its tough stance on crypto, maintaining high taxes while adding new compliance rules and harsh penalties. Here's a breakdown of the latest updates as of FY 2025–26:
• 💸 30 % tax on profits from all virtual digital assets (VDAs), including NFTs, equating crypto gains to income from gambling — with no loss offsets or holding period benefits
• ➕ 4% health & education cess plus applicable surcharges
• ✂️ 1% Tax Deducted at Source (TDS) on crypto transfers above ₹10,000/year as advance tax (not a replacement for final tax)
• 📄 Mandatory declaration of crypto gains in Schedule VDA using ITR-2 (capital gains only) or ITR-3 (business income)
• ⚠️ From Feb 1, 2025: 70% penalty tax on undisclosed crypto assets, no deductions allowed
• 📦 Crypto gifts over ₹50,000, airdrops, forks, mining/staking income are taxable; wallet-to-wallet transfers under same owner are exempt

📉 Market Impact & 🚨 Enforcement
• Trading volumes dropped by up to 90% as investors move offshore
• Crypto Centralized Exchanges fined heavily for GST (Goods and Services Tax) evasion
• Income Tax Dept actively issuing notices and conducting raids, including on P2P traders
• Example: Trader fined ₹78,000 for ₹1,500 profit due to missing KYC compliance

🧠 Tips for Crypto Users in India
• 🧾 Track every crypto transaction — including buys, sells, transfers, and receipts
• 🛠️ Use tax tools like ClearTax, Koinly, or exchange-provided reports to ensure accuracy
• 📄 File the correct ITR form (ITR-2 or ITR-3) and complete Schedule VDA properly
• 🎁 Report even small airdrops, gifts, or forks to reduce audit risk
• ⏰ Don’t delay — penalties for non-compliance are steep and enforcement is increasing
• ⚖️ Consult a qualified tax professional or crypto-savvy tax lawyer to stay fully compliant and handle complex cases confidently
✅ Bottom line:
India’s crypto tax framework is fully in force—with high taxes, mandatory reporting, and strong enforcement. Retail adoption has declined, compliance burdens are increasing, and enforcement actions are well underway. Individuals and exchanges should act swiftly to ensure full compliance or face steep penalties.
#tax #IndiaCrypto
$BTC

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.

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.