tax

Japan’s National Tax Agency (NTA) reported that cryptocurrency-related tax recoveries reached ¥4.6 billion in 2024, marking a 31.4% increase year-on-year. The agency conducted 613 on-site investigations, up 14.6% from last year, with crypto cases showing significantly higher recovered amounts per case than traditional income tax audits.

Authorities highlighted that key investigation areas now include profit and loss accuracy, complete transaction records, and complex activities such as DeFi, airdrops, mining, and staking. When multiple domestic and overseas exchanges are involved, taxpayers are required to aggregate all gains and losses, or risk being classified as unreported income.

The NTA has also expanded data collection and AI-assisted analysis to identify high-risk cases. Penalties remain strict: underreporting can trigger up to 20% additional tax, while intentional concealment may result in 35–40% penalties.

At the policy level, Japan is actively discussing shifting crypto taxation toward a separate 20% flat tax, similar to equities, with loss offsets and carryforwards — a reform direction expected to be clarified in the upcoming year-end tax framework.
#tax

The Canadian Tax Agency (CRA) has pulled in over $100 million CAD from crypto audits in the last three years — yet not a single criminal charge has been filed since 2020.
A massive win for tax recovery… but a major signal of enforcement weakness.
🔍 Key Highlights
🔥 35-member crypto audit team
Handled 230+ cases, targeting high-risk and undeclared crypto users.
⚠️ 40% of Canadian crypto users
Either did not declare taxes or pose serious compliance risks.
🔎 CRA admits a major problem:
They still struggle to identify taxpayers accurately in the crypto space.
📂 Court Orders Issued
CRA demanded user data from NFT giant Dapper Labs — originally 18,000 users, narrowed to 2,500 after negotiations.
💼 This is only the second time in history a Canadian court forced a crypto company to share large-scale user data (first was Coinsquare in 2020).
🧭 What It Means
Canada is tightening its grip on crypto taxation.
Enforcement remains limited, but data collection is expanding fast.
More crypto platforms may face similar court orders in 2026.
Crypto tax transparency is entering a new era — quietly, but powerfully.
#CryptoNews #Canada #tax

🔹 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

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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 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.