New Report Says Crypto Investors Failing To Pay Tax

Only 0.53 % of cryptocurrency Investors paid taxes to authorities globally in 2022.

 

This is as contained in the Global Cryptocurrency Taxation Report 2022 by the Crypto tax platform, Divly.

 

The report sought to provide an estimate of the tax payment rate for cryptocurrencies in various countries worldwide.

 

“While cryptocurrencies offer many benefits, such as decentralization and increased security, they also raise unique tax issues for individuals and businesses.

 

“The primary conclusion drawn from our research is that it is evident that an overwhelming number of cryptocurrency owners have not paid taxes on their cryptocurrency.

 

“We estimate that globally just 0.53% of cryptocurrency investors declared their cryptocurrency activity to their local tax authorities in 2022.

 

“The research shows that crypto tax payment rates on cryptocurrencies vary by country and continent, with Finland having the highest rate at 4.09% and the Philippines having the lowest rate at 0.03%.

 

“In the US, an estimated 1.62% of cryptocurrency investors declared their crypto to tax authorities in 2022. Therefore, the US has the 10th highest crypto tax payment rate out of the 24 countries analyzed.

 

“In Asia, Japan had the highest tax payment rate at 2.18%. Ongoing efforts by Japan’s government and the Japanese Cryptoasset Business Association(JCBA) to facilitate the crypto tax calculation and declaration process seem to be paying off. The Philippines, on the other hand, where paying taxes on cryptocurrency is mandatory but where regulations are ill-defined, sits at the bottom of the list of countries analyzed, “the report said.

 

Using official government figures, search volume data, and available cryptocurrency ownership data, the report however identified a limitation to the research, stating that “the study might be biased towards countries with higher internet penetration and more reliable search volume data, ”

 

One notable finding from the research is that despite regulations on cryptocurrency taxation in the Philippines, the country sat at the bottom of the list.

 

 

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