Israel Confirms It Will Tax Bitcoin as Property

Coindesk --------- Israel's government confirmed Monday that it would treat bitcoin and other cryptocurrencies as a kind of property for tax purposes. The notice confirms past indications that the Tax Authority will regard cryptocurrencies as "a property, not a currency", making it therefore taxable as such. The Authority's position was first detailed in a draft circular issued in January of this year. The circular explains that profits from cryptocurrencies will be subject to capital gains tax at rates between twenty percent and twenty-five percent, while individuals mining or trading cryptocurrencies in connection with businesses must pay a seventeen percent value-added tax (VAT) in addition to capital gains tax. To learn more click on the picture below to read the article.