Israel's Ministry of Finance Proposes to Tighten Tax Controls on Cryptos
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29 July
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Israel's Ministry of Finance has just proposed to establish a threshold for the tax control of crypto investors. According to the bill, crypto investors will have to report their assets to the tax office if the investment exceeds $61,000.

However, the bill still needs to be submitted for public discussion by July 31. The country's Ministry of Finance claims in this way they will be able to improve tax collection on income related to cryptocurrency trading.

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Israel started showing interest in crypto-related taxes back in 2018. Then, the country's authorities issued an official statement according to which BTC and other cryptocurrencies are recognized as property and, therefore, are subject to taxation.

According to the decree, profits earned by cryptocurrency owners are taxed at a rate of 20-25%. Companies related to crypto mining and trading must pay an additional 17% value added tax.

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