A study rhttps://divly.com/en/guides/global-crypto-tax-reportrecent survey conducted by Swedish cryptocurrency tax firm Divly reveals that 0.53% of global crypto investors declared their cryptos and capital gains in 2022. Nevertheless, tax professionals have expressed doubts about the data, the methods used to collect and analyze them. The study, made public on April 5, carried out this estimate by assessing the relationship between individuals declaring cryptocurrencies on their tax returns and the frequency of searches for terms associated with cryptocurrency taxation in different countries. Additionally, the study considered the number of cryptocurrency holders in each country using data from Statista’s International Cryptocurrency Report.
According to the study, Finland leads with the highest percentage of investors in cryptocurrencies having fulfilled their tax obligations in 2022, reaching 4.09%. Australia follows closely with 3.65%. The United States ranks 10th, with 1.62% of digital currency holders having met their tax obligations. Conversely, India, Indonesia and the Philippines had the lowest percentages of cryptocurrency investors complying with their tax obligations, with only 0.07%, 0.04% and 0.03% respectively. However, the methodology used to determine these figures has raised questions. The report itself admits that search volume data may not accurately reflect the actual number of taxpayers. cryptobecause not everyone seeks information related to the taxation of cryptocurrencies online.
Additionally, the study’s approach assumed that search volumes relating to tax reporting of digital currencies were constant across countries. She also warned that the results could be skewed towards countries with better internet access and more accurate search volume data. Danny Talwar, global tax director at Koinly, questioned the report’s implication that the majority of digital currency investors avoid paying taxes. He argued that the 99.5% figure likely does not accurately represent countries with explicit cryptocurrency tax regulations and strict compliance requirements, such as the United States, Canada, Australia, and India. .
Reminder for French-speaking fans:
In France, the non-declaration of cryptocurrency accounts and realized capital gains may lead to tax and criminal consequences. The tax authorities consider gains from cryptocurrencies as taxable income and, therefore, the holders of these assets digital are required to declare them.
Capital gains realized on the sale of cryptocurrencies are subject to income tax at the flat rate of 30% (social security contributions included). Failure to declare these capital gains may result in penalties, late payment interest and an increase in the tax due.
In addition, French taxpayers must declare the existence of their cryptocurrency accounts held with foreign platforms in their tax return. Failure to comply with this obligation declaration is liable to a fine of €750 per undeclared account, with a minimum of €1,500 if the balance of these accounts exceeds €50,000.
In the event of proven tax evasion, the penalties can be more severe, with fines of up to €3,000 per undeclared account and up to 5% of the value of the assets held in these accounts. Violators also face criminal prosecution that could result in additional prison terms and fines. It is therefore crucial for cryptocurrency investors to respect their tax obligations in France.
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