The IMF has some food for thought for tax collectors.
International Monetary Fund
Crypto’s “semi-anonymity,” its dual nature as an investment vehicle and a means of payment, and its high volatility complicate the tax collectors’ task beyond their current abilities, a new IMF working paper. There is no consensus yet even on how to tax cryptocurrency — as income, capital gains or gambling — and it doesn’t help that tax systems were designed before the emergence of blockchain technology, which has spun out a range of assets that needs separate treatment.
The paper cited research monitoring crypto transactions relative to statements by tax authorities in the United States. It showed that the market does respond to tax authorities’ guidance, sometimes indicating new attempts at evasion.There is “relatively little analytical work or empirical evidence to draw on” even though the “vast amounts of data are in principle available on transactions in cryptocurrencies,” the IMF said.
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