Israel may recognize bitcoin as currency for tax purposes
Four lawmakers from Our Home Israel Party presented a draft law “On Taxation of Sales of Digital Currencies” to Parliament on September 22. They are propose to make several changes to the taxation of cryptocurrencies, including amendments to existing legislation, for withdrawal of digital assets from tax on growth capital.
“Regulatory realities in Israel are not adjusted to realities of this space. Digital currencies will be remain a catalyst, which will allow the country’s high-tech industry to flourish and develop, “the document says.
IN the present time according to Israeli law, bitcoin is recognized as an asset. it means that the sale cryptocurrencies and its conversion to fiat currency entails a capital gains tax of 25%. Authors of the bill celebrate, what country already has a developed technology industry and has everything opportunities become the leader in the space of payments based on cryptocurrencies, which is especially important in light of the coronavirus pandemic that has hit the world.