Japan will revise its foreign exchange law to prevent Russia from evading Western financial sanctions following Moscow’s invasion of Ukraine through cryptocurrency assets, top government officials said on Monday. The government will submit a revision of the foreign exchange and Foreign Trade Act to the current parliament session to strengthen protections against potential sanction-busting by…
Ukraine, which has waged a staunch defense against Russian invasion, says it has pioneered a new source of financial support: People around the world who have donated millions of dollars directly to its war effort via cryptocurrencies such as bitcoin. Since Feb 26, when Ukrainian officials began tweeting calls for cryptocurrency donations, the Ukrainian government…
If you feel like your bookkeeping company could run more efficiently, you may be having workflow issues. Whether your firm is long-established or still in its infancy, there is always room to improve – even if it’s only by 10%. However, before making any changes to your company, you first must identify the areas of…
India’s central bank will review business models of payment aggregators in view of a spate of frauds hitting customers. Data by the Department of Commerce says that Indian exports achieved $400 billion target with help of economic recovery from the pandemic in the US. More one these stories in our top headlines: Data breach: Biz…
Tax authorities may tell banks crypto exchanges to report on virtual digital assets’ transactions as India taxes gains from crypto and NFTs from April 1. Maruti Suzuki India (MSIL) Chairman R C Bhargava said that there is no bar on the company to make electric vehicles. More on those stories in our top headlines. Centre…
Actor Amitabh Bachchan has paid up GST of Rs 1.09 crore on sale of non-fungible tokens (NFTs) worth Rs 7.15 crore following a notice by the Directorate General of Goods and Services Tax Intelligence (DGGI), people aware of the matter said. Though Bachchan has deposited the amount, investigations by tax authorities continue, they said. Bachchan…
When we think about saving for the future, we imagine strict budgets with very little room for fun. But it doesn’t have to be that way. If you plan well, you can indulge in some budgeted fun while making good progress towards your financial goals. Do you want to know how to do that?…
Bitcoin just isn’t anonymous enough for a growing cohort of crypto users who are seeking greater seclusion. A volatile class of crypto known as privacy coins, created with the primary aim of masking the identity of users and details of transactions, has quietly been gaining ground this month as maturing Bitcoin inches towards mainstream finance….
Infrastructure cost incurred in the mining of cryptocurrencies or any virtual digital assets will not be allowed as deduction under the income tax act, Minister of State for Finance Pankaj Chaudhary said on Monday. In a written reply to the Lok Sabha, Chaudhary said the government will come out with a definition of virtual digital…
The government is working on classification of cryptocurrency as goods or services under the GST law, so that tax can be levied on the entire value of transactions. Currently, 18 per cent Goods and Services Tax (GST) is levied only on service provided by crypto exchanges and is categorised as financial services. GST officers are…
