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Israelis Must Now Disclose Crypto Holdings: Report

Dozens of Israelis who own digital currencies have recently received notification telling them they must fully disclose their assets for taxation purposes.

Updated Sep 14, 2021, 10:48 a.m. Published Dec 27, 2020, 4:51 p.m.

The Israeli Tax Authority (ITA) is now requiring residents to disclose their cryptocurrency holdings for taxation purposes, according to a Globes report.

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According to the report, dozens of Israelis who own digital currencies have recently received notification from the ITA telling them they must fully disclose their assets for tax purposes.
The ITA requested data from cryptocurrency exchanges in Israel and outside of the country in order to obtain the data and information regarding the accounts held by Israelis.
For the information the tax authority applied EU Common Reporting Standards regulations and the Foreign Account Tax Compliance Act and shared U.S. Internal Revenue Service data with Israel, the report said.
The ITA states investors in digital currencies are subject to a 25% capital gains tax as long as their activity does not turn into a commercial enterprise.

taxes Israeli Tax Authority

Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.