India: Media Creates Panic Over 2-Month-Old Crypto Tax
08 Februar 2018 - 2:39PM
ADVFN Crypto NewsWire
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India is “aggressively pursuing” cryptocurrency holders for tax
this week, claim mainstream media outlets such as Financial
Times and Quartz, despite the policy being in place
since December 2017.
In a repeat round of misinterpretation of facts surrounding the
Indian government’s treatment of cryptocurrency, multiple
publications warn that 100,000 investors who “skipped paying taxes”
have received letters demanding what they owe.
That number “may rise up to 500,000,” Quartz adds.
India has been a focus for Bitcoin traders this month after a
budget speech by finance minister Arun Jaitley provoked price
volatility due to press sources erroneously
announcing the country would “ban” Bitcoin.
While local businesses such as exchanges decried the
headlines as “FUD,” the effect on markets remained palpable.
The issue of tax appears little different. Local news outlet
Press Trust of India (PTI) originally reported on plans
to target “400,000 - 500,000” exchange users for tax payments back
in December.
The 100,000 letters causing a storm this week appear simply to
be the first step in a pre-agreed plan, with no new developments
beyond comments from Central Board of Direct Taxes chairman Sushil
Chandra.
“We found out that there is no clarity on investments made by
many people, which means they have not declared it properly… we
have informed all the (director generals of income tax) across
India. They are issuing notices and so that would be
taxed,” Chandra confirmed February 6.
The so-called “aggression” on behalf of regulators, according to
PTI, further impacts only high-net worth individuals using
exchanges - roughly 25% of the total user base.
By William Suberg
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