Israeli Crypto Owners Notified On Disclosing Assets By ITA

Israeli crypto owners notified on disclosing assets by ITA. The revenue collector, the Israel Tax Authority (ITA), has allegedly sent notifications to thousands of Israelis who own digital currencies asking them to fully declare their assets and to be taxed accordingly. In addition to sending letters to local residents, the tax authority has also sent enquiries into cryptocurrency exchanges operating in Israel and those located outside the nation.

Posts of alerts and surveys sent by the revenue collector have been followed by Israeli media speculation that tax assessors around the country are exerting “pressure on the digital currency market.” However, as Globes is now saying, ITA wants to “get information about Israeli trading in these currencies.” 

Before sending notices and inquiries to crypto exchanges, the Israeli revenue collector were receiving “data about the Europe-based funds and accounts held by Israelis.”

Israel receives this data in line with the “EU Common Reporting Standards (CRS) regulations for the automatic exchange of financial account information.” Similarly, the Israeli tax collector is reported to have a different arrangement with its counterpart in the United States. The report explains Additional information comes through the FATCA agreement, which conveys the US Internal Revenue Service (IRS) data to Israel.

Meanwhile, the Globes report tries to connect the “renewed interest” in the taxation of cryptocurrencies “to the revival in digital currency, especially the leap in bitcoin, along with an intense need to fill state coffers.” 

[image: Sander Crombach]

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