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Sales Tax Compliance Software Market Structure, Industry Inspection, and Forecast 2026


Sales Tax Compliance Software  Market Structure, Industry Inspection, and Forecast 2026

market aims to assist stakeholders in gaining a competitive edge by revealing the top growth avenues during 2022-2026. The study leverages historical data as well as latest industry-validated statistics with respect to the primary growth catalysts, opportunities, and restraints to evaluate the annual growth rate of the market and its sub-markets over the analysis timeframe.

The Sales Tax Compliance Software market study offers a thorough analysis of this industry with a focus on crucial elements including the determinants of growth, obstacles to overcome, and chances for revenue generation between 2022 and 2026. Additionally, it evaluates each growth potential of submarket separately to assist stakeholders in comprehending the total size and scope of this sector. The research then highlights the influence of COVID-19 on the industrial landscape.

Players like

  • SAP
  • Sovos
  • TaxJar
  • Thomson Reuters
  • Canopy Tax
  • CCH
  • TaxCloud
  • Vertex
  • Macola
  • CSC andAvalara

shape the competitive landscape of Sales Tax Compliance Software market.

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Key highlights from COVID-19 impact analysis:

  • An explanation of the COVID-19 pandemic and its influence on the world’s economy
  • An evaluation of the risk on business growth in light of the changing scenario
  • Short- and long-term projections of the pandemic’s effects on industry growth

Insights on regional landscape:

  • The document offers an analysis of the regional market growth rate from 2022 to 2026.
  • United States
  • Europe (Germany, UK, France, Italy, Spain, Russia, Poland)
  • China
  • Japan
  • India
  • Southeast Asia (Malaysia, Singapore, Philippines, Indonesia, Thailand, Vietnam)
  • Latin America (Brazil, Mexico, Colombia)
  • Middle East and Africa (Saudi Arabia, United Arab Emirates, Turkey, Egypt, South Africa, Nigeria)
  • Other Regions are the major regions analyzed for Sales Tax Compliance Software market trends
  • Statistics on sales volume, market share, and income are shown for each geography

Other highlights from the Sales Tax Compliance Software market report:

  • Product landscape of Sales Tax Compliance Software market is divided into .
  • Data on projected and historical growth rate and revenue share are enlisted for each product category.
  • The report segments the Sales Tax Compliance Software market’s application range into
    • Large Enterprises andSMEs

    .

  • It assesses the value, growth rate, and usage volume for each application.
  • All of the aforementioned companies’ pricing policies, service packages, manufactured goods, revenue, sales, and gross margins have been carefully examined.
  • The study includes PEST analysis to help both newcomers and seasoned players.
  • A thorough “market entrance plan” that considers the target market, the distribution plan, the price, and the product’s positioning and message is included.

MAJOR TOC OF THE REPORT:

Chapter 1 Industry Overview

Chapter 2 Production Market Analysis

Chapter 3 Sales Market Analysis

Chapter 4 Consumption Market Analysis

Chapter 5 Production, Sales and Consumption Market Comparison Analysis

Chapter 6 Major Manufacturers Production and Sales Market Comparison Analysis

Chapter 7 Major Product Analysis

Chapter 8 Major Application Analysis

Chapter 9 Industry Chain Analysis

Chapter 10 Global and Regional Market Forecast

Chapter 11 Major Manufacturers Analysis

Chapter 12 New Project Investment Feasibility Analysis

Chapter 13 Conclusions

Chapter 14 Appendix

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Russian parliament approves tax break for issuers of digital assets

MOSCOW, June 28 (Reuters) – Russian lawmakers on Tuesday approved a draft law that would potentially exempt issuers of digital assets and cryptocurrencies from value-added tax.

Russia has long voiced scepticism of cryptocurrencies and other digital assets, with the central bank citing concerns over financial stability.

But in February the regulator gave blockchain platform Atomyze Russia the first licence to exchange digital assets. A licence for dominant lender Sberbank (SBER.MM) soon followed.

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Unprecedented Western sanctions have hit the heart of Russia’s financial system over events in Ukraine and lawmakers have scrabbled to bring in new legislation to soften the blow.

The draft law, approved by State Duma members in the second and third readings on Tuesday, envisages exemptions on value-added tax for issuers of digital assets and information systems operators involved in their issue.

It also establishes tax rates on income earned from the sale of digital assets.

The current rate on transactions is 20%, the same as for standard assets. Under the new law, the tax would be 13% for Russian companies and 15% for foreign ones.

The draft must still be reviewed by the upper house and signed by President Vladimir Putin to become law.

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Reporting by Reuters, Editing by Louise Heavens

Our Standards: The Thomson Reuters Trust Principles.


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Tax return 2022 cryptocurrency: What the ATO is expected to be cracking down on this EOFY

Cryptocurrency traders will again be in the sights of the Australian Taxation Office this tax season, industry experts say.

Tax season is just around the corner, with much of the focus likely to be on the low-and-middle-income tax and cost-of-living offsets.

Watch more on this tax season in the video above

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But leading tax experts warn that there are pitfalls hiding that could catch unexpecting taxpayers out.

H&R Block’s Director of Tax Communication Mark Chapman says that one of the most prominent topics on the ATO’s hit list is cryptocurrency traders.

“The ATO will also be taking a closer look at the booming market in investments in cryptocurrencies like Bitcoin,” he said.

“Increasing numbers of taxpayers are jumping on the bandwagon and the ATO believes that some of them are failing to declare the profits (and in some cases the losses) they are making on their investments.

“Remember, investing in cryptocurrencies can give rise to capital gains tax on profits. Traders can be taxed on their profits as business income.”

He said that the ATO estimates there are between 500,000 and one million Australians who have invested in crypto-assets.

“To help them in their search, the ATO is collecting bulk records from Australian cryptocurrency designated service providers as part of a data-matching program to ensure people trading in cryptocurrency are paying the right amount of tax.

“Data to be provided to the ATO will include cryptocurrency purchase and sale information. The data will identify taxpayers who fail to disclose their income details correctly.”

Tax season is just around the corner, with much of the focus likely to be on the low-and-middle-income tax and cost-of-living offsets.
Tax season is just around the corner, with much of the focus likely to be on the low-and-middle-income tax and cost-of-living offsets. Credit: Getty Images

Last year, the ATO issued a thinly-veiled warning to crypto traders that they needed to declare their activities.

“We are alarmed some taxpayers think the anonymity of cryptocurrencies provides a licence to ignore their tax obligations,” Assistant Commissioner Tim Loh said.

“While it appears cryptocurrency operates in an anonymous digital world, we closely track where it interacts with the real world through data from banks, financial institutions, and cryptocurrency online exchanges to follow the money back to the taxpayer.”

Australian notes scattered on a table..
Australian notes scattered on a table.. Credit: pamspix/Getty Images/iStockphoto

Cryptocurrency isn’t the only error-prone hotspot Chapman is expecting the ATO will focus on.

He says that the ATO recently claimed there was an $8.7 billion shortfall between the tax individuals are expected to pay and the tax they actually are paying.

“The ATO believes that work-related expenses claims are the biggest element in that ‘tax gap’ and have signalled that they’ll be looking closely at these deductions this year,” he says.

Chapman listed the deductions he expects they’ll be homing in on the closest:

  • Claims for work-related clothing, dry cleaning and laundry expenses.
  • COVID-related tax deductions, including quarantine expenses and protective equipment.
  • Deductions for home offices.
  • Overtime meal claims.
  • Union fees and subscriptions.
  • Mobile phone and internet costs.
  • Motor vehicle claims.

“The focus on home office, mobile phone and home internet costs is likely to be particularly pronounced with so many people working from home due to COVID-19,” Chapman said.

“H&R Block’s top tip before making any claim is to be confident that you understand what you can and can’t claim and that you have the necessary proof (invoices, receipts, diaries, etc) that you actually incurred the expenditure and that it was work or business-related.”


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Indian Govt’s Indecision Over Cryptocurrency Is a Recipe For Ponzi-Like Chaos

A riveting radio series on BBC by renowned journalist Jamie Bartlett, titled The Missing Cryptoqueen, is on its way to Hollywood. A movie by the name Fake featuring Kate Winslet is being planned on OneCoin, the cryptocurrency racket that resulted from its main promoter, a high-profile and once very visible Bulgarian, Dr Ruja Ignatova, suddenly disappearing from public view. After convincing thousands to invest in the Ponzi scheme, blinding them through her larger than life shows and performances, including one at Wembley Stadium, she simply vanished and is yet to be found.

OneCoin first emerged on the scene in 2016 and positioned itself as a ‘BitCoin killer’. But, it had no blockchain at all and there was no word on how investments were to be eventually converted into a fiat currency. When investors grew restless, Ruja disappeared. Bartlett’s nine-parter is a detailed enquiry and explanation of what happened as the scam unfolded.


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Vast majority of cryptocurrency investors have not filed tax returns

Just 3% of U.S. cryptocurrency investors had filed their taxes as of the end of March. By comparison, Americans overall have filed about 40% of individual returns expected this tax season.

The report, from digital asset platform CoinTracker, said the main reason is that people generally don’t know how their cryptocurrency activity affects their tax situation. When given a list of hypothetical tax scenarios, a whopping 97% got at least one wrong, showing many do not realize they need to, for example, pay taxes when trading one type of cryptocurrency for another or when using cryptocurrency to buy a good or service.

Users are apparently well aware of their lack of knowledge: not only have most not filed their taxes, 75% said they are not yet prepared to do so, and 74% desire more information on how to file their taxes.

Cryptocurrency and tax form art

©Joaquincorbalan.com 2020 /Joaquin Corbalan – stock.adobe.com

“Surveys like this underscore the importance of ongoing education so that crypto users can file taxes more accurately and seamlessly, and save time and money,” CoinTracker said in a statement.

Other studies point to similar confusion over cryptocurrency taxes. A recent report from cryptocurrency finance platform Gemini (see full story) said that a mean average of 21% of people across the world said that “The tax complexities of owning cryptocurrency have kept me from investing.” In the U.S., the area with the least tax uncertainty, 14% of respondents still said this; in the Middle East, the highest region, it was 30%.




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Govt working on classification of cryptocurrency under GST law

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 of the view that cryptos, by nature, are similar to lottery, casinos, betting, gambling, horse racing, which have 28 per cent of GST on the entire value. Besides, GST at 3 per cent is levied on the entire transaction value in case of gold.

“There is a clarity needed in regard to levy of GST on cryptocurrencies and whether it has to be levied on the entire value, We are seeing whether cryptocurrencies can be classified as goods or services and also removing any doubt on whether it can be called an actionable claim,” an official said.

Another official said that if the GST is levied on the entire transaction of cryptocurrencies then the rate could be in the range of 0.1 to 1 per cent.

“Discussions are in a nascent stage on the rate of tax, whether it would be 0.1 per cent or 1 per cent. First, a decision on classification will have to be finalised and then the rate will be discussed,” the official told PTI.

The Goods and Services Tax (GST) law does not clearly state about the classification of cryptocurrency and in the absence of a law regulating such virtual digital currencies, the classification has to take into account whether the legal framework classifies it as actionable claim.

An actionable claim is a claim which can be made by a creditor, for any type of debt other than a debt secured by mortgage of immovable property.

The 2022-23 Budget has brought in clarity with regard to the levy of income tax on crypto assets. From April 1, a 30 per cent I-T plus cess and surcharges, will be levied on such transactions in the same manner as it treats winnings from horse races or other speculative transactions.

The Budget 2022-23 also proposed a 1 per cent TDS on payments towards virtual currencies beyond Rs 10,000 in a year and taxation of such gifts in the hands of the recipient. The threshold limit for TDS would be Rs 50,000 a year for specified persons, which include individuals/HUFs who are required to get their accounts audited under the I-T Act.

The provisions related to 1 per cent TDS will come into effect from July 1, 2022, while the gains will be taxed effective April 1.

Separately, the government is working on legislation to regulate cryptocurrencies, but no draft has yet been released publicly.

AMRG & Associates Senior Partner Rajat Mohan said actionable claims, other than lottery, betting and gambling are not exigible to GST.

“Private cryptocurrency can neither be termed ‘money’ nor be categorized as ‘securities’ for taxation, thereby, what remains to be checked is whether the legal framework would categorize the same as ‘actionable claim’ or not,” Mohan added.

Published on


March 20, 2022


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Government exploring ways to levy GST on mining of cryptocurrencies

Post introduction of the new direct tax regime for virtual digital assets, the Government is exploring ways to levy Goods & Services Tax (GST) on the mining of such an asset, popularly known as cryptocurrency.

The key issue here is whether to treat the mining as goods or service. According to Subhash Chandra Garg Committee that proposed specific actions to be taken in relation to virtual currencies (2019), “‘Mining’ means an activity aimed at creating a cryptocurrency and/or validating a transaction of cryptocurrency between the buyer and seller of cryptocurrency.”

“Mining is key to VDA transaction. The Government is now thinking of how to tax such a thing. First, a call is to be taken as whether to treat mining as goods or service and then, secondly, place it accordingly in a category from the GST point of view,” a senior government official told BusinessLine. As on date, commission for facilitating buying and selling cryptocurrecny attracts GST.

However, experts feel taxing the mining is an extremely challenging. First, mining is very low in India. Secondly, tracking the miner and taxing them is difficult as they are located outside the country. And, thirdly, will the exchange be liable to pay GST, in case miner is not located here.

Kanwal Prakash Singh, Head of Quant with CoinDCX said that any platform which provides infrastructure for mining is a standard case of service providers. Miners provide a service of “verifying and processing the transaction” usually by solving a “cryptographic puzzle”. This service is rewarded in terms of the Token (Bitcoin or BTC, Ethereum or ETH) depending on the token that is mined. Reward for miner should be treated as service fee and may be considered for GST.

“This GST maybe charged on the VWAP (Volume weighted average price) of token in ETH-INR pairs,” he said.

In case of Non-Fungible Token (NFT), Singh said platform for buy and sell of such instrument should be treated as service provider. Commission earned for listing NFT should attract GST. “Any sale of NFT may be treated as a “Good” after all NFT is similar to a virtual good,” he said.

Singh said that not much mining is done in India as electricity costs and huge infrastructure investment (computing machinery and its wear and tear) makes it unviable and any tax will make it very expensive. Exchanges minting and creating their own tokens maybe asked to pay GST at the moment of first sale (primary issue) – this may disincentivize on creation of new tokens by exchanges. On the positive side, a GST on primary issue will embark upon issuers to not create bogus tokens and bring more maturity in the tokens. This should also contain and limit the fraudulent activities, he said.

Samir Kapadia, Partner (Indirect Tax), Nangia Andersen LLP, cryptocurrencies use various times-tamping schemes to ‘prove’ the validity of transactions added to the blockchain ledger, without the need for a trusted third party. In cryptocurrency networks, the activity of ‘mining’ implies the validation data blocks and adding transaction records to a public record i.e. the blockchain ledger. For this effort, successful miners are rewarded with new cryptocurrency. Thus, one may say it is an activity carried on for a consideration, and hence, cryptocurrency mining could be characterised as a supply of service. 

“While on one hand levying tax may have the effect of increasing the transaction cost, on the other, it will bring about certainty and legitimacy to the transactions involving mining of cryptocurrency. Given that while levying tax, the Government will have to clearly specify what, when, who and on how much tax is payable, more importantly (it should be) who is the person liable to be taxed,” he said.

Sathvik Vishwanath, co-founder, Unocoin. said crypto mining is not profitable in India on a day-to-day basis due to higher electricity and internet charges and rent. In fact, India would have less than one per cent of the crypto miners across the world. But people don’t just mine bitcoins, they also mine other currencies. Once in a while, when the prices of these currencies shoot up, it can be a profitable activity. As such, Indian exchanges don’t play a role in mining. Anyone with a supercomputer can do it. The role of exchanges come into play when someone wants to liquidate the coins mined into real money.

“But levying GST on crypto mining will be challenging as there will be issues such as what price it was mined at and liquidated at could be different. How far it can be tracked or traced will also be a challenge. No one is explicitly paying for the creation of the asset and there is no seller for mined cryptos. There is also a question of if the transaction fee obtained from mining the transactions is a service and if GST should be paid through reverse calculation mechanism,” he said.

Talking about the impact of GST, if levied, on mining, Singh said it would further become expensive, although not much mining is done in India as the electricity costs and huge infrastructure investment make it unviable. Exchanges minting and creating their own tokens maybe asked to pay GST at the moment of first sale (primary issue) which, in turn, may disincentivise creation of new tokens by exchanges.

“On the positive side, a GST on primary issue will embark upon issuers to not create bogus tokens and bring more maturity in the tokens. This should also contain and limit the fraudulent activities,” he said.

Published on


February 08, 2022


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India to tax cryptocurrencies at 30%, puts digital assets in highest tax band

A security guard’s reflection is seen next to the logo of the Reserve Bank Of India (RBI) at the RBI headquarters in Mumbai, India, June 6, 2019. REUTERS/Francis Mascarenhas

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MUMBAI, Feb 1 (Reuters) – India will impose a tax of 30% on income from cryptocurrencies and other digital assets, finance minister Nirmala Sitharaman said while presenting the federal budget on Tuesday.

Aside from placing earnings from cryptocurrencies and non-fungible tokens (NFTs) in India’s highest tax band, Sitharaman also said losses from their sale could not be offset against other income, delivering another disincentive to trading and investment in digital assets.

Industry estimates suggest there are 15 million to 20 million crypto investors in India, with total crypto holdings of around 400 billion rupees ($5.37 billion). No official data is available on the size of the Indian crypto market.

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Proponents of digital currencies have been hoping that the establishment of a formal tax framework could at least spare the crypto industry from some of the more draconian measures that the government had been considering. read more

“Thirty percent tax on income from virtual digital assets, while high, is a positive step as it legitimises crypto and hints at an optimistic sentiment towards further acceptance of crypto and NFTs,” said Avinash Shekhar, chief executive of ZebPay, a cryptocurrency exchange.

Tax consultants reckoned individuals could end up paying more than 30% of their crypto profits in tax and other charges.

“If you made a profit of 100 rupees then including the 30% tax bracket, plus surcharge and cess the total tax outgo will be around 42 rupees,” Amit Maheshwari, partner at AKM Global, a tax and consulting firm told Reuters.

Crypto exchanges also hoped the the new tax regime would signal acceptance of digitial currencies by the authorities, and reassure corporates that they can enter the market.

“We also hope this development removes any ambiguity for banks and they can provide financial services to the crypto industry,” said Nischal Shetty, CEO, WazirX, another virtual currency exchange.

India’s central bank has voiced “serious concerns” around private cryptocurrencies on the grounds that these could cause financial instability. As a result, several banks severed ties with crypto firms.

The finance minister also said that the central bank will introduce a digital currency in the next financial year using blockchain and other supporting technology.

“The introduction of a central bank digital currency will give a big boost to the digital economy. Digital currency will also lead to a more efficient and cheaper currency management system,” Sitharaman added.

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Reporting by Nupur Anand;
Editing by Euan Rocha & Simon Cameron-Moore

Our Standards: The Thomson Reuters Trust Principles.


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