ChainCatcher news, according to Jinshi reports, U.S. President Trump stated that he told TSMC (TSM.N) that if they do not build a factory here (in the U.S.), they will face a tax rate of up to 100%.

According to ChainCatcher, a report by Fortune states that scholars from the American Enterprise Institute (AEI) have found significant calculation errors in the tariff policy recently announced by the Trump administration. The White House incorrectly used the retail price elasticity (0.25) in the formula instead of the import price elasticity (0.945), resulting in an overestimation of the tariff rates by about four times.If the correct values were used, Cambodia's 49% tariff rate would drop to 13%, Vietnam's 46% would decrease to 12.2%, and most countries would even fall to the White House's set minimum tax rate of 10%.This error has triggered significant market volatility, with noticeable declines in the stock markets of the U.S., Asia, and Europe. AEI economists have accused this as a result of the White House deliberately manipulating the figures to achieve Trump's desired high tariffs.The White House, on the other hand, argues that using retail prices is reasonable and states that the actual tariff rates should be higher.

ChainCatcher news, U.S. President Trump stated that for countries that are not good to them, the total will be calculated, including non-monetary barriers. The retaliatory tax rate will be half of their tariff rate, which will not be completely reciprocal. (Jin Shi)

According to ChainCatcher news reported by Cryptopolitan, Japan's Finance Minister KATO Katsunobu mentioned the possibility of imposing a 110% tax rate on crypto assets during a House of Representatives budget committee meeting (inheritance tax + income tax + resident tax = 110%). He stated that, under current laws, such a situation could indeed exist, and that the tax rate "is not limited to crypto assets" and "only applies in cases of extremely high profits."

ChainCatcher news, according to Cryptoslate, Ukraine is advancing the process of legalizing cryptocurrency, with lawmakers expected to vote on the bill in the coming months. However, there is still uncertainty regarding how digital assets will be taxed. Ukraine is exploring setting the cryptocurrency tax rate between 5% and 10%. However, officials are also considering adopting a standard tax framework, which would impose an 18% income tax plus a 5% military tax, bringing the total tax burden on crypto income to 23%. The final decision is still under discussion, with legislation expected to be completed by mid-2025.

ChainCatcher news, according to The Block, major global markets are strengthening tax regulations on cryptocurrencies. According to the latest policy, the U.S. IRS classifies crypto assets as digital assets and adopts a taxation method similar to that of stocks and bonds. Specifically, simply buying and holding is not taxed, but actions that "realize gains," such as selling, exchanging between cryptocurrencies, and using cryptocurrencies for shopping, are subject to capital gains tax; mining income, staking rewards, and wages received in cryptocurrency are taxed as income.The UK's HM Revenue and Customs (HMRC) imposes a capital gains tax of up to 24% on cryptocurrency transactions, with a basic rate taxpayer applicable to a 10% rate and a tax-free allowance of the first £3,000. Additionally, mining income and salaries paid in cryptocurrency are subject to income tax, and employers must pay national insurance on salaries paid in cryptocurrency.The EU has not yet unified tax standards, and there are significant policy differences among member states. Germany exempts cryptocurrencies held for more than a year from tax, while selling within a year incurs a maximum income tax of 45%, plus a 5.5% solidarity surcharge. Spain imposes a unified tax rate of 19%-28% on crypto gains. Portugal's tax rate ranges from 14.5%-53%, with a standard capital gains tax rate of 28%.

ChainCatcher news, according to Cointelegraph, the Japanese government has announced the advancement of a new economic stimulus plan, which is expected to be approved by the end of 2024. The plan includes changing the cryptocurrency tax rate from the current maximum of 55% under "miscellaneous taxes" to a unified tax rate of 20%.In addition, the reform proposal also involves raising the personal tax exemption limit to approximately $11,345, cutting fuel taxes and sales taxes to boost the economy and improve the job market. Japanese Prime Minister Shigeru Ishiba has pledged to work with various parties to promote this legislation.

ChainCatcher news, according to Bloomberg, informed sources revealed that the government led by Italian Prime Minister Giorgia Meloni may approve a proposal from coalition partners to reduce the tax increase on cryptocurrency transactions.A copy of the proposal shows that as the junior partner in Meloni's ruling coalition, The League has proposed an amendment to cap the tax rate on crypto transactions at 28%, while the budget proposed last month initially suggested an increase to 42%. The current tax rate is 26%. Cryptocurrency executives have stated that the proposed rate is too high and would make the local industry less competitive compared to other EU countries. The EU is preparing to fully adopt its first comprehensive cryptocurrency regulation across the EU, known as "MiCA," by the end of this year.Additionally, another ruling coalition party, Forza Italia, founded by the late Silvio Berlusconi, has proposed another amendment aimed at completely eliminating the tax increase and removing the tax exemption for earnings of €2,000 ($2,120) or less.

ChainCatcher news, according to Bloomberg, informed sources revealed that the government led by Italian Prime Minister Giorgia Meloni may approve the proposal from coalition partners to reduce the tax increase on cryptocurrency transactions.A copy of the proposal shows that as the junior partner in Meloni's ruling coalition, The League has put forward an amendment to limit the tax rate on crypto transactions to 28%, while the budget proposed last month initially suggested an increase to 42%. The current tax rate is 26%.Cryptocurrency executives have stated that the proposed tax rate is too high and would make the local industry less competitive compared to other EU countries. The EU is preparing to fully adopt its first comprehensive cryptocurrency regulation across the bloc, known as "MiCA," by the end of this year.Additionally, another ruling coalition party, Forza Italia, founded by the late Silvio Berlusconi, has proposed another amendment aimed at completely eliminating the tax increase and removing the tax exemption for earnings of €2,000 ($2,120) or less.As part of the coalition's proposed amendments, Italy will establish a permanent working group composed of digital asset companies and consumer associations to educate investors about cryptocurrency. Two informed sources indicated that the government is likely to approve The League's proposal, although no final decision has been made, and it may be subject to modifications.

ChainCatcher news, according to DLNews, UK Chancellor Rachel Reeves has announced the first budget proposal, raising the highest capital gains tax rate from 20% to 24%, and increasing the lower rate from 10% to 18%. Although the increase is lower than the tech industry's previous expectations, it has still faced criticism from representatives of the crypto industry.A spokesperson for CryptoUK expressed disappointment to the media that the Chancellor failed to seize the opportunity to unify the digital asset tax system with traditional trading, and also did not provide clearer tax guidance for the industry, leaving many startups, growth-stage companies, and investors in a state of uncertainty.Reeves stated that the tax rate adjustments aim to fill the £22 billion public spending gap left by the Conservative government. She pointed out that even after the increase, the UK's tax rates remain lower than those of other European G7 economies.

ChainCatcher News, Japan's financial regulatory agency has released a comprehensive tax reform plan for the fiscal year 2025, which includes provisions for cryptocurrency to lower its tax rate.In the tax reform request on August 30, the Financial Services Agency (FSA) of Japan emphasized cryptocurrencies, advocating for them to be treated as traditional financial assets available for public investment. The FSA stated, "Regarding the tax treatment of cryptocurrency transactions, cryptocurrencies should be regarded as financial assets and should become investment targets for the public."According to the cryptocurrency accounting firm TokenTax, profits from cryptocurrencies in Japan are currently taxed as miscellaneous income, with tax rates ranging from 15% to 55%.

ChainCatcher news, according to CoinDesk, an official from Indonesia's cryptocurrency regulatory agency Bappebti has called on the Finance Minister to reconsider the tax rates on digital assets. In this Southeast Asian country, cryptocurrencies are treated as commodities, thus subject to value-added tax and income tax. However, this situation will change when cryptocurrency regulation is transferred to Indonesia's broader financial services regulatory agency OJK in 2025.Bappebti's Tirta Karma Senjaya stated at an event on Tuesday, "As cryptocurrencies are expected to join the financial industry in January 2025, we urge the tax director to review these taxes. These regulations have been in place for over a year, and taxes are typically reviewed annually."

ChainCatcher news, according to CoinDesk, Argentina's newly elected president Javier Milei has proposed a bill that allows Argentinians to declare their domestic and foreign cryptocurrency assets to benefit from favorable tax rates and legalize these assets in the country, regardless of their origin or holding location. The asset regularization plan is part of a proposed broad economic and political reform.

ChainCatcher news reports that TaxDAO today released an analysis of the "2023 National Budget of Portugal Related to Cryptocurrency." The article states that until the end of 2022, Portugal was one of the few countries in Europe where cryptocurrency transactions (e.g., capital gains) were exempt from personal income tax.However, starting in 2023, there will be significant changes to the tax framework for crypto assets. In terms of personal income tax, the definition of crypto assets is expressed as "a digital representation of value or rights that can be electronically transferred or stored using distributed ledger technology or similar technology," excluding single crypto assets and non-fungible crypto assets.The gains from the disposal of crypto assets will be treated as capital gains, and a standard 28% flat tax rate will apply to the positive balance of capital gains and losses generated from the disposal of the aforementioned assets, unless these assets are held for more than 365 days, in which case an exemption will apply (but this does not apply to crypto assets classified as securities). (source link)

ChainCatcher news, the Puerto Rico Department of Economic Development and Commerce (DDEC) has released a guide on digital assets based on blockchain technology and blockchain verification, which states that a preferential tax rate of 4% will be applied to "staking as a service (SaaS)" (any entity participating in blockchain verification will be taxed at this rate).The guide also provides definitions for blockchain verification, staking, mining, digital assets, etc., marking the first time that an official agency in Puerto Rico has clarified these concepts, aiming to provide more certainty for individuals and companies in the Web3 industry. (source link)

ChainCatcher news, according to Bloomberg, Japan's ruling Liberal Democratic Party approved a proposal on Thursday that will exempt cryptocurrency companies from unrealized capital gains tax on their balance sheet tokens, aimed at improving the business environment for companies issuing cryptocurrencies. Currently, Japan imposes a tax of about 30% on companies holding unrealized gains from cryptocurrencies. (source link)