Israel to Tax Cryptocurrencies

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Israel is going to put a tax on cryptocurrencies including bitcoin, regulators in the country said yesterday.

According to a circular by Israel Tax Authority yesterday, the government said it looks at cryptocurrencies as a property rather than a currency, and therefore it will be taxable.

According to the circular, translated by multiple reports, cryptocurrencies will come under capital gains tax, which ranges anywhere between 20-25%. Miners and traders will have to pay an additional 17% value-added tax (VAT) in addition to 20-25% capital tax gains.

Read more on CoinDesk and Haaretz.

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