268 events advancing 142 policy or regulatory changes:
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Guidance regarding tax treatment of nonfungible token (NFT) as a collectible
Consultation opened on guidance on taxation of NFTs as collectibles
On 21 March 2023, the consultation on the proposed guidance on the taxation of non-fungible tokens (NFTs) was opened until 19 June 2023. The guidance was proposed by the Internal Revenue Service (IRS) and the Treasury Department (Treasury). Both age…
Self Assessment Forms for Cryptoassets
Adopted Spring Budget 2023 including Self Assessment Forms for Cryptoassets
On 15 March 2023, the UK Treasury published its Spring Budget 2023. As part of the Budget, changes to the rules regarding tax self-assessment for cryptoassets were announced, applicable from the tax year 2024-25. Under the changes, the Self Assessme…
Fiscal Year 2024 Revenue Proposals including energy tax on digital asset mining activities
Proposed phased-in Digital Asset Mining Energy Excise Tax
On 9 March 2023, US President Joseph Biden unveiled his Budget Proposal for 2024. One of the proposals is a phased-in Digital Asset Mining Energy Excise Tax based on the electricity used in powering crypto-mining facilities. Companies involved in su…
Fiscal Year 2024 Revenue Proposals including expansion of wash sale rules to digital currencies
Proposed expansion of wash sale rules to digital currencies
On 9 March 2023, US President Joseph Biden unveiled his Budget Proposal for 2024. One of the proposals is to expand the wash sale rules in Section 1091 of the Internal Revenue Code to digital currencies. For tax purposes, the sale of digital currenc…
CJEU Preliminary Ruling on Implementing Regulation of Taxation Rules for Online Platforms Operators (Fenix International v HMRC)
Issued CJEU Preliminary Ruling on Implementing Regulation of Taxation Rules for Online Platforms Operators (Fenix International v HMRC)
On 28 February 2023, the Court of Justice of the European Union (CJEU) issued a preliminary ruling in the matter of Fenix International v HMRC (Case C-695/20) that the Council of the European Union did not exceed its authority when it specified that…
Finance Bill 2023 including increased penalties for non-compliance with virtual assets tax reporting requirements
Introduced Finance Bill 2023 including increased penalties for non-compliance virtual assets tax reporting requirements
On 1 February 2023, the Finance Bill 2023 was introduced in the Lok Sabha, the lower house of India's Parliament. In particular, the Bill outlines increased penalties for non-compliance with taxation requirements for virtual assets. The cryptocurren…
OECD/G20 Two-Pillar-Approach regarding the Taxation of the Digital Economy
Closed Consultation on OECD Pillar One – Amount A: Draft Multilateral Convention Provisions on Digital Services Taxes and other Relevant Similar Measures
On 20 January 2023, the public consultation closes on the OECD document titled “Pillar One – Amount A: Draft Multilateral Convention Provisions on Digital Services Taxes and other Relevant Similar Measures”. The consultation document includes two dr…
Act relative to taxation of digital advertising services (HD 3052)
Introduced Massachusetts Act relative to taxation of digital advertising services (HD 3052)
On 20 January 2023, the "Act relative to taxation of digital advertising services" (HD 3052) was introduced in the Massachusetts Legislature. The Act would impose an advertising tax of 5% on annual gross revenues from digital advertising provided in…
Massachusetts: Act creating a tax on the collection of consumer data by commercial data collectors (SD 1711)
Introduced Massachusetts Act creating a tax on the collection of consumer data by commercial data collectors (SD 1711)
On 19 January 2023, an amendment to the Act taxing the mental health impacts of social media by establishing a tax on the collection of consumer data by commercial data collectors (SD 1711) was introduced in the Massachusetts Senate. The Act imposes…
Act to establish a digital advertising revenue commission (HD 1507)
Introduced Act to establish a digital advertising revenue commission (HD 1507)
On 18 January 2023, the “Act to establish a digital advertising revenue commission” (HD 1507) was introduced in the Massachusetts Legislature. The Act would create a special Commission tasked with developing a study related to generating revenue fro…