A discussion on the Inland Revenue Department's intensified efforts to track and tax cryptocurrency transactions, highlighting new reporting frameworks, rising transaction volumes, and the use of advanced data analytics to identify unpaid tax liabilities.
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Well, look, I think you need to be very careful. I had the audit activity went into hibernation during the COVID era and just after it. But over the past two to three years, that's really ramped up. And so they're getting very tough on audit activity and on unpaid tax debts. And I think there is quite a lot of misunderstanding about crypto out there. People probably look at the fact we don't have a capital gains tax. People who aren't regular share traders don't pay capital gains when they buy and sell things like shares, but that's very different with crypto, which is generally seen as being taxable.
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advanced tech enabling more effective tax detection
Bruce Bernacchi: Tax Partner at Dentons on Inland Revenue contacting crypto-investors over unpaid taxSpotted something wrong on this page? Report a correction.
