Report says Israelis Must Now Disclose Crypto Holdings

Globes report says The Israeli Tax Authority (ITA) is now requiring residents to disclose their cryptocurrency holdings for taxation purposes. The report said dozens of Israelis who own digital currencies have recently received notification from the ITA telling them they must fully disclose their assets for tax purposes.

The tax authority, ITA, was requesting data from cryptocurrency exchanges in Israel and outside of the country to obtain the data and information regarding Israelis’ accounts.

For the information the tax authority applied EU Common Reporting Standards regulations and the Foreign Account Tax Compliance Act which shared the U.S. Internal Revenue Service data with Israel, the report said.

They said investors in digital currencies are subject to a 25% capital gains tax, as long as their activity does not turn into a commercial enterprise.

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