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Israel Tax Service urged citizens to disclose information about cryptoassets

The Israel Tax Authority (ITA) has sent out letters to crypto traders demanding the disclosure of crypto assets for tax purposes. It is reported by Globes. Dozens of Israelis who own digital currencies recently received a notice from the ITA, according to the publication. ITA has requested information about Israelis’ accounts from cryptocurrency exchanges in Israel and outside the country. In order to obtain information, the IRS was guided by the general reporting standards in the EU and the US law on compliance with tax laws on foreign accounts. The ITA said that digital currency investors are subject to a 25% capital gains tax.

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