Israel Published Draft ICO Taxation Plan

Israel's authorities proposes to tax ICO with value-added tax
18 January 2018   220

The Israeli government published a draft plan, which described possible ways of taxing the ICOs profits.

The plan was published on Wednesday by the IRS. It proposes to tax the ICO with value-added tax (VAT). The document specifies that, according to the current legislation, goods and services offered to foreign citizens will not be taxed.

According to a report published on the official website of the IRS, cryptocurrencies in this plan are not directly affected.

In addition, the plan details the classifications of blockchain companies with an emphasis on the types of goods and services offered, as well as on what model of profit they use.

It also says that under current legislation, the subject of accounting regulation will be sales of tokens, the profit of which is more than 15 million new Israeli shekels ($ 4.4 million).

The amount of tax may change if the company determines its tax liabilities not during, but at the end of the year. 

In cases where the tax liability is determined on a cash basis, at the end of the year, the buyer or recipient of a service is a resident of Israel or vice versa, it is possible that the tax rate for the transaction will change according to the provisions of the VAT Law.

ICO Draft Taxation Plan

The document notes that investors selling already purchased to ICO tokens will also become subjects of taxation. Groups that trade on behalf of registered companies, especially for tax purposes, will be "classified and registered as financial institutions".

The plan emphasizes that in the future it can be changed. The IRS is awaiting public comment on the provisions submitted.

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ACTN Token Distribution About to Close

The users have last chance to get their 1000 free ACTN tokens as the token distribution for registration closes on March 1, 2018
21 February 2018   45

The Action Coin Platform represents over 500,000 Action collectors and customers from more than 200 countries and territories. It is the basis of an incentive-driven rewards program with “points” that are rewarded in the form of a decentralized, blockchain-based digital asset known as Action. Action may be redeemed for member-only discounts on a growing list of products and services offered through its business network.

ActionCoin has announced that the users who sign up are entitled to receive 1,000 FREE ACTION during the official token distribution event (Airdrop) scheduled to commence on March 1, 2018.

The two first phases of ACTN token pre-sale are already finished, and the third one will be held from February 21 to 25, with 250,000,000 Action tokens to be sold for $0.02 USD each.

BTC, ETH, XRP, XLM, LTC, NXT are accepted during the presale. The current market rate will be locked in at the beginning of each presale phase, for the entire phase.