The Ministry of Finance believes that the innovation will help in the fight against tax evasion.
The US Treasury Department will strengthen control over operations with cryptocurrencies — citizens will have to report for all transactions over $10 thousand. The decision of the department was reported by CNBC.
The Internal Revenue Service of the Ministry of Finance explained that the initiative would apply to all transfers on transactions, transfers to payment systems, and services that work with digital assets.
The Ministry of Finance believes that the innovation will help in the fight against tax evasion. As the TV channel notes, tax control is one of the ways to finance the economic initiatives of US President Joe Biden.
According to the agency’s report, in 2019, the difference between how much taxes should have been paid and how much was actually paid was about $600 billion. In a situation with the growing popularity of cryptocurrencies, (recall that the Coinbase crypto exchange recently overtook TikTok in popularity), new measures can bring taxes on significant amounts.