{"id":238202,"date":"2019-09-24T11:17:17","date_gmt":"2019-09-24T15:17:17","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=238202"},"modified":"2019-09-24T11:17:17","modified_gmt":"2019-09-24T15:17:17","slug":"koinly-brings-easier-cryptocurrency-tax-reporting-to-ireland","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/koinly-brings-easier-cryptocurrency-tax-reporting-to-ireland","title":{"rendered":"Koinly Brings Easier Cryptocurrency Tax Reporting to Ireland"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Koinly, a leading cryptocurrency taxation service, has announced that it would be expanding its service offering to Ireland.\u00a0<\/span><span data-preserver-spaces=\"true\">In a\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/www.prnewswire.co.uk\/news-releases\/bitcoin-tax-startup-koinly-launches-in-ireland-864402658.html\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">press release<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0published earlier this week, the platform, which automates capital gains tax reporting for crypto accounts, announced its launch in Ireland. Crypto investors can now link their crypto wallet and exchange accounts to the platform, thus getting a detailed tax report in a matter of minutes.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Streamlining tax reporting techniques<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Founded back in 2018, Koinly has been proven useful for individuals and businesses that are interested in better crypto tax reporting. In the past year, the company claimed it generated and tracked tax reports for funds worth over $250 million.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In the release, the company detailed that they had recognized a significant difficulty in reporting taxes on crypto assets, as both the challenges of regulatory obscurity and account consolidation have made it increase the difficulty of getting the task done.<\/span><\/p>\n<p><iframe width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/rx6Owz5I_EE?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p><span data-preserver-spaces=\"true\">Robin Singh, the founder of the tax reporting platform, explained, <\/span><\/p>\n<div class=\"su-quote su-quote-style-default\"><div class=\"su-quote-inner su-u-clearfix su-u-trim\">\u201cOur aim with Koinly is to make it easy for both investors and accountants to generate tax reports that comply with local laws. Ireland, in particular, has a unique way of reporting capital gains, so existing solutions require much manual work &#8211; Koinly solves that.\u201d<\/div><\/div>\n<p><span data-preserver-spaces=\"true\">Working with Koinly is rather straightforward. Users need to provide read access to their transaction data to set the ball rolling. Thus, the platform can ensure the protection of all sensitive data, including wallet passwords and private keys.\u00a0\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">A wide adoption opportunity<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">According to the release, the platform provides integration for 33 cryptocurrency exchanges, as well as over 6,000 crypto assets themselves. However, Koinly is much more than just tax reporting and filing. It also provides tax planning tools, which improve the ease of examining and reducing taxation liabilities. It handles all income from several platforms, including Staking, Masternodes, and DeFi, with the ability to get historical market data on crypto-assets panning over a decade.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Differences in tax classifications<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">However, while the Irish crypto tax landscape is getting a bit of an entrant, certain other countries within the European Union seem to be imposing some rather lax taxation policies.\u00a0<\/span><span data-preserver-spaces=\"true\">Last month, the Portuguese Taxation Authority announced that it would not be imposing any Value Added Tax (VAT) on cryptocurrency trading and payment activities.\u00a0\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0According to the announcement, crypto payments which are subject to the provision of services under Article 9 (27) (d) of the Portuguese tax laws won\u2019t have VAT imposed on them. However, it only applies to individual use, as businesses will still need to pay several taxes, including social security, VAT, and income taxes.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The announcement followed a separate Portuguese tax benefit for crypto traders; Ruling 5717\/2015, which declares that there won\u2019t be any taxes imposed on the proceeds that come from the sale of cryptocurrencies to individuals.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Essentially, the ruling, which was delivered in 2018, claimed that cryptocurrency sales don\u2019t qualify as capital gains if the tokens are gotten from the sale of financial products as defined in Portuguese law, which is usually subject to a 28 percent tax rate.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">Koinly, a leading cryptocurrency taxation service, has announced that it would be expanding its service offering to Ireland.\u00a0In a\u00a0press release\u00a0published earlier this week, the platform, <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/koinly-brings-easier-cryptocurrency-tax-reporting-to-ireland\" title=\"Koinly Brings Easier Cryptocurrency Tax Reporting to Ireland\">[&#8230;]<\/a><\/div>","protected":false},"author":1770,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[7596],"tags":[7598,8558,5060,9473,9471,9472,9033,5131],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.8 (Yoast SEO v21.8) - 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