Israeli bitcoin investors cannot pay taxes – banks reject deposits



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Israeli bitcoin investors cannot pay taxes – banks reject deposits

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Israeli crypto investors have difficulty paying taxes, as local banks refuse to accept funds received from operations with bitcoin, Haaretz reports.

Banks are concerned about the risks of money laundering and terrorist financing through cryptocurrencies. At the same time, bitcoin is not recognized as a currency in Israel, so individuals are required to pay 25% capital gains tax to the state, and legal entities must pay income tax at a rate of 47%.

Thus, a vicious circle is formed: residents of the country must pay their obligations to the state, but they cannot do this because of the caution of financial institutions.

Local investor Ron Gross told the publication that he had been buying bitcoin since 2011, not forgetting to inform the tax office about his income. However, since 2017, the bank began to refuse Gross to accept funds received in the form of profit from trading.

To prove the legal origin of the funds, the investor showed the bank employees a 70-page history of the relevant transactions, but this did not help.

“I tried to work with almost all banks, but as soon as they heard the word bitcoin, they immediately fell into a stupor,” Gross complained.

Due to tax evasion, the investor’s bank account, home and even mopeds were arrested. Gross added that “tax officials are aware of the problem and cannot do anything.”

The local publication also reports that, according to authorities, Israeli investors did not pay taxes on income from trading cryptocurrency in the amount of more than 300 million shekels (more than $ 85.7 million). However, it is possible that the real amount may be much larger.

Recall that in May, an Israeli court identified bitcoin as an asset, requiring one of the investors to pay taxes in the amount of $ 830,600, as well as legal costs of $ 8,306.

Israeli bitcoin investors cannot pay taxes – banks reject deposits



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