What are the tax implications for a limited company that holds cryptocurrencies?

1 answers

• Santhosh SandySep 11, 2022 · 3 years ago
  As a limited company that holds cryptocurrencies, it's important to understand the tax implications to ensure compliance with tax laws. One potential tax implication is the treatment of cryptocurrencies as intangible assets for tax purposes. This means that any gains or losses from the sale of cryptocurrencies may be subject to capital gains tax. Additionally, if your company receives cryptocurrencies as payment for goods or services, you will need to record the fair market value of the cryptocurrencies at the time of the transaction. This value will be used to determine the income for tax purposes. It's also worth noting that tax laws can vary by jurisdiction, so it's important to consult with a tax professional who is familiar with the specific regulations in your country or region.
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