Skip to content

About us

eCounsel group

A boutique firm with unparalleled expertise in business and technology. We have good command of industrial ecology and legal practice, and have undertaken highly regarded cases. Because the small business scope, we pay more emphasis on effectiveness and efficiency, and choose clients with deliberation. The managing partner not only has extensive experiences in various legal issues more over than 20 years, but invests and manages several technology companies. In addition, he always checks each case rigorously. Clients’ business objectives are our primary focus. To achieve the same in the most cost-effective fashion trumps all seemingly sophisticated legal discussions.

Crypto Tax Worldwide

2018 - 07 - 26

Bitcoin value surpassed gold for the first time in March, 2017, since then, the price of bitcoin continued to soar thru the remaining year of 2017 (all-high at $19,665), but fell drastically overall in 2018 (now at $8,197). The volatile value of bitcoin has made many millionaires and even billionaires. That being said, the government is not going to neglect these “unreported” assets and income, and many countries are now setting up guidance to the new tech-based source of income and asset.

The National Taxation Bureau of Taiwan treats cryptocurrency similar to virtual gifts in online gaming activities. If the trades result in over $80,000 NTD monthly sales, trader will be required to do tax registration and pay business tax. However, if the monthly sales is less than $80,000 NTD, or seen as non-recurring transactions,  the profit will be treated as incidental trading activities. That being said, the National Taxation Bureau has not taxed anyone yet in regards to crypto income.

The U.S. IRS treats crypto as property for federal tax purposes, therefore, general rules for property transactions applies to the transactions of crypto. If you sold your crypto and made profit, you need to tell the IRS and pay capital gains tax. Just earlier this year, the IRS ordered crypto exchange Coinbase to hand over about 13,000 customers’ data to the IRS. These 13,000 customers are the ones that completed more than $20,000 worth of transactions in a single year on Coinbase.

The Australian Taxation Office sees Bitcoin as neither money nor Australian/Foreign currency. ATO treats it as property and is an asset for capital gains tax (CGT) purposes. A CGT event occurs when someone dispose his/her crypto. (e.g. sell, trade, exchange crypto, convert it to fiat, use it to obtain goods or services)

The IRS and ATO shares similiar practice in regards to crypto taxation. In contrast, the German Federal Ministry of Finance announced that it would not tax crypto when they are used for payment purposes.

“Virtual currencies (cryptocurrencies, e.g., Bitcoin) become the equivalent to legal means of payment, insofar as these so-called virtual currencies of those involved in the transaction as an alternative contractual and immediate means of payment have been accepted and no other purpose serve as a means of payment,” the ministry explained (as translated by ETHNews).

Sources:

  1. 數位貨幣,該課什麼稅?
  2. German Federal Ministry of Finance issues cryptocurrency tax guidance
  3. Tax treatment of cryptocurrencies
  4. IRS Virtual Currency Guidance : Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; General Rules for Property Transactions Apply

Recommended article 

One China v.s All Types of Freedom

Whether it is IT implementation or business operations, redundancy is the key to ensure the service during crisis. Continue reading

Big Market, Big Money

Morgan Stanley Hiring Lawyer to Head Activist-Defense Group Bank’s team, led by David Rosewater, to help defend corporate clients from activist challengers Morgan Stanley has brought in a new weapon to help defend its corporate clients from…

Part-timers' Rights

US unemployment rate is looking good. It rose to 10% in 2008 but has been at around 5% over the past two years. 美國的就業數據表面看來不差。失業率,08年金融海嘯後曾飆上10%,但最近這兩年都落在5%左右。 然而,因為失業數據裡不包括「對人生絕望不再求職的」、「打零工的」、「每月工資無法滿足食衣住行的」那些人,而他們也正是希拉蕊口中低教育程度、低工作技能、既可悲又沒尊嚴的”Deplorables”。看不見自己的未來,於是大家就送給了川普四年「讓美國再次偉大」的未來。 計時工必然賺很少嗎? 美國餐飲業普遍的現象,小費(通例是收銀機帳單金額的10%以上),是顧客在付帳時隨自己開心給的。如果不算速食業,那種坐下來好好吃頓飯、有服務員去桌邊幫你點菜的餐廳,在大城市裡,平均每餐加上非酒精飲料和甜點,一個人吃到US$40(不提中餐晚餐價格差異、也更不提開上一兩瓶葡萄酒動輒餐費翻倍)以上根本不算件事。服務到讓客人開心,小費給15%同樣也不算件事。以平均每桌二人、五名服務員伺候二十桌、每天每桌從中餐到晚餐總共做了三輪來計算,那家餐廳當天的小費會收到: 20 * 3 * 2 * $40 * 15%…