Taxation
Ongoing coverage on Taxation.
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Crypto trade groups pile on: two more lawsuits target Illinois’ 0.2% digital asset levy
Two major crypto trade groups, the Crypto Council for Innovation and the Blockchain Association, have filed lawsuits against Illinois over its new 0.2% tax on digital asset transactions. They argue the tax is unconstitutional and discriminatory, as it applies to transactions even when they result in a loss and lacks equivalent taxation for traditional assets. This follows a similar suit filed by the Digital Chamber, indicating significant industry opposition to the levy.
HIVE posts ~$79M in Q2 revenue — then delays its 10-Q over Sweden’s SEK 765.6M VAT claim
HIVE Digital Technologies reported preliminary Q2 revenue of approximately $79 million, a significant increase from the previous year, driven by higher Bitcoin rewards and a new high-performance computing contract. However, the company has delayed its financial filings due to an unresolved Swedish VAT claim of SEK 765.6 million, which is expected to result in a substantial non-cash accrual and potentially significant operating and net losses.
Final Fantasy 14 is encouraging Japanese players to donate their taxes
Square Enix is encouraging Final Fantasy 14 players in Japan to donate to their local municipalities through a "hometown tax" program. In return for donations, players can receive in-game items such as costumes, a shiba inu mount, or a dance emote. The Shibuya ward in Tokyo is offering these incentives, with the game also slated for release on the Nintendo Switch.
Final Fantasy 14 Rewards Japanese Players for Paying Their Real-Life Taxes With a Giant Dog
Final Fantasy 14 players in Japan can now receive in-game rewards, including the Megashiba Mount, for paying their real-life taxes. This initiative offers unique cosmetic items to players who participate in the tax payment program.
Final Fantasy 14 rewards Japanese players for paying their taxes: make a donation and get a pile of MMO cosmetics
Square Enix is partnering with Shibuya Ward in Japan to offer in-game cosmetic items for Final Fantasy 14 to players who participate in the 'Furusato Nozei' tax donation system. Players can receive items like character editing potions, a Megashiba Inu mount, or a Magitek Costume set by donating specific amounts of Yen.
Evening Tech Bits
An Italian council has implemented a 200% tax on new data center developments in agricultural zones. This measure aims to encourage the utilization of existing industrial areas and mitigate environmental concerns.
Save on Games and Gear: Mario to Elden Ring Deals Are H... | TAG
Best Buy's Ultimate Upgrade Event features discounts on games like Super Mario Galaxy and Monster Hunter Wilds, along with gaming hardware and trading cards. A new Call of Duty movie is slated for a 2028 release, penned by Taylor Sheridan, while a review of the budget-friendly AMD Radeon RX 9060 XT 8 GB graphics card highlights its performance limitations. Additionally, NYC mayor Zohran Mamdani used Mario Kart to explain a new tax on the super-rich, and actor Charlie Cox finally played Expedition 33.
Mamdani Uses Mario Kart To Explain New Tax On The Super-Rich
New York City Mayor Zohran Mamdani used Mario Kart as a metaphor to explain his new tax plan targeting the super-rich. The plan aims to make the city more affordable by implementing a Pied-à-Terre Tax on luxury property owners and encouraging philanthropic donations. Mamdani, a known fan of video games, compared government to Yoshi and philanthropy to a golden mushroom needed to defeat Bowser, representing corporate greed.
Japans 12 Million Crypto Users Propel Web3 Gaming Growth
Japan's gaming industry is experiencing significant growth in Web3 gaming, fueled by over 12 million cryptocurrency users and a favorable regulatory environment. Major companies like Square Enix, Sega, Bandai Namco, and Konami are investing heavily in blockchain technology, aiming to leverage the nation's strong intellectual property in anime and manga. The government is also working towards a flat 20% tax rate on cryptocurrency gains by 2026 to further bolster the sector.
Morning Legal Briefs
This article discusses the complexities and uncertainties surrounding the taxation of winnings from prediction markets. It highlights that there is currently no clear guidance or established method for individuals to report and pay taxes on such earnings.