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Summary
Hong Kong’s first crypto-asset tax reporting software, FinTax, was launched today by TaxDAO, marking a significant development in the digital assets sector. The software aims to simplify the calculation of crypto-asset salary tax and profits tax.
Introduction
Hong Kong has recently seen notable advancements in the digital assets space, with TaxDAO introducing the FinTax software, formerly known as Intax. This launch comes amidst the rise of decentralized finance and increased attention on tax regulations in the region.
Main Points
TaxDAO, founded by former Bitmain Tax Director Calix in 2023, brings international tax compliance expertise to the table. The FinTax software will assist in calculating crypto-asset taxes and profits, streamlining the reporting process. It is designed to generate the BIR60 form for tax bureaus and integrates with popular exchanges like Telegram and Binance.
BIR60 tax return in Hong Kong allows individuals to report various income sources in a single return, including employment income, sole-proprietorship profits, and rental earnings. FinTax’s focus on tax calculation and reporting sets it apart from its predecessor InTax, emphasizing digital asset tax compliance.
Conclusion
As FinTax enters its seed funding phase, its impact on simplifying crypto-asset tax reporting remains to be seen. The growing emphasis on tax regulations in the digital assets space globally, exemplified by the US SEC, underscores the importance of tools like FinTax. This development in Hong Kong’s digital assets sector coincides with broader advancements in the industry, as highlighted by notable figures like Charles Hoskinson discussing Cardano’s potential.
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