RATE Group | Israeli BTC Investors Can’t Pay Taxes as Banks Refuse Deposit
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Israeli BTC Investors Can’t Pay Taxes as Banks Refuse Deposit

11 Aug Israeli BTC Investors Can’t Pay Taxes as Banks Refuse Deposit

Posted at 08:26h in Cryptocurrency News by

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Israeli Bitcoin (BTC) investors are unable to pay their taxes as banks do not accept deposits obtained from cryptocurrencies.

Israeli banks freeze up the minute they hear Bitcoin

Israeli newspaper Haaretz reports on Aug. 6 that local crypto investors are unable to deposit the returns of their Bitcoin investments into bank accounts due to money laundering and terrorist financing concerns. Bitcoin is not recognized as a currency in Israel and earnings made by trading them are subject to a 25% capital gains tax for individuals and a 47% corporate tax rate for corporations.

Those two factors reportedly result in the Israel Tax Authority expecting taxes from Bitcoin investors, who find themselves incapable of paying them since they cannot deposit the earnings resulting from their investments as local fiat currency onto local bank accounts. The outlet outlines the experience of local BTC investor Ron Gross, who invested in the coin in 2011 and reported his earnings to the local tax…

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