Israel’s parliament moves forward with crypto tax exemption for foreigners
On June 5, a bill proposing exemption s from capital gains taxes on the sale of digital currencies in Israel passed the preliminary reading in the country’s parliament , the Knesset. The bill offers extra tax advantages for people who hold digital assets while clearly distinguishing between crypto assets considered securities and commodities. Clarity on crypto tax If passed, the bill would provide tax relief for the sale of digital currencies and align the taxation of crypto bonuses with stock options for employees. Currently, the tax rate for crypto bonuses stands at 50%, but this bill aims to reduce it to 25%. The legislation is championed by Knesset member Dan Ilouz. He emphasizes that the bill enjoys strong backing from the ruling coalition parties. Currently, crypto workers and foreign investors have to pay double the tax on their options compared to workers in the traditional high-tech industry. You might also like: Bank of Israel considers CBDC issuance...