We have approved the methodology of our tax reports with the tax authorities of most countries
When dealing in cryptocurrency, such as receiving, selling, trading cryptocurrencies, or paying for goods or services in cryptocurrency, you will most likely have to pay taxes.
Cryptocurrency is taxed like any other property. When selling or exchanging cryptocurrency, you will have to pay the difference between the cost of buying or selling the cryptocurrency (capital gain). If you received the cryptocurrency for no consideration, you will need to pay income tax in some jurisdictions.
We support 3 cost basis methods: 1. FIFO (First In, First Out) - the first asset you bought is the first asset you sell; 2. LIFO (Last In, First Out) - the last asset you bought is the first asset you sell; 3. HIFO (Highest Cost, First Out) - the asset with the highest price you bought is the first asset you sell.
Our tax reports are universal and can be applied to all countries. However, our clients can set up specific rules related to the regulation in their country as part of the customisation of the reports.
We support most major exchanges including Binance, Bybit, EXMO, Huobi, KuCoin, which our customers can connect via an API. You can also import trades from other exchanges.
Different reports include different sets of information. As an example is the Capital Gains Report, which includes the following information: - Disposed at; - Asset; - Amount; - Proceeds (Fiat currency); - Acquired at; - Cost (Fiat currency); - Profit or Loss (Fiat currency). As well as a brief summary of the report.
Our reports can be used for various purposes: audit, tax reporting, AML, etc.