2020全球加密资产税务调查报告（英文版）_54页_3mb

PwC Annual Global Crypto Tax Report 2020 Summary

Core Content

The PwC Annual Global Crypto Tax Report 2020 provides an overview of the current state of digital asset taxation across jurisdictions. It highlights the challenges and gaps in existing tax guidance and outlines areas where further clarity is needed to support the growth of the digital assets industry.

Main Objectives

• Evaluate and review the existing global tax guidance on digital assets.
• Identify areas where there are gaps or where guidance may need refinement.
• Understand how different jurisdictions treat digital assets for tax purposes.
• Highlight the need for principle-based guidance and international coordination.

Key Observations

• Digital Assets Definition: Digital assets are defined as digital representations of value on distributed ledgers or blockchains. They are categorized into:

  • Payment tokens (e.g., Bitcoin): Used as a means of exchange.
  • Utility tokens: Provide access to a platform or service.
  • Security tokens: Represent ownership or rights to future profit.

• Taxation Trends:

  • Tax guidance on digital assets began in 2014, with the US, Sweden, and the UK leading the way.
  • There has been a noticeable increase in the number of jurisdictions issuing guidance, especially in 2017-2018.

• PwC Crypto Tax Index:

  • A tool developed to assess the comprehensiveness of tax guidance on digital assets across 20 areas.
  • The index does not evaluate the quality or usefulness of the guidance, only whether it exists.

• Areas with Limited Guidance:

  • Proof of stake mining and transaction validation income: Unclear whether this is considered a financial return or service income.
  • VAT implications of utility tokens: Country-by-country and token-by-token differences complicate compliance.
  • DeFi platforms: Taxation of income from these platforms is not well-defined.
  • Security and asset-backed tokens: Especially those with hybrid characteristics, which may require different treatment.
  • Tax reporting obligations for exchanges: Not yet fully addressed in many jurisdictions.
  • DAOs: Taxation of decentralized autonomous organizations is unclear due to lack of jurisdictional attribution.

Taxation of Digital Assets as a Means of Exchange

• Classification: Most jurisdictions treat digital assets as "property" rather than money, which can lead to taxation on disposal or spending.
• Tax Implications:
  • Spending digital assets for goods and services may trigger a taxable event.
  • This is a significant barrier to mass adoption due to the complexity of tracking gains and losses for each transaction.
  • Only a few jurisdictions (e.g., France, Germany) provide relief based on holding period and trading turnover.

Digital Assets as an Investment Class

• Capital Gains Tax: Most jurisdictions have some form of capital gains tax on digital assets, but there are variations.
• Exemptions:
  • Some jurisdictions (e.g., Hong Kong, Singapore) have no capital gains tax.
  • Others (e.g., Malta, Portugal) may exempt certain types of digital assets like payment tokens.
• Crypto-to-Crypto Transactions: In many cases, these are taxed similarly to fiat-to-crypto transactions, but there is limited guidance on specific token types.

Income from Digital Assets

• Staking Income: Very little guidance exists on how to tax this type of income.

  • Key Issues:
    • Whether staking income is treated as payment for services or passive financial reward.
    • When the income is taxable (at receipt or disposal).
    • Which jurisdictions may claim taxing rights for cross-border transactions.

• Security and Asset-Backed Tokens:

  • These tokens may grant access to utilities or generate royalty income.
  • Taxation can be complex, especially when the underlying asset is in a different jurisdiction.
  • Hybrid tokens (e.g., combining security and utility features) pose additional challenges.

Tax Incentives for Savings

• Retirement and Savings Schemes: Most jurisdictions do not allow direct investment in crypto assets for tax-advantaged savings.
  • Reasons:
    • Practical: Traditional trustees/administrators are not set up to manage digital assets.
    • Legal: Many laws do not recognize crypto assets as qualifying investments.
  • ETFs and Investment Products: These may be more likely to qualify for tax incentives than direct holdings.

Indirect Tax on Digital Assets

• VAT/GST Treatment:

  • Most jurisdictions consider cryptocurrency transactions within their VAT/GST regimes.
  • EU Guidance: Established in 2014, but still lacks comprehensive coverage for newer token types.
  • Variations: There is inconsistency in guidance across jurisdictions, with many not keeping up with industry developments.
  • Crypto-to-Crypto Transactions: Especially for utility tokens, there is little clarity on VAT/GST treatment.

• US Sales Tax:

  • Limited guidance exists on how to apply sales and use tax to cryptocurrency.
  • Most states treat payment tokens as currency and do not subject them to sales tax.
  • Guidance is generally limited to payment tokens and does not cover newer token types.

Conclusion

• Need for Clarity: Many jurisdictions lack comprehensive and up-to-date guidance on digital asset taxation.
• Principle-Based Approach: Future guidance should be more principle-based to avoid becoming obsolete quickly.
• International Coordination: Given the global nature of the digital assets industry, coordination between tax authorities is essential.
• Challenges for Start-Ups: The lack of clear guidance creates significant tax uncertainty, especially for cross-border operations.