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Israeli cryptocurrency investors cannot pay taxes because the bank refuses to open an account

Israeli cryptocurrency investors cannot pay taxes because the bank refuses to open an account
Israeli cryptocurrency investors cannot pay taxes on cryptoassets, since banks do not accept income from cryptocurrency trading as a deposit.
Israeli media Haaretz reported that local cryptocurrency investors cannot deposit income from their BTC investment into bank accounts due to banks worrying about money laundering and terrorist financing. Bitcoin is not recognized as a currency in Israel, and trading income is taxed on 25% capital gains tax for individuals and 47% corporate tax rate for companies.
These two factors have reportedly led to the fact that the Israeli tax authority expects to receive taxes from cryptocurrency investors. But they are not able to pay them, because they cannot place the profits from their investments in the national currency in local Bank accounts.
The publication tells about the experience of the local BTC investor Ron gross (Ron Gros), who invested in bitcoin in 2011 and reported his income to the local tax authority. He reports that in 2017, Hapoalim Bank began to refuse to place profits from BTC on his account. Gross also met with the Bank's employees and showed them 70 pages of Deposit income records with BTC, but the Bank continued to refuse to accept the funds. Gross told:
"I tried to work with almost all banks, but as soon as they hear the word 'bitcoin', they refuse."
Since he was unable to pay taxes to the Israel tax authorities, his bank account, house and scooter were seized. He also said that "the tax authorities know this problem, but they say it is not under their jurisdiction."
Haaretz also notes that the local tax authority is aware of unpaid taxes of 300 million shekels (more than $ 85.7 million) on profits from cryptocurrency revenues, but this figure is probably much higher.
Recently, the Bits of Gold cryptocurrency exchange won a significant legal victory for Israeli banks and obtained banking services. In addition, this spring, a court in the Central District of Israel ruled in support of the country's tax authorities, recognizing that Bitcoin is a financial asset, not a currency.
#News #Tax #Israel #Banks #Regulation #Accounts
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