The deputy director-general of the Israel Tax Authority (ISA) Roland Am-Shalem has announced he would not insist on the FIFO (first in, first out) method of taxing cryptocurrency earnings, which could reduce taxes on digital currencies by 50%.

In a statement sent to Cryptovest, Jeremy Dahan, co-founder of Hello Group Software, welcomed the news describing the move as “Another step in advancing crypto regulation in Israel.”

He quoted Am-Shalem as saying, “We will not insist on calculating FIFO in the taxation of crypto.”

Am-Shalem was asked whether the tax can be reported in a non-FIFO method, assuming that the cryptocurrencies can be identified. He replied: “Yes, we will not insist on FIFO, subject to the fact that you can identify the currencies and be consistent with yourself.”

Moreover, Am-Shalem clarified that the exact tax calculation, wh…

This article appeared first on Cryptovest

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