Key Points: Governments are increasingly looking for ways to make sure they don’t lose money from their businesses. Binance created Binance Tax to help users calculate the tax responsibilities associated with cryptocurrency transactions.
This tool is intended to simplify the calculation of gains and losses over the course of the year.
This tool is free and only available to Canadian and French users. It supports reporting up to 100,000 transactions.
Binance’s official blog announced the launch of “Binance Tax”, a tax declaration tool that allows users to track encrypted transactions and to download a tax summary report detailing any gains or losses made on their Binance accounts during the year. This includes spot transactions, crypto donations and blockchain-based rewards. While other platforms may charge steep fees based upon the volume of transactions on your report Binance gives customers free access to its sophisticated tax software. Even the most active Binance ecosystem members can use this system, which supports up to 100,000 transaction reportable transactions. This could mean thousands of transactions for those who trade regularly. To maintain accuracy, it would take several hours to calculate. The product is still in its early stages and does not support all types of transactions. Users will need to make changes. Binance Tax is currently being piloted in France and Canada. It will then expand to other global markets in Binance’s ecosystem later in the year. However, the tool still does not support all transaction types. Binance Tax is currently only available to information on Binance, but Binance stated that it plans to expand the tool to include other platforms in the future. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comHaroldCoincu NewsTags: BinanceBinance TaxCanadacryptoFrance