UK tax authority makes first NFT seizure in VAT fraud case

NFT Create your own NFT. But make sure you declare your income on them. The tax authority made three arrests in connection with a suspected tax evasion using shell companies and false identification. XRPUSD UPTREND TO THE MOON START

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Her Majesty’s Revenue and Customs (HMRC), the chief tax authority in the United Kingdom, has seized three nonfungible tokens (NFT) associated with a suspected tax evasion fraud. Coinbase not involved DOJ’s Bitcoin seizure

22-year-old Indonesian boy makes $1M by selling NFT selfies

The tax watchdog claimed it was the first U.K. law enforcement agency to seize NFTs. The NFT seizure came along with the arrest of three people who are suspected of evading taxes using various sophisticated means, reported the BBC.

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No changes to crypto tax provisions

The arrested suspects in the case reportedly used fake identities and created 250 fake “shell” companies to evade 1.4 million British pounds ($1.8 million) in value-added taxes.

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NFTs bloomed to peak popularity in 2021 and have become a trend among brands and the public. With a rise in popularity and use cases, the opinions of lawmakers have also become a common regulatory topic. These regulatory discussions are quite common and in tune with the traditional financial market.

UK tax authority makes first NFT seizure in VAT fraud case

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UK tax authority makes first NFT seizure in VAT fraud case

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UK tax authority makes first NFT seizure in VAT fraud case