Hong Kong has recently unveiled its first crypto-asset tax reporting software, called FinTax. This software aims to assist individuals in calculating their crypto-asset salary tax and profits tax. The launch of FinTax comes at a time when Hong Kong has been making significant advancements in the digital assets sector.
TaxDAO, a Web3 Finance and Tax organization, is responsible for the development and launch of FinTax. Founded in 2023 by former Bitmain Tax Director Calix, TaxDAO has a team with extensive experience in tax compliance and planning for cryptographic assets. They have been providing consulting services on digital assets taxation and tax compliance.
FinTax is expected to enhance TaxDAO’s services by facilitating the computation of crypto-asset salary tax and profits tax. It can also generate the tax bureau BIR60 form and its schedule, which is a tax return specific to individuals in Hong Kong. By integrating with popular exchanges like Telegram and Binance, FinTax aims to provide convenient tax calculation and reporting for customers.
However, the success of FinTax is yet to be determined as it is currently in its seed round of funding. The software’s full implementation and active usage will determine its effectiveness. It is worth noting that tax regulations for digital assets have gained significant attention worldwide, with organizations like the US SEC taking the lead in enforcing compliance.