Software that can be integrated into exchanges uses investor data to issue Bitcoin tax returns.
Paypal is the new investor of Taxbit, a tax calculator on cryptomaps, which recently received a financial contribution from the platform. With the calculator, through software it is possible to generate automated returns for customers of platforms that trade cryptomaps like Bitcoin.
According to Estadão, the software that allows the collection of taxes will use the investment to expand the business of the calculator to other countries besides the United States.
Created in 2017, this is not the first investment that Taxbit receives from the market. Before Paypal, the software was presented in a round of investments of Coinbase Ventures.
Taxbit calculates tax on cryptomoedas
This Thursday (7) it was announced that Taxbit received a contribution from Paypal, but that it had no values disclosed. According to Austin Woodward, Taxbit’s CEO, the investment will be used to expand the business of the tax calculator over cryptomoedas.
This way, the software will be available in other countries and platforms that use cryptomaps, besides the USA. With Taxbit it is possible to generate a declaration of the amount of tax to be paid, in case of profit with investment in Bitcoin, for example.
The calculator was created in 2017 and allows an integration between the exchanges and the amount to be paid in taxes with cryptomoedas. As each country has a tax legislation, Taxbit can generate the fee to be paid through a tax return.
Besides Paypal, Taxbit has already received investments through Coinbase Ventures and Winklevoss Capital. With Paypal offering the purchase of Bitcoin and cryptomorphic storage since the end of 2020, Taxbit can be incorporated into the platform.
Brazilian site with calculator
Taxbit software allows integration between exchanges, users and the tax authorities. Through the technology, a tax return on the payment of taxes on cryptomoedas is generated for users who use the calculator.
Until then, Taxbit is only available to users and partner companies operating in the United States. Meanwhile, in Brazil there is a tax calculator about cryptomoedas, which works through a website.
In Brazil, the tax on cryptomoedas is charged in cases where the monthly profit with cryptomoedas reaches values above R$ 35 thousand. In this case, the amount charged is 20%, and the Somas calculator presents the final value of the tax to be paid to the Federal Revenue.