Binance Tax is a newly built service meant to provide customers with easy access to information about their digital currency trading activities.
For the initial time, the free tax tool will be offered to Binance African users beginning in South Africa.
Users will be enabled to easily receive a detailed report from Binance Tax, which will provide a breakdown of their gains or losses on the site. This report will be a great resource for users as they prepare and submit their tax papers.
The major goal of this tool is to assist users in putting together and submitting their tax returns by giving a simple and easy way to comprehend their liability on the Binance platform.
This was owing to rising consumer demand for a simple way to understand their tax liabilities on the platform.
Users can get a detailed summary of their trading activity by logging here with their Binance account credentials.
Users can access a complete transaction history, including their transactions, and review the ensuing capital gains and income made by their Binance activity after logging in. Users can download several reports to keep this information easily accessible.
Binance Tax Assistant provides three sorts of transaction reports:
- The Capital Gains Statement
- Report on Income Gains
- Report on Transactions
The above reports are made available to users so that they can keep a record of their trading activity on the site.
Mayur Kamat, Binance’s Head of Product, stated that Binance is continually searching for ways to build solutions that make its customers’ life easier, which often includes listening to and responding directly to user feedback.
“We heard from our users that they wanted an easier way to see and understand their taxes, so we’re excited to bring this new, free-to-use tax tool to our community, beginning in South Africa,” Mayur Kamat continues.
Binance Tax uses basic tax principles to assist you in determining capital gains, losses, and income created by cryptocurrency trades.
Your capital gains report will include the following information:
- The purchase date
- Date of sale
- Profits from sales
- Basis of calculation
- The holding time and
- Type of transaction
In a similar vein income gains and transaction types will be included in your income gains report.
Following the first pilot program in France, Binance has expanded the tool’s availability to numerous other global markets internationally.
Although the tool is still in the beginning stages of development, its primary goal is to improve users’ understanding of Binance platform transactions in connection to their tax duties.
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