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Russia will implement a six-year ban on crypto mining in ten regions starting January 1, 2025, to address power shortages and reduce strain on local electrical systems. Areas like Irkutsk and the Republic of Buryatia will face seasonal limits, while a year-round ban will apply in the North Caucasus and parts of Ukraine. New regulations require miners to register with the Federal Tax Service and disclose wallet information, reflecting a broader trend of increased oversight in the crypto industry.
Russia has imposed a six-year ban on crypto mining in ten regions due to energy demands, effective from January 1, 2025, to March 15, 2031. Seasonal restrictions will also apply in certain areas during peak energy consumption periods, particularly from November 15 to March 15 in subsequent years. While the country remains open to crypto mining, strict tax compliance and reporting requirements are mandated for registered entities to curb illicit activities.
The IRS has clarified that cryptocurrency staking rewards are taxable as income upon receipt, rejecting claims that they represent "new property." This decision stems from a legal dispute involving Tennessee residents who argued for delayed taxation until the rewards were sold. The ongoing case may set a significant precedent for the taxation of staking rewards in the U.S.
The US Department of Justice is investigating the Trident Trust Group for potential tax evasion, targeting its Swiss subsidiaries. UBS AG, listed among the group's correspondent banks, faces demands to disclose client data, raising concerns about cooperation with US authorities. The DOJ's actions stem from clients allegedly failing to report foreign accounts to the IRS, while Trident Trust asserts compliance with relevant regulations.
The IRS has reaffirmed that staking rewards are taxable income upon receipt, rejecting a legal challenge from Joshua and Jessica Jarrett, who argue that these rewards should be treated as property and taxed only upon sale. Their ongoing dispute stems from taxes on Tezos tokens earned in 2019 and 2020, with the couple seeking a legal precedent for the treatment of staking rewards in the U.S. The IRS maintains that block rewards are classified as income based on their fair market value at the time of receipt.
The Swiss Socialist Party demands urgent measures to mitigate the risks posed by the oversized UBS, including a ban on bonuses for executives and party financing by the bank. They argue that the current Too Big to Fail regulations are inadequate and call for increased capital requirements and a faster revision timetable to protect taxpayers from potential financial crises.
Nestle India has stated that the suspension of the most favoured nation (MFN) clause by Switzerland will not affect its operations. The company emphasized that this policy change, related to the Double Taxation Avoidance Agreement, is a matter between the governments of India and Switzerland and is not specific to Nestle.
Switzerland has withdrawn the Most Favoured Nation (MFN) status granted to India following a Supreme Court ruling affecting Nestlé and other companies. Nestlé India stated that this decision will not impact its operations, as it has been deducting a 10% withholding tax. The Swiss authorities noted that the ruling highlighted a lack of reciprocity regarding the Double Taxation Avoidance Agreement, leading to higher tax demands on dividends for Swiss and other multinational companies.
Starting January 1, 2025, a revised international inheritance law will allow dual nationals and Swiss citizens abroad to choose foreign jurisdiction for estate administration, while still adhering to Swiss compulsory portions if Swiss authorities are involved. This change affects approximately 1.8 million individuals and enhances Switzerland's appeal as a financial center, despite some legal complexities. The reform is seen as a competitive advantage, especially as the UK plans to abolish its Non-Dom status.
A revised international inheritance law will take effect in Switzerland on January 1, 2025, allowing dual nationals and Swiss citizens abroad to choose between Swiss or foreign law for estate settlements. While this change benefits around 1.8 million people, it retains the Swiss compulsory portion rule, which may lead to disputes. Legal experts view the amendment as an attractive solution that enhances Switzerland's appeal as a financial center.

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