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- Binance has introduced a new cryptocurrency tax calculator they call Binance Tax.
- Binance Tax will assist clients in learning about cryptocurrency tax legislation.
- Binance Tax is currently available to users based in Canada and France.
Recent news reports state that Binance has made a public announcement regarding the launch of a brand new cryptocurrency tax calculator, known as Binance Tax.
Binance Tax is a brand-new tool that provides customers with access to information about their bitcoin trading-related taxes in a much more expedient manner.
Binance Tax is a service that will assist clients in learning about cryptocurrency tax legislation and complying with such regulations for free for up to 100,000 trades. Additionally, users can use this information to generate a report that explains their financial activities on Binance, including a tax breakdown of their gains and losses. This report can be shared with the relevant authorities.
According to reports, users located in Canada and France are the only ones who may access this service at the present time.
The new service is offered to users of Binance.com at no additional cost and will provide them with information that is specific to their region. This will make it simpler for users to obtain tax information that may need to be included in their returns.
Mayur Kamat, head of products at Binance, has stated that the firm is always considering ways to improve its products based on the feedback it receives from customers. After listening to the needs of our community in France for an easier and more simplified approach to tax preparation, we are pleased to make this brand-new tax solution available to them at no additional cost.
Following the completion of successful tests in France, Binance plans to expand the availability of the service to additional regions throughout the globe later in the year 2018. Customers will have a better understanding of their tax responsibilities with respect to transactions made on the Binance platform thanks to the solution that is still in the development phase.
However, there are plans to improve it and examine whether future updates and platform integrations will be advantageous for this product. The present version does not yet integrate with other platforms or wallets; however, there are plans to improve it.
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