Israeli tax authorities investigate NFT creators’ alleged tax evasion
On March 5, according to a report from the Israeli tax authorities on Friday, the agency is investigating the tax evasion of two NFT creators. The two are Avra…
On March 5, according to a report from the Israeli tax authorities on Friday, the agency is investigating the tax evasion of two NFT creators. The two are Avraham Cohen and Antony Polak, who are the owners of the Hollyrocknft.com website. According to the tax authorities, the two people sold the NFT created by 3D scanning based on Western Wall stone through the website, but did not truthfully declare the tax.
Israeli tax authorities accused the creator of “Western Wall” NFT of tax evasion, involving more than US $2 million
Interpretation of the news:
The sale of NFTs has been a growing trend in the world of digital art and collectibles. However, it seems that tax authorities are keeping a watchful eye on these transactions. Such is the case with two NFT creators, Avraham Cohen and Antony Polak, who are under investigation by the Israeli tax authorities for alleged tax evasion.
Cohen and Polak are the owners of Hollyrocknft.com, a website that specializes in the sale of NFTs. According to reports, the duo sold NFTs created from 3D scans based on Western Wall stone through their website. The stones in question are from the Western Wall, also known as the Wailing Wall, which is a holy site for Jews in Jerusalem.
The tax authorities claim that Cohen and Polak did not declare the full amount of tax owed on the NFT sales. This is a serious offense that could result in legal action and penalties for the two creators.
NFT sales have been a gray area in terms of taxation. Some countries have implemented regulations to tax NFT sales, while others have not. In the US, for example, the IRS considers NFTs as property and subject to capital gains tax. However, there are still many uncertainties when it comes to NFT taxation, especially when it involves international transactions.
The investigation into Cohen and Polak’s alleged tax evasion highlights the need for clarity and regulation in the NFT market. As the popularity of NFTs continues to grow, it is essential that tax authorities worldwide develop clear guidelines and regulations for NFT sales.
In conclusion, this case serves as a reminder that NFT creators should not overlook their tax obligations. The potential legal and financial consequences of tax evasion are significant and not worth the risk. Furthermore, the authorities should develop clear regulations that apply to NFT sales to avoid gray areas that can lead to such investigations.
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