Hello, let's say an individual has made 7-figure income from crypto trading. But didn't pay any tax on it, because his country of residence (Kazakhstan) doesn't include trades with losses into tax calculation.
That is if he has 100 million of profit trades and 97 million of loss trades, so 3 million is a profit, however the tax authorities only use 100 million for tax calculation and tax 10% on that amount.
So the trader needs to pay 10 million of taxes, but only has 3 million. This means the individual cannot pay taxes in that country of residence. But wants to move to a more favourable jurisdiction like UAE and cash out that crypto into banks, EMIs.
Is there a risk that banks and EMIs will ask for tax payment receipts?
If he starts a business with those money, will he face questions in the futures to prove SoF/SoW and tax receipts on the money he started the business on?
That is if he has 100 million of profit trades and 97 million of loss trades, so 3 million is a profit, however the tax authorities only use 100 million for tax calculation and tax 10% on that amount.
So the trader needs to pay 10 million of taxes, but only has 3 million. This means the individual cannot pay taxes in that country of residence. But wants to move to a more favourable jurisdiction like UAE and cash out that crypto into banks, EMIs.
Is there a risk that banks and EMIs will ask for tax payment receipts?
If he starts a business with those money, will he face questions in the futures to prove SoF/SoW and tax receipts on the money he started the business on?