Binance launches free tax assistant tool in SA to provide tax details for crypto transactions
Today Binance is launching Binance Tax, a new tool that aims to enable users to easily access details of their crypto trading activity and to download a report showing a summary of their gains or losses made with Binance. That report in turn is intended to assist users with the preparation and filing of their tax reports.
Binance Tax was designed after a growing response from customers to have an easy-to-use tool to understand their liability on the platform for the purpose of assisting them to prepare and file their tax reports. Users can access a breakdown of trading activity by logging into https://www.binance.com/en/tax with their Binance account. Once logged in, users can see a history of their transactions (or trades) and the resulting capital gains and income generated from their Binance activity. Users can then download this information in the form of their Capital Gains report, Income Gain report or transaction report.
“We’re always looking at how we can build products to make our customers' lives easier and that often means listening and reacting directly to user feedback,” said Mayur Kamat, head of product at Binance. “We heard that our users wanted an easier way to be able to see and understand their taxes, so we’re excited to bring this new, free-to-use tax tool to our community, starting in South Africa,” adds Mayur Kamat.
Following the initial pilot in France, Binance has now expanded the tool to a range of other global markets around the world. The feature is in the first stages of development and aims to provide a better understanding of transactions from the Binance platform for the purpose of tax liabilities. The current version doesn’t integrate with other platforms or wallets, but there will be plans to develop this, looking at which integrations and future improvements would be beneficial in the future for this product.
For more information about the feature, find out more here.