coinedition.com
The world’s leading blockchain ecosystem Binance officially announced the launch of Binance Tax, a crypto tax calculator that helps estimate and comprehend the user’s crypto tax liabilities “at no cost”.
Notably, on February 6, Binance posted the updates of the new tool on its official page that focuses on simplifying the “confusing, cumbersome, and time-consuming processes” involved in tax filing and calculation.
Interestingly, the platform details the difficulty of the computation of tax, commenting:
Scouring a spreadsheet and computing all your transactions, gains, and losses throughout the past year can be, well, taxing. For day traders, who normally deal with thousands of transactions yearly, this means putting in extended hours and stress to ensure the accuracy of their filings come tax reporting time.
As per the blog, the Binance Tax helps calculate the crypto tax liabilities of up to 100,000 Binance transactions. It is added that at present, the tool is made available only to users in the countries like Canada and France.
Significantly, Binance claimed that “Binance Tax helps you stay up-to-date with your crypto-related tax liabilities, offering a number of tangible benefits”.
In addition, the blockchain assured that the tool provides accurate reporting, stating:
Binance Tax provides detailed information on the transactions you make within our ecosystem to help you file your taxes, including but not limited to: spot trades, crypto donations, and even blockchain fork rewards.
Further, Binance reiterated that the Binance Tax would make Binance a user-friendly platform that eases the manual calculation of tax-related details. Also, the platform stressed that the critical agenda of Binance is to facilitate users to “explore the endless opportunities of Web3”.