Cryptocarbon: How Much Is the Corrective Tax?

Hebous, Shafik

doi:10.5089/9798400256080.001

IMF Working Papers

2023

DOI: 10.5089/9798400256080.001

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Cryptocarbon: How Much Is the Corrective Tax?

Shafik Hebous

Abstract: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

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Cited by 1 publication

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Taxing cryptocurrencies

Baer,

De Mooij,

Hebous

et al. 2023

Oxford Review of Economic Policy

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Policy-makers are struggling to accommodate cryptocurrencies within tax systems not designed to handle them; this paper reviews the issues that arise. The greatest challenges are for implementation: crypto’s pseudonymity is an inherent obstacle to third-party reporting. Design problems arise from cryptocurrencies’ dual nature as investment assets and means of payment: more straightforward is a compelling case for corrective taxation of carbon-intensive mining. Ownership is highly concentrated at the top, but many crypto investors have only moderate incomes. The capital gains tax revenue at stake worldwide may be in the tens of billions of dollars, but the more profound risks may ultimately be for VAT/sales taxes.

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Taxing cryptocurrencies

Baer,

De Mooij,

Hebous

et al. 2023

Oxford Review of Economic Policy

View full text Add to dashboard Cite

show abstract

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Cryptocarbon: How Much Is the Corrective Tax?

Cited by 1 publication

References 17 publications

Taxing cryptocurrencies

Taxing cryptocurrencies

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