預算2025：預算會將比特幣ETF的所得稅從12.5％增加到30％嗎？

2024年結束了兩次大新聞，第一次是美國當選唐納德·特朗普作為其第47任總統，第二個是

The year 2024 concluded with two big news events. First, the United States elected Donald Trump as its 47th President. Second, the Bitcoin price crossed the one million dollar mark.

2024年結束了兩個大新聞。首先，美國當選唐納德·特朗普（Donald Trump）為第47任總統。其次，比特幣價格超過了一百萬美元。

So, what’s the link between India’s 2025 Budget, Donald Trump, and Bitcoin? The link is strong.

那麼，印度2025年預算，唐納德·特朗普和比特幣之間有什麼聯繫？鏈接很強。

Let’s start with some context. Bitcoin is a cryptocurrency known for its volatility, encryption, anonymity, and being an asset without fundamental value. The price of Bitcoin increased following the announcement that Donald Trump had won the 2024 US Presidential Election. Trump’s election promise to keep Bitcoin controlled by the federal government and establish a national Bitcoin reserve enhanced investor confidence.

讓我們從某些上下文開始。比特幣是一種以波動性，加密，匿名性和無基本價值的資產而聞名的加密貨幣。唐納德·特朗普（Donald Trump）贏得了2024年美國總統大選之後，比特幣的價格上漲。特朗普的選舉承諾將保留由聯邦政府控制的比特幣，並建立國家比特幣儲備金增強了投資者的信心。

Till January 2023, investors could only invest in Bitcoin directly on unregulated or semi-regulated exchanges. Following that, investors had another option for investing in Bitcoins that is Bitcoin Exchange-Traded Funds (ETFs). Bitcoin Spot ETFs differ from Bitcoin futures ETFs. The Spot ETF holds Bitcoin, but futures-based ETFs generate positions via derivatives.

直到2023年1月，投資者只能直接對不受監管或半監管的交易所投資比特幣。隨後，投資者還有另一種選擇，用於投資比特幣交易所交易基金（ETF）的比特幣。比特幣現場ETF與比特幣期貨ETF不同。斑點ETF持有比特幣，但基於期貨的ETF通過衍生物產生位置。

The Bitcoin ETF enables investors to gain exposure to Bitcoin without actually owning the cryptocurrency in digital wallets or hard disks. This will reduce concerns about potential cyber attacks and the complexities of keeping complicated passwords saved on hard drives. Bitcoin ETFs trade on the Nasdaq and NYSE.

比特幣ETF使投資者能夠在不實際擁有數字錢包或硬盤中的加密貨幣的情況下獲得暴露於比特幣。這將減少對潛在的網絡攻擊的擔憂，以及保存在硬盤驅動器上的複雜密碼的複雜性。比特幣ETF在納斯達克和紐約證券交易所進行貿易。

A significant tax question emerges for an Indian person who invests in Bitcoin ETFs in the US market. The question is whether capital gains derived from the selling of Bitcoin ETFs should be taxed under Sections 115BBH, 50AA, or 112 of the Indian Income Tax Act, 1961. The Budget 2022 included Section 115BBH, which taxes profits from the sale of Virtual Digital Assets (VDA), including cryptocurrencies like Bitcoin.

對於在美國市場上投資比特幣ETF的印度人來說，出現了一個重大的稅收問題。問題是，是否應根據1961年《印度所得稅法》的第115BBH，50AA或112條對比特幣ETF的出售獲得的資本收益徵稅。預算2022年包括115BBH節，從虛擬數字資產出售中徵稅。 （VDA），包括像比特幣這樣的加密貨幣。

Section 50AA is a specific provision included in the Budget 2023 to tax the income from specified mutual funds that do not invest more than 35% of their total proceeds in equity shares of domestic enterprises. The scope of the tax was expanded by the Budget 2024 to include income from designated mutual funds that invest more than 65% of their total proceeds in debt-based securities, such as debt and money market instruments.

第50AA節是2023年預算中包含的一項特定規定，以對指定的共同基金的收入徵稅，這些基金的收入不超過其總收益的35％以上，其總收益中的收入不超過國內企業的股票股票。 2024年預算的範圍擴大了稅收的範圍，包括指定共同基金的收入，這些基金將其總收益的65％以上投資於基於債務的證券（例如債務和貨幣市場工具）。

Section 112 serves as a residual provision, governing the taxation of long-term capital gains from any capital asset not covered by the special provisions. Section 112 states that short-term capital gains from any asset other than those covered by Section 111A (for example- listed equity shares) are taxed at the applicable tax rate.

第112條作為剩餘條款，負責從特殊規定涵蓋的任何資本資產中對長期資本收益的稅收。第112條規定，除第111A條所涵蓋的資產以外的任何資產（例如，股票股份）以外的任何資產的短期資本收益均以適用的稅率徵稅。

Let’s understand all this Section separately.

讓我們分別了解所有本節。

This section states that the income from the sale of virtual digital assets is taxable under Section 115BBH. Income is taxed at a fixed rate of 30%. A “virtual digital asset” is defined as cryptocurrencies, NFTs, and any other digital asset that has been notified. Bitcoin ETF units may not be protected by VDA because investors did not invest directly in the cryptocurrency. Instead, Asset Management Companies (AMCs) may be taxed under this rule. Given that these USA AMCs are not taxed in India, investors are not required to pay tax under Section 115BBH in this case.

本節規定，根據第115BBH條，虛擬數字資產的銷售收入應納稅。收入以固定稅率為30％。 “虛擬數字資產”定義為已通知的加密貨幣，NFT和任何其他數字資產。比特幣ETF單元可能不會受到VDA的保護，因為投資者沒有直接投資加密貨幣。相反，資產管理公司（AMC）可以根據此規則徵稅。鑑於這些美國AMC在印度沒有徵稅，因此在這種情況下，投資者無需根據115BBH的規定繳稅。

However, if the government classifies Bitcoin Spot ETF as VDA in the third category indicated above, the resulting gains may be taxed under this provision. Until then, this provision may not apply.

但是，如果政府將比特幣現場ETF歸類為上述第三類中的VDA，則根據本規定將徵稅。在此之前，此規定可能不適用。

Section 50AA specifies requirements for calculating capital gains from transferring units of a Specified Mutual Fund (“SMF”). The term “specified mutual fund” refers to a mutual fund (including ETFs) that invests more than 65% of its total proceeds in debt-based securities such as debt instruments and money market instruments. Bitcoin ETFs should be excluded from taxation under Section 50AA because they do not invest in debt instruments.

第50AA節規定了從指定共同基金（“ SMF”）轉移單位來計算資本收益的要求。 “指定共同基金”一詞是指共同基金（包括ETF），該基金將其總收益的65％以上投資於債務證券（例如債務工具和貨幣市場工具）中。根據第50AA條，應將比特幣ETF排除在稅收之外，因為它們不投資債務工具。

Section 112 is a residuary provision that taxes long-term capital gains derived from the transfer of any capital asset. This provision applies when other special provisions are not used to tax long-term capital gains. According to Section 112, long-term capital gains generated by the transfer of a long-term capital asset on or after July 23, 2024 are taxed at 12.5% without indexation. Where the capital asset is transferred on or before July 22, 2024, the long-term capital gain will be taxed at 20% after the indexation benefit.

第112條是一項剩餘條款，該規定從任何資本資產的轉讓中徵收長期資本收益。當其他特殊規定不用於對長期資本收益徵稅時，此規定適用。根據第112條的根據，長期在2024年7月23日或之後轉移的長期資本利得在沒有指數的情況下以12.5％的稅率徵稅。如果資本資產在2024年7月22日轉移或之前，將在指數福利後以20％的稅率徵稅。

Units held for more than 24 months (after July 23, 2024) but before the selling date should be considered long-term capital assets in Bitcoin ETFs. If it is sold on or before July 22, 2024, the holding term will be 36 months.

持有超過24個月的單位（2024年7月23日之後），但在銷售日期之前應視為比特幣ETF中的長期資本資產。如果在2024年7月22日出售，則持有期限為36個月。

CONCLUSION

結論

Section 5

第5節