20240046370. Supplemental Tax Protocol System and Method simplified abstract (SafeMoon US, LLC)
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Contents
Supplemental Tax Protocol System and Method
Organization Name
Inventor(s)
Adel Elmessiry of Brentwood TN (US)
Supplemental Tax Protocol System and Method - A simplified explanation of the abstract
This abstract first appeared for US patent application 20240046370 titled 'Supplemental Tax Protocol System and Method
Simplified Explanation
The abstract of the patent application describes a system and method for calculating and deducting supplemental taxes associated with cryptocurrency transactions automatically. Here is a simplified explanation of the abstract:
- The patent application proposes a system and method for handling supplemental taxes related to cryptocurrency transactions.
- It suggests automatically calculating and deducting these supplemental taxes upon the execution of a transaction.
- The innovation aims to simplify the process of tax calculation and deduction for cryptocurrency transactions.
Potential Applications:
- Cryptocurrency exchanges and platforms can utilize this technology to streamline tax calculations and deductions for their users.
- Governments and tax authorities can leverage this system to ensure accurate and efficient taxation of cryptocurrency transactions.
Problems Solved:
- Simplifies the process of calculating and deducting supplemental taxes associated with cryptocurrency transactions.
- Addresses the challenge of accurately determining and deducting taxes in the rapidly evolving cryptocurrency landscape.
Benefits:
- Automation of tax calculation and deduction reduces the burden on users and ensures compliance with tax regulations.
- Streamlines the tax collection process for governments and tax authorities.
- Enhances transparency and accuracy in cryptocurrency transactions by incorporating tax calculations directly into the transaction execution process.
Original Abstract Submitted
a system and method for calculating supplemental taxes associated with a cryptocurrency transaction and automatically deducting such supplemental taxes upon execution of a transaction.
