Bitcoin, Crypto currency, Blockchain

After protests in Poland: No tax on crypto-currencies

52d63b98e64e374006efe3c42c9ac2b6 - After protests in Poland: No tax on crypto-currencies

Crypto to users in Poland pay no future taxes on trading crypto-currencies. Thus, the Polish Ministry of Finance is responding to a massive front from the Polish crypto-Community. The Repeal of the tax liability, however, is temporary – it’s important to be seen how the situation develops for the Polish crypto-Fans in the next time.

To the beginning of the year, the Polish government introduced a taxation of crypto currencies into the game. As the Ministry of Finance announced in April, are all committed to Poland, the trade in crypto to pay taxes on the profits. Accordingly, all revenue of the personal income tax are attributable. This is, depending on the level of income, in the range between 18 and 32 percent. In addition, the Ministry of Finance on a transaction tax of one percent per Trade irrespective of the Gain or loss of the crypto trading brings to the users.

The announcements of the government, drew an immediate response from the crypto Community. After an Online Petition was signed, collected some of the protesters from the crypto scene in front of the building of the Ministry of Finance. They accused the government that the emerging crypto market in Poland, to narrow, and your crypto-enemy of the feeding strategy. In addition, the timing of the announcement was criticized: The Deadline for the payment of the annual tax on the 30. April, a few weeks after the announcement of the crypto-taxation.

A rethink of the government

Now, the Polish Ministry of Finance has detailed discussions with the protest of a Better learning apparently level-headed. As the Polish press Agency reported last week, would like to make the Finance Ministry a “detailed analysis” in the area of crypto-currencies, to a reasonable regulatory and tax policy to install. Until this analysis is completed, is to be exposed to the taxation of crypto-trade for the time being. At least in the short to medium-term point of view, this are so good news for crypto-traders in Poland.

In Germany, private-sale-currency transactions of Crypto according to § 23 Abs. 1 no. 2 of the income tax act (EStG) are taxed. A detailed explanation of the tax Situation in Germany, there are here. However, it remains to be noted that very few countries have already worked out a final version of a regulatory framework for crypto currencies. Accordingly, it is also spoken on the subject of taxes is still the last word.

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