Slovakian parliament passes bill lowering crypto taxes

Slovakian parliament passes bill lowering crypto taxes
фото показано с : invezz.com

2023-6-29 16:16

The Slovakian parliament has approved a bill seeking to lower to lower taxes on cryptocurrency income, according to local reports.

An amendment to the law passed 112-2 in favour at the third reading. With this approval, a 7% tax rate will apply on gains from sales of crypto held for a year. Per local media, the tax is much lower than the usual sliding income tax rate of 19% or 25%.

Crypto payments to 2,400 euros exempt

The National Council’s vote on June 28 also brings into law other benefits to crypto users, including the fact that crypto income is now exempt from the country’s 14% health tax. Also, crypto payments of up to 2,400 euros ($2,624) will also be exempt from taxation. This could be a big win for crypto users in the country.

Elsewhere, Slovakia is looking to expand the scope of investors allowed to invest in alternative investment funds. The number of assets qualified investors can hold in such funds are also set to rise, with these earmarked for increase from 20% to 30%.

Reports also reveal the impact of this to be to the tune of 30 million euros per year, estimates given by the country’s Ministry of Finance.  

Slovakia’s move comes ahead of the anticipated roll out of a European Union crypto regulatory framework, the Markets in Crypto Assets (MiCA). The EU officially adopted the regulations in May, setting into motion a timeline towards their effective application in law in 2024. MiCA will offer a comprehensive crypto regulation framework across EU member states.

Japan recently moved to ease its crypto taxation rules for token issuers as part of promoting the crypto and fintech industry in the country. The revision to earlier regulation means Japanese-based token issuers are exempted from the fixed 30% corporate tax levied on holdings (unrealized gains), blockchain news reporter Colin Wu tweeted.

Japan’s National Tax Agency has announced that unrealized gains from cryptocurrencies issued by companies themselves will no longer be taxed in order to make it easier for cryptocurrency-related companies to do business in Japan. Under current Japanese law, if a company holds…

— Wu Blockchain (@WuBlockchain) June 25, 2023

The post Slovakian parliament passes bill lowering crypto taxes appeared first on Invezz.

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taxes bill parliament lower slovakian passed law

Источник: invezz.com

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