- They will be reduced to 7%
- Parliament has already passed a relevant bill
On Thursday, June 29, Slovakia passed a bill to reduce taxes on cryptocurrencies.. It provides for a reduction of the tax percentage from 19% or 25% to 7%. Also, payments received in cryptocurrency up to $2600 will be exempt from taxation.
The document writes:
“If the virtual currency is sold after one year from its purchase date, the income from the sale will be taxable at the rate of 7%. Cryptocurrencies held for less than a year would be included in total taxable income along with other sources of income.”
The bill provides that cryptocurrency income would not be subject to mandatory health insurance premiums of 14 percent. According to local Slovak media, the Ministry of Finance believes the amendment will have a financial impact estimated at around $30 million euros per year.
This amendment was adopted a few weeks after Parliament passed another constitutional change enshrining the right of citizens to use cash as a payment method, due to discussions about the introduction of the digital euro.
The topic of taxes is currently a hot topic in Ukraine as well. Incrypted recently held a live broadcast with Petro Bilyk to discuss taxes and legalization of cryptocurrencies in Ukraine. You can read a short summary on our website.