The Polish government has decided to levy a tax on all cryptocurrency transactions, as reported by a Reddit user. Traders dispute tax collection whether the taxpayer makes a profit or not.
Taxing Cryptocurrency Transactions in Poland
Receipts from cryptocurrency transactions are subject to income tax guidelines in two installments: 18% and 32% . The Polish Ministry of Finance published this decision by analyzing the tax code last week. The promotion and purchase of digital currencies will be interpreted as a change of ownership, resulting in a 1% deduction from the net value of the transaction, in accordance with the guidelines of the civil law agreements. The ministry's provision was released a few weeks before the deadline for filing annual personal income statements on April 30.
More than 22,000 signatures were collected by the petition . The new regulation will mean that capital invested in cryptocurrencies can be taxed "hundreds or even thousands of times. " Prime Minister Mateusz Morawiecki reiterated that the Poles are not affected by investment in crypto-currencies. Meanwhile, the federal government and lenders support blockchain innovation in the banking sector.
Finance Minister contradicts himself
"We demand the release of the blockchain technology market and the abolition of all taxes related to this industry," said the petition. "We want to be active creators of this technology, not just passive recipients, centralized Polish institutions or foreign entities, in the years to come. "The Finance Minister commits to a "more practical" imposition of cryptocurrencies, according to his website. Yet binding interpretations of existing rules in no way reflect this assertion.
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Posted from my blog with SteemPress : https://infos.link/traders-protest-polish-tax-on-all-cryptocurrency-transactions/