"Poles says digital-currency trade subject to civil law rules"
"Traders face tax bills worth ‘hundreds of times’ their capital"
In short: The government decided to impose a tax on all cryptocurrencies, regardless of whether the taxpayer made a profit. Digital currency trading entities in Poland protest against it.
The Ministry of Finance published last week's interpretation of the national tax code, stating that the income from transactions on cryptocurrencies is subject to tax regulations, with two tax ranges of 18 percent and 32 percent.
Entrepreneurs trading in cryptocurrencies organized an internet petition. The ministry's position was published a few weeks before the deadline for submitting annual personal income declarations by Poles on 30 April.
Signed by more than 2,200 people, the petition says that the new regulations will mean that capital invested in cryptocurrencies may be taxed “hundreds or even a thousand times.” While Prime Minister Mateusz Morawiecki has called digital currencies “Ponzi schemes” in an effort to turn Poles away from such investments, the government and state-owned lenders generally support blockchain as a source of innovation in the banking industry.
“We are demanding the release of the blockchain technology market and the abolition of all taxes related to this industry,” according to the petition. - citizens say.
The Ministry of Finance stated on its website that it is working on a "more convenient" method of taxing cryptovalies.
A guy was posting to The Ministry of Finance:
I quote and translate:
"I am afraid that the PCC-krypto scandal will once again be subverted to foreign votes on the rule of law in Poland (making citizens of mega-debtors and criminals).
You have introduced an interpretation that even a middle school student turning a PLN 100 standard BTC bot for the last few years will make a debtor billions of zloty overdue tax.
A friend of mine used several bots with 2k USD per one trading 24/7 for past 2 years. He made a hefty profit on it - about 50k USD in 2 years which is fucktone in Poland. Unlucky for him he has to pay 3 billion PLN in taxes (830 million USD).
If this inversion is not quickly withdrawn, you will be responsible for a series of suicides, a large number of emigrants and the escape of companies to more friendly states' new technologies."