Slovakian Lawmakers Pass Amendment Lowering Cryptocurrency Taxation

NewsBTC
NewsBTC

29 Jun 2023 5:00 PM

Slovakia approved new legislation. This is aimed at reducing taxes associated with the sale of crypto or digital assets....

  • Lawmakers in Slovakia have approved new legislation aimed at reducing taxes associated with the sale of crypto or digital assets.
  • The legislation includes a reduction in personal income tax on profits derived from the sale of cryptocurrencies for individuals who have held them for at least one year.
  • The tax rate on profits from the sale of cryptocurrencies will be reduced to 7%, compared to the current rates of 19% or 25%.
  • Payments received in cryptocurrencies up to 2,400 euros will be exempt from taxation.
  • Income derived from cryptocurrencies will be excluded from health insurance contributions.
  • Slovakia is among the proactive member states of the European Union in monitoring advancements in the cryptocurrency industry.
  • The European Union has enacted regulations to establish Europe as a prominent hub for digital asset activities.

The overall sentiment of the article is positive, as it highlights the approval of new legislation in Slovakia aimed at reducing taxes associated with cryptocurrencies. It also mentions Slovakia's proactive approach to monitoring the cryptocurrency industry and the European Union's efforts to establish itself as a hub for digital asset activities.

Go to publisher site

You May Ask

What is the purpose of the new legislation approved in Slovakia?How will the tax rate on profits from the sale of cryptocurrencies be reduced?What is the exemption limit for payments received in cryptocurrencies?How does Slovakia's approach to cryptocurrency regulations compare to other countries, such as the United States?What regulations has the European Union enacted to promote digital asset activities?

Suggested Reads