Slovakia Stands to Lose €30M Through Crypto Tax Cuts

BeInCrypto
BeInCrypto

29 Jun 2023 2:00 PM

Slovakia reduces taxation on crypto profits from 19%-25% to 7%, and exempts businesses from paying tax on crypto receipts under $2,600....

  • Slovakia's National Council has voted to reduce taxes on profits from crypto sales and taxation on payments under $2,600.
  • The government cut crypto taxes to 7% from a sliding scale of 19% to 25%.
  • Companies will not have to pay taxes on receipts of €2,400 ($2,600) or less.
  • Citizens will not have to contribute 14% towards health insurance from crypto income.
  • The latest tax measures will reduce annual income the government collects by €30 million.
  • The government aims to simplify the use of virtual currencies in everyday life.
  • Portugal charges no value-added tax for cryptocurrency payments, but companies offering crypto-related services must pay capital gains tax.
  • Switzerland charges no tax on capital gains or income, but it imposes wealth taxes on assets, including crypto.
  • Slovakia is a member of the European Union, which recently passed the Markets in Crypto-Assets bill.
  • The bill does not specify tax brackets for cryptocurrency transactions or income.
  • EU finance ministers agreed on new reporting rules for crypto service providers.
  • US lawmaker Brad Sherman has demanded the US Treasury finalize rules on crypto taxation.

The sentiment of the article is generally positive, as it highlights the reduction in taxes on crypto profits and payments in Slovakia. However, it also mentions the potential cost to the government and the impact on annual income.

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You May Ask

What is the new tax rate on profits from crypto sales in Slovakia?What is the threshold for tax exemption on receipts from crypto payments?How much will the latest tax measures reduce the government's annual income by?What are the tax regulations for cryptocurrency in Portugal?What reporting rules did EU finance ministers agree on for crypto service providers?

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