Slovakia to Lower Tax on Income From Crypto Holdings – Taxes Bitcoin News

Bitcoin.com
Bitcoin.com

30 Jun 2023 10:30 PM

Lawmakers in Slovakia have adopted legislation that will reduce the tax burden for cryptocurrency holders in the country....

  • Lawmakers in Slovakia have approved legislation to reduce the tax burden for cryptocurrency holders.
  • Income from long-term investments in digital assets will be relieved from healthcare taxes.
  • Crypto assets sold more than a year after purchase will be taxed at 7%.
  • The tax rate for long-term crypto holdings will be lower than regular income tax rates.
  • The legislative proposal was supported by multiple political parties.
  • Gains from crypto investments will also be exempt from health taxes.
  • The financial impact of the amendment is estimated to be around €30 million per year.
  • The tax exemptions come after efforts to protect cash payments in Slovakia.
  • Crypto payments up to €2,400 will also be exempt from taxation.

The sentiment of the article is generally positive, as lawmakers in Slovakia have adopted legislation to reduce the tax burden for cryptocurrency holders. This move is likely to be welcomed by investors and may encourage further adoption of cryptocurrencies in the country.

Go to publisher site

You May Ask

What is the tax rate for long-term crypto holdings in Slovakia?Which political parties supported the legislative proposal?How much is the estimated financial impact of the amendment?What other tax exemptions are included in the legislation?Will other European countries adopt a similar tax regime for crypto investments?

Suggested Reads