Slovenian Ministry of Finance solicits public opinion on tax law for cryptocurrencies

According to local reports, The Slovenian Ministry of Finance requests a public consultation on a bill on the taxation of investments in cryptocurrencies.

The Ministry’s intention to measure investor sentiment occurs Almost a month after the Financial Administration of the Republic of Slovenia proposed a 10% tax on cryptocurrency activities.

If the bill is passed under the Slovenian Income Tax Act, a 10% tax rate will be applied to all fiat to crypto conversions and payments with cryptocurrencies. However, the tax liability limit is set at 15,000 euros (17,387) US dollars for the calendar year. Investors within the limit are exempt from tax on cryptocurrencies. The authorities had previously clarified their motives for introducing the tax on cryptocurrencies.

â ???? We would like to emphasize that it is not the profits that are taxed, but the amount that a Slovenian taxpayer receives in his bank account when he converts the virtual currency into cash or buys somethingâ ????

Slovenian Ministry of Finance solicits public opinion on tax law for cryptocurrencies
Slovenian Ministry of Finance solicits public opinion on tax law for cryptocurrencies

Cointelegraph previously reported that Slovenia’s cryptocurrency tax law would only mimic the purchase of goods and services and the conversion of crypto assets into fiat currencies. Although the Treasury Department’s proposal is expected to be adopted by November 10, the law would take effect on January 1, 2022.

The bill would also require Slovenian citizens to calculate the tax taking into account the real-time value of the cryptocurrencies at the time of redemption and purchase.. Investors have to pay too a 25% tax on unrealized gains Calculation of the price difference when buying and selling cryptocurrencies.

Individuals who fail to meet their tax obligations are fined between 250 euros (290 US dollars) and 5,000 euros (5,795 US dollars).

Research by Chainalysis showed explosive growth in cryptocurrency access dynamics in Europe. According to the report, the Central, Northern and Western Europe (CNWE) regions received more than $ 1 billion in digital assets between July 2020 and June 2021. C.As a result, CNWE accounted for 25% of global crypto activity.

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