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TAXES ON CRYPTOCURRENCY TRANSACTIONS WILL BE CANCELLED IN POLAND

The tax legislation of Poland was changed in order to no longer levy taxes on cryptocurrency. The decision was made by the Polish Ministry of Finance due to the fact that, in their opinion, the tax laws are simply not applicable and irrational in this segment.

The plans of the Ministry of Finance of Poland include engaging in deep research of the cryptocurrency industry to understand how to manage cryptocurrency economy properly. To begin with, the Ministry announced the cancellation of the tax, which was levied for transactions with cryptocurrency.

The Deputy Minister of Finance of the country, Paweł Gruza, informed Business Insider that the decision is based on irrational taxation of this area, which was previously accepted by the government.

The updated law on tax regulation will be issued by the 15th of June.

The tax on operations with cryptocurrency was in force in the territory of Poland since the 30th of April. Previously, the authorities of the country had put forward a demand for citizens, which implied the declaration of all incomes that came from trade and the exchange of digital currencies. The requirement complied with the tax legislation, therefore the income tax was levied.

When buying or selling cryptocurrencies, everyone automatically fell under the law on the transfer of property rights. This, in fact, is due to taxation, which did not depend on the fact whether this transaction was profitable or not. Moreover, the rate of the tax, regardless of income, was 1%.

The tax caused a storm of indignation from the citizens of Poland, which led to mass protests. This is also one of the reasons why the state authorities decided to cancel the tax on cryptocurrency. On closing the meeting with the dissatisfied holders of the digital currency, Paweł Gruza announced the termination of taxes in this area. He also noted that the funds that were levied as a tax will not be returned.

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