Slovakia's National Council Approves Reduced Crypto Taxes
Date
6/29/2023 2:00:11 PM
(MENAFN- coinxposure)
members of slovakia's national council of the slovak republic-tthe country's legislature-vvoted to approve reduced crypto taxes and additional measures affecting Cryptocurrency holders.
the national council voted on june 28 to approve an amendment that reduces the personal income tax on gains from the sale of cryptocurrencies held by the user for at least a year.
the tax rate will be reduced to 7%, a significant reduction from the current taxation sliding scale of 19% or 25%. up to 2,400 euros ($2,600) of cryptocurrency payments will not be taxed.
moreover, the measure exempts crypto income from a 14% health insurance contribution.
according to a report from a local slovakian news source, the ministry of finance expects the amendment to have an annual financial impact of approximately 30 million euros.
this amendment follows the passage of another constitutional amendment a few weeks prior, which codified the citizen's right to use currency as a payment method in light of discussions surrounding a digital euro.
slovakia is one of the 27 member states of the european union, which has been monitoring crypto industry developments throughout the region.
the eu enacted its groundbreaking markets in crypto-assets (mica) regulations on may 31. the rules were designed to make europe a center for digital asset activity.
see also trader excitement leads to additional cryptocurrency markets listing pepe 2 months ago
mica debuted in 2020 and has been lauded by industry participants for providing regulatory clarity.
this is in contrast to the united states and other leading markets, which have yet to implement comprehensive guidelines for the industry.
the potential impact of a digital asset market structure measure proposed by republican lawmakers in the united states is currently under review.
hester peirce, a u.s. securities and exchange commission commissioner, reminded regulators on june 29 that crypto laws should not presume that“everything is a financial asset .”
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