Re: Bitcoin and tax in your countries

I would like to hear about the situation with bitcoin and taxes in your countries.
I think it would be interesting to hear different experiences and compare results across countries.
Of course, I understand that in some countries you can't declare bitcoin tax.
I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax.
I will start first.
In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax.
In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment).
If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax.
Can you share situation in your country?

In Ukraine not so long ago yhe draft law has been adopted about the cryptocurrency and regulations in the direction of taxes and so on. In this draft bill, a virtual asset is defined as a collection of data in electronic form, which has a value and exists in the system of circulation of virtual assets. And people must declare their crypto assets in their every year declarations. But there are lots of aspects that are not fully finalized.

Last year I read an article about the EU taking a positive step towards cryptocurrency and making AML/KYC a priority for cryto related organization but with your explanation and the support choose toward cryptocurrency by the EU government does it tax is a must in Ukraine or it varies?

The EU is always trying to regulate everything and this often ends up with too much bureaucracy and unnecessary rules Grin

As far as I remember, the EU court has somehow legalized bitcoin and now it remains for EU member states to agree on practical details and rules for crypto.
It seems that step by step all countries are adopting more and more rules about crypto and are slowly regulating this area which is actually good for users who will be able to more easily legalize their crypto earnings.

EU countries had long been making laws about crypto so its not surprising. but why do you bitcoin holder for 2 years in Croatia have to pay 12% when you are not gaining from it? as if they've determined already that when you hold BTC for 2 years you already have withdrawn some cash thru the investment. if i am a holder for long term in this country i would rather not make my btc known.

my country doesn't yet have laws about it. hope they'd not make soon.

That's misinformation because holding of any form of crypto currency does not involve any tax, if the crypto currency is sold or replace for another crypto tax is still not involve since it was not sell for fiat or stable coin and their tax is paid to online trading platform so their exchange site is doing the job for the government.