Very fond of cash, Slovakia also does not find it inconvenient to hold cryptocurrencies. This is why the current government has decided on a reduction of the tax burden for hodlers. Decryption!
Less and less tax for bitcoin hodlers
Our rulers would love to intrude on our privacy so much that they created CBDCs. In Slovakia, the digital euro is not attractive. Thus, the local Parliament carried out a revision of the Slovak Constitution in order to protect the State and the population against a possible slippage with EU CBDC.
But we will note that Slovakia has no grudge against bitcoin and other cryptocurrencies. Thus, the Slovak legislators had experienced no difficulty in taking this historic decision ?
According to Dennik’s newspaperthe elected representatives of this member country of the European Union have just approved an amendment reducing the taxation of cryptocurrencies.
” Cryptocurrencies will be taxed at a rate of 7% when sold after one year of ownership, which is lower than normal income tax rates. »
The following parties took part in this vote: SASDemocrats, OL’aNO, We Are Family and The Voice.
Also, note the following passage:
” Income from cryptocurrencies should also be exempt from health taxes. »
Other details to remember about the changes
” Based on an amendment by Petr Cmorej (SaS), cryptocurrency payments up to 2,400 euros will not be taxed.
The maximum amount of funds that can be invested in long savings term during a calendar year will be doubled. It will go from 3,000 to 6,000 euros.
The range of investors who can invest in alternative investment funds will be widened and the range of assets these funds can hold with qualified investors, currently set at 30%, will increase from 20%.
With Jana Zitnanska’s amendment, MEPs increased the threshold at which charity advertising revenue for non-profit organizations are exempt from taxes from 20,000 to 30,000 euros. »
No doubt that this amendment will negatively affect the tax revenue of the Slovak state. The local Ministry of Finance has advanced annual losses of approximately 30 million euros, or $33 million. Knowing that the progressive scale currently imposed provides rates ranging from 19 to 25%.
But following in the footsteps of Germany, which took the same tax-free decision with BTC and ETH, would guarantee a better fight against inflation for Slovakia.
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