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Wednesday, July 17, 2024

Proposal on cryptocurrency tax put forward

By: J.S., STA

The Finance Ministry submitted a draft law on cryptocurrency taxation to public consultation on Tuesday. It provides for a 10% tax on individuals exchanging cryptocurrency for fiat currency and on purchases made with cryptocurrencies.

The threshold for tax liability would be EUR 15,000 in a calendar year. The law would apply only to individuals but not those who hold cryptocurrencies as an asset of the business they are carrying on. The ministry estimates the tax could net between EUR 100,000 and EUR 500,000 per year in the first few years.

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