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Top 7 countries that refused ...

Top 7 countries that refused to tax cryptocurrencies
CONTENT

  • Seven countries of the world have already abandoned the taxation of transactions with cryptocurrencies

  • Where is the most profitable to trade cryptocurrency and engage in mining

  • Why states decided to abandon cryptocurrency taxes

International consortium of news organizations developing transparency standards.

Operations with cryptocurrencies can become an additional source of income for the state treasury. Therefore, governments of countries are increasingly raising the question of the possible introduction of a tax on any actions with cryptocoins, including the purchase, sale or exchange. However, 7 countries in the world abandoned this venture, helping the development of the crypto market.

Portugal

 

In Portugal, the tax authorities have waived all taxes on cryptocurrency trading and transactions, which means that individuals do not need to pay capital gains tax or value added tax (VAT) when buying or selling BTC and other digital assets. The Portuguese Internal Revenue Service (PTA) said that “exchanging cryptocurrency for ‘real’ currency is an on-demand service without VAT”.

Top 7 countries that refused ...

While citizens are not required to pay income tax when exchanging crypto for fiat, the PTA, however, has indicated that businesses that accept digital currencies as payment for goods and services are subject to taxes such as VAT and income tax. The income tax exemption makes Portugal’s laws one of the most favorable in the world, given that income tax is a huge expense on most cryptocurrency accounts..

Germany

 

The German authorities began talking about the launch of their own digital currency last year, when the EU was threatened with the launch of the stablecoin Libra.In June 2019, Facebook announced preparations for the release of the digital currency Libra. The social networking project immediately attracted attention … More. At the same time, the government of the country allows you to safely store and use bitcoins for 12 months. Also, holders are exempt from paying income tax, which was received as a result of transactions with cryptocurrencies. However, businesses are still required to pay taxes on profits generated from bitcoin through corporate income taxes..

Singapore

 

Neither private individuals nor corporations pay tax on profits earned from operations with bitcoins because there is no such type of tax in the country. However, Singapore-based businesses are subject to income tax if they engage in cryptocurrency trading as their main business..

Malaysia

 

Like neighboring Singapore, Malaysia has no capital gains tax. Cryptocurrency transactions involving cash or other digital assets are not taxed in the country. However, if cryptocurrencies are fully legalized and used as a means of payment, then tax will be charged.

Belarus

 

While Russia is trying to introduce new bans on the use of cryptocurrency, neighboring Belarus passed a law that effectively legalized cryptocurrency. At the same time, individuals and legal entities are exempt from any form of taxation for transactions with digital financial assets until 2023. In the future, the government may reconsider its decision.

Malta

Top 7 countries that refused ...

 

Malta is famous all over the world for its friendly attitude to cryptocurrencies. For example, profits from the sale of cryptocurrency are not taxed here. However, corporations using cryptocurrency trading as their main business are subject to a 35% tax. Companies that trade in stocks or foreign exchange pay the same amount. In addition, in the country, cryptocurrency is already used as a payment instrument, as well as an investment instrument..

Switzerland

 

Swiss law relieves traders and cryptocurrency holders from paying income tax and VAT. However, profits from mining are taxed. If the local business decides to pay salaries in bitcoins, then the state will withhold income tax, regardless of the field of activity of the company..

 

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