Austria plans to tax cryptocurrencies such as shares, swear equal treatment - taxes
Austria plans to tax cryptocurrencies such as shares, swear equal treatment - taxes
As a growing number of governments want to open up crypto profits, the authorities in Austria have expressed their intention to tax profits from investments in digital assets as well as from stocks and bonds. The move is intended to increase trust and access to cryptocurrencies.
Austria raises capital gains tax on Bitcoin and makes crypto accessible
With the claim that goals on equal treatment of investments in cryptocurrencies such as Bitcoin, the government in Vienna has announced that it is considering raising the same levy of 27.5 % to crypto-assets, which it currently uses to tax capital gains from traditional stocks and bonds. Austria intends to carry out the measure as part of a more comprehensive tax reform that is to be carried out next year.
The message is coming, since more and more nations around the world are investigating opportunities for taxing income from the expanding market for crypto-assets, a report by Bloomberg states. The overall capitalization of the crypto economy recently exceeded a value of $ 3 trillion, such as Bitcoin.com News , and it will probably continue to grow.
In the course of the tax reform, we will take a step towards equal treatment to reduce distrust and prejudices against the new technologies.
The department describes the regulatory step as an essential step to make crypto -related financial products more accessible. "We are not only a pioneer in Austria, but also a pioneer in Europe," Austria's finance minister Gernot Blümel is quoted.
According to the document, the tax liability should come into force on March 1, 2022 and only applies to cryptocurrencies that were bought after February 28, 2021 or "new assets". Previously acquired digital coins, "old assets", are not subject to the new tax regulations.
In the latter case, Austrian taxpayers should refer to the general tax regulations and creepy profits as income from speculation transactions if their sale has been made within one year after the purchase.
What do you think of the upcoming tax regulations for crypto investments in Austria? Share your thoughts on this topic in the comments below.
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