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Austria to tax cryptocurrencies like stocks and bonds

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From March 2022, Austria’s Federal Ministry of Finance may introduce a capital gains tax on transactions with digital assets in the amount of 27.5%. This corresponds to the rates for stocks and bonds, writes Bloomberg.

According to the agency, the government seeks to create equal conditions for investors in various asset classes. Thus, this will be the first such step at the level of the European Union.

“We are taking a step in the direction of equal treatment, to reduce mistrust and prejudice toward new technologies”. The Ministry of Finance said in a statement.

The value of the global cryptocurrency market

Digital assets acquired before their entry into force are not subject to taxation at the time of their sale. The tax on speculative investments with a retention period of less than a year; has already been extended to cryptocurrencies.

In accordance with the proposed rules, tax liabilities will not arise if one digital asset is converted into another. Investors will be able to count on compensation calculated taking into account potential losses when selling them.

Moreover, as the value of the global cryptocurrency market has grown to more than $3 trillion, more and more countries are considering the possibility of introducing taxes.

Slovenian crypto tax laws

Recall that previously in October, the Slovenian finance ministry sought public opinion on crypto tax laws. The ministry’s intention to measure investor mood comes almost a month after the Republic of Slovenia’s Financial Administration recommended a 10% tax on cryptocurrency activity.

The proposed measure would levy a 10% tax rate on all fiat-to-crypto conversions and payments made using cryptocurrency. If it turns into law under Slovenia’s Income Tax Act. For the calendar year, however, the tax obligation level will be at 15,000 euros (~$17,4K).

The Slovenian draught bill on crypto tax would only apply to the acquisition of goods and services. As well as the conversion of crypto assets into fiat currency. The finance ministry’s proposal is likely to acquire approval by November 10. With the law taking effect on January 1, 2022.

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