Crypto tax in Poland that were considered high has been lifted off by the Finance Ministry temporarily as the authorities promise to work on better and smarter crypto regulations.
Irrational crypto tax lifted off
According to the local media sources, the Finance Ministry of Poland will be suspending the tax collection for cryptocurrencies temporarily. This new update came after the authorities realized the irrationality of the taxation laws and will conduct an in-depth analysis of crypto space for better regulations.
The new and reformed crypto tax regulations are expected to be released by June 15.
The now abandoned tax structure had the crypto transactions fall under two income tax brackets of 18 and 32 percent. An additional 1 percent also applied because of civil agreements as the crypto transactions are considered as the transfer of property rights by the Ministry of Finance that doesn’t depend on the profitability.
The income tax statements get due on April 30 in Poland and the above-mentioned taxation guidelines were released by the authorities at the beginning of April. At that time, Ministry of Finance asked the Poland residents to report their tax returns for all the revenues from crypto trading and exchange under the personal income tax.
Polish government harsh on cryptos
In response to the severe crypto regulations, a petition has been created that has now more than 5,000 signatures, is asking for the “release of the crypto market, and the abolition of all taxes related to this technology.”
Now, in the recent statement of Polish Finance Ministry, it acknowledges that the current crypto taxation means the taxation amount often exceeds the invested funds.
Pawel Gruza, the Deputy Finance Minister of Poland told the media that the authorities have accepted that PCC tax has an irrational effect on cryptos, ergo it has been lifted until a solution has been achieved.
Though the PCC taxes are lifted, those that have already paid won’t be getting a refund on their taxes.
So far, the Polish government has been negative towards cryptocurrencies as last week they launched an anti-crypto campaign on social media. For this campaign, the Financial Supervision Authority (KNF) of Poland placed a tender order of about $173,000 to show the risks involving cryptos and pyramid schemes.
At the beginning of this year, a draft law was also approved by the executive branch of power in Warsaw that aims to put cryptocurrencies under the traditional Polish legislation of anti-money laundering and counter-terrorism financial provisions.
Do you think Polish Financial Ministry will come up with better and smarter crypto tax and regulations? Share your thoughts with us!
- Portugal opens First Physical Store for Buying and Selling of Bitcoin
- “This Irritates Me”- Elon Musk Slams Twitter’s Integration Of NFTs
- Crypto Mayhem Grips Markets, $230 Billion Decimated In Massive Red Friday Selloff
- New York City Mayor Eric Adams to Buy Bitcoin (BTC) and Ethereum (ETH) Dips Today
- Shiba Inu (SHIB) Sagging Values To Get A Boost With New Token Burn Mechanism?
- U.S. Fed Releases New Whitepaper for CBDC Digital Dollar, Kickstarts Debate
- Crypto Market Flash Crash: Bitcoin (BTC) Down 8%, Ethereum (ETH) And Altcoins Follow
- Breaking: Twitter Integrates NFT Profile Pictures and Crypto Wallets On IOS
- El Salvador wants to give small businesses access to Bitcoin-backed loans
- Meta and Instagram To Allow Users To Create, Display And Sell NFTs
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?