Investors in Slovakia to Pay 7% Tax on Income From Crypto Held More Than a Year
The National Council of Slovakia has approved an amendment that will reduce the taxation of cryptocurrencies. Here are the key points:
- Income from crypto assets sold more than a year after purchase will be taxed at 7%.
- This tax rate is lower than the regular income tax rates, which can be 19% or 25%.
- The liberal Freedom and Solidarity party, the Democrats, and the conservative Ordinary People and Independent Personalities party proposed the legislative amendment.
- Gains from crypto investments will be exempt from health taxes.
- The financial impact from the amendment is estimated to be around €30 million a year.
The tax exemptions come after Slovak lawmakers sought to protect cash payments and ensure the right to pay with cash for goods and services. Additionally, crypto payments for up to €2,400 will be exempt from taxation.
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