Media: Austria will introduce tax on income from cryptocurrencies

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The Austrian Ministry of Finance has equated cryptocurrencies to stocks and investments, at least in terms of taxation – the Austrians will pay 27.5% of the proceeds from crypto assets trading to the treasury.

According to Bloomberg, the Austrian Ministry of Finance announced that the new tax would level the playing field for cryptocurrencies and traditional assets:

“We are taking a step towards equality, this will reduce mistrust and bias towards new technologies.”

The new tax will be introduced in March 2022. The tax will apply only during the sale of coins and tokens. The exchange of one cryptoasset for another will not be taxed. In addition, some compensation is expected in the event of a digital asset sale at a loss.

Austria became the first country in Europe to impose a tax on cryptocurrencies similar to the tax on income from trading stocks. However, given that the capitalization of the cryptocurrency market is approaching $ 3 trillion, other countries are considering the introduction of taxes on income from trading digital assets.

Recently, Bits.Media published a large-scale article on taxation of digital assets in Russia. The article deals with both the theoretical foundations of taxation and practical cases.

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