Polish parliament has passed the crypto-tax law

It’s possible that Tuesday, October 23, has became a landmark day for the Polish cryptocurrency market. During the sitting of the parliament, the bill concerning various taxes was voted through. Among the taxes was also a tax on profits gained from trading in digital currencies.

The new regulations assume the qualification of profits from cryptocurrencies as “revenues from capital or capital gains”. Losses in the turnover of cryptocurrencies (in a given tax year) can not be deducted from other income.

As a result of tax changes, taxpayers will now have to settle using the PIT-8C form.

The Act also introduces a flat tax on profits. Regardless of income, the tax on cryptocurrencies will always be 19%. According to the government, it is “a chance to end the chaos that prevails not only in terms of taxes, but also the legal status of virtual currencies”.

As part of public consultations, the Polish Bitcoin Association proposed, among others, application of tax solutions from Germany in our country, where the so-called “miners” no longer pay tax on profits. The idea, however, was not taken into account. In general, a lower tax rate is also available from neighboring countries Ukraine. It is worth noting, however, that the legal ordering of the market for digital currencies should be regarded as positive.

Exit tax

It is worth mentioning here that as part of the amendment, a tax on unrealized profits was also voted for, which Exit Tax colloquially speaks about. It allows you to impose on companies planning to transfer their activities abroad – as much as 19 percent tax on its value!

Further fate of the act and the course of the legislative road can be followed through the parliament’s website.

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