Published on May 21st, 2018 | by bitcoin0
Savvy Regulations Required: Crypto Tax Rolled back by Polish Finance Ministry
Poland’s Ministry of Finance will temporarily suspend tax collection for cryptocurrencies, the Polish Press Agency (PAP) reported May 18.
The Ministry says it will conduct an “in-depth analysis” of the crypto space to inform better regulation and taxation policies going forward.
At the beginning of April – income tax statements in Poland are due on April 30 – the Ministry of Finance had released a statement clarifying that taxation for cryptocurrency transactions falls into two income tax brackets of 18 and 32 percent.
An additional one percent levy tax due to civil law agreements is also applied, as the Ministry of Finance considered crypto transactions as the transfer of property rights.
The Central Bank of Poland and the KNF have also collaborated to create an educational website about the risks of cryptocurrencies.