Slovenia, though small, is one of the fastest-growing nations in Europe, especially in the business and economic contexts. After its successful economic succession from Yugoslavia, it was the first to join the European Union in 2004 and is the wealthiest Slavic nation, as measured by per capita GDP. Crypto adoption in Slovenia has rapidly grown over the years. The awareness of cryptocurrencies among its citizens is relatively high. The Proposed Crypto Tax Bill According to reports by local media, the Financial Administration of the Republic of Slovenia (FURS) has put forward a proposal to change the crypto taxation rules in the country. This proposal aims to introduce a 10% taxable income bill on cryptocurrency asset activity in the near future. The country’s tax authority claims that this change would significantly simplify the way crypto-related income is taxed. Total crypto market rises to $2.28 Trillion | Source: Crypto Total Market Cap from TradingView.com Currently, the authority has to analyze an individual’s crypto activity on a case-by-case basis. It examines numerous transactions made by a taxpayer between the purchase and sale of the digital currency as well as the various cryptos they have bought and sold or converted. If the amendments are introduced, the financial administration elaborated that it would no longer have to go through this stagnant and tedious crypto administrative process. Related Reading | Making Money in Bitcoin Markets? Don’t Forget About Crypto Taxes “We would like to emphasize that it is not profit which would be taxed but rather the amount a Slovenian tax resident receives on their bank account on turning the virtual currency into cash or when buying a thing.” FURS said according to the media. Crypto Adoption In Slovenia In recent times, Slovenia has projected itself as a hotspot for blockchain and cryptocurrency-related activities. With an estimated population of 2 million, the country contains more physical locations accepting cryptocurrency payments than the entire United States. Related Reading | Slovenia’s Bitcoin City to Become World’s First Fully Crypto Friendly Lifestyle Center According to GoCrypto, in 2020, more than 1,000 locations now allow cryptocurrency payments, including cafes, restaurants, dentists, hair salons, and hotels. At the beginning of 2019, it was also the only country in the world where you could survive solely on cryptocurrencies. Featured image from The Slovenia Times, Chart from TradingView.comRead More
Category: Cryptocurrency Tax
Musk on Proposed Crypto Tax Provision -‘Not the Time to Pick Winners or Losers in Crypto Technology’
Tesla CEO Elon Musk has weighed in on the discussion surrounding a proposed crypto tax provision. The provision, part of the infrastructure bill, will go to a vote on August 7. Meanwhile, United States senators Patrick Toomey, Ron Wyden, and Cynthia Lummis have suggested an amendment to that provision, working in favor of Proof of Work miners.
The post Musk on Proposed Crypto Tax Provision -‘Not the Time to Pick Winners or Losers in Crypto Technology’ appeared first on BeInCrypto.
The U.S. Internal Revenue Service has amended a question related to crypto taxes in Form 1040, making it clearer for taxpayers.
The post IRS Modifies Crypto-Related Questions on 1040 Tax Form appeared first on BeInCrypto.
The latest funding round of cryptocurrency tax and accounting software developer TaxBit could put its valuation at over $1 billion.
The post TaxBit Achieves Unicorn Status Through Latest $100M Funding Round appeared first on BeInCrypto.
South Korea seized nearly $50 million in cryptocurrency from 12,000 people, who are accused of tax evasion.
The post South Korean Officials Seize $47M in Crypto Due to Unpaid Taxes appeared first on BeInCrypto.
The United States recently passed Tax Day. While always a daunting deadline for crypto traders, the recent changes in tax requirements for cryptocurrencies made it even harder.
The post Crypto Tax USA — How the IRS, Exchanges and Services Work Together appeared first on BeInCrypto.
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