Slovenia to Change Tax Rules for Cryptocurrencies in 2022
Slovenian authorities have prepared new legislation to determine how crypto holdings and transactions are taxed in the country. The Finance Ministry in Ljubljana has opened public consultations on the draft proposal this week, according to media reports in the country.
The legislation builds on earlier input from the Financial Administration of the Republic of Slovenia (FURS), provided in August of this year.
With the amendments, the tax scheme in relation to crypto assets will become simplified. The state will implement a flat rate of 10% tax for individuals exchanging cryptocurrency for fiat money. This rate will also apply to purchases made with digital currencies.
The proposed tax regime would only apply private individuals and not to businesses who have cryptocurrency on their balance sheet.
Slovenia is also looking to bring other changes on tax regulations. Key proposals include the reduction of tax on capital while increasing the general income tax allowance
With the legislation possibly coming into force on January 1, 2022, lawmakers have decided that the proposals will still need to pass by the Finance Committee before they can be reviewed for final acceptance.
Slovenia has made a name for itself as a Bitcoin-friendly nation bordering the Northeast of Italy. Numerous businesses in the country, such as cafés, restaurants, hotels are accepting all kinds of cryptocurrencies for payment. Popular crypto exchange Bitstamp was founded in Slovenia and the country has not been a stranger to large Bitcoin mining activities in the past either.
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Author: Peter Siu