Residents of Poland protest against new rules for taxation of cryptocurrencies

Residents of Poland protest against new rules for taxation of cryptocurrencies

Cryptocurrency traders from Poland are protesting against the government’s decision to tax all cryptocurrency transactions, regardless of whether the sender received income or suffered losses. About writes this Bloomberg.

The Ministry of Finance posted a clarification on this issue at last week, in which it stated that the income derived from cryptocurrencies is subject to taxation at the class of 18% and 32%. However, a more painful decision for traders turned out to be the recognition by the authorities of the act of selling or buying digital currency as a transfer of ownership, which in turn entails charging a fee of 1% on the amount of any transaction..

Cryptocurrency traders created an online petition in which they indicated that the new rules are aimed at destroying their community and curbing the growth of this sector in the country. The ministry announced its position a few weeks before the final deadline for filing a tax return in Poland on April 30.

The petition was signed by over 2,200 people. They argue that, under the new rules, capital invested in cryptocurrencies can be taxed “hundreds or even thousands of times.”.

Earlier, Polish Prime Minister Mateusz Morawiecki called cryptocurrencies a financial pyramid in an attempt to discourage the country’s residents from this type of investment, while the government is considering blockchain as a tool to transform the banking sector..

“We demand the freeing of the blockchain technology market and the elimination of all taxes associated with this industry,” the petition says. “We want to be active creators of this technology, and not passive recipients of what the centralized departments of Poland or foreign structures will prepare for us in the coming years”.

Polish Residents Protest New Cryptocurrency Tax Rules Bloomberg writes about it.

On Monday, the Treasury Department said on its website that it is developing a “more convenient” method of taxing cryptocurrencies, adding that the announcement made last week still reflects the position of the authorities.