Crypto Tax Cut: Slovakian Parliament Passes 7% Rate for Long-Term Holders
• Slovakian lawmakers voted 112-2 in favor of a law intended to cut taxes on the sale of digital currency.
• The bill proposes that income from virtual currencies held for more than one year be taxed at a rate of 7%.
• Tax breaks offered in countries such as Portugal form a major part of their attractiveness to the sector.
Slovakian Crypto Tax-Cutting Bill Approved
Lawmakers in Slovakia voted 112-2 in favor of a law intended to reduce the tax burden associated with the sale of digital currency.
Tax Rate for Crypto Held Longer Than One Year
The income tax bill proposes that income from virtual currencies held longer than one year be taxed at a rate of 7%, while other taxable income would be included for shorter holding periods.
Benefits For Countries Attracting Crypto Sector
Tax breaks offered by countries such as Portugal have formed a major part of their attractiveness to the crypto sector, although some ministers have recently started reversing these favorable treatment policies.
Third Reading Of Bill In National Council
Wednesday’s vote constituted the third reading of the bill in Slovakia’s sole legislative body, known as the National Council.
