The Slovakian Parliament this week voted in favour of a bill that would lower taxes on income derived from cryptocurrencies.
Members of the Slovak Republic’s National Council, or parliament, voted to approve an amendment that would lower cryptocurrency taxes, along with other measures that would affect crypto holders.
Crypto Income Tax Reduced to 7%
Bloomberg Law reports that Slovakia’s National Council voted in favour of reducing personal income tax on profits derived from the sale of crypto held by a user for at least one year. As it stands, cryptocurrency profits are taxed on a sliding scale of either 19% or 25%.
The approved amendment will see taxes lowered significantly to 7%.
The amendment further declares payments received in cryptocurrencies up to 2,400 euros, or $2,600, will not be taxed. Additionally, the bill excludes cryptocurrency income from a health insurance contribution of 14%.
Slovakia Will Lose 30 Million Euro Through Tax Cuts
The newly amended tax policy comes
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