about how in April the Ministry of Finance began to stumble over its own feet regarding the ways of settling virtual money there was a period of meetings and talks. Now we are to know this effect and finally learn how to settle cryptocurrencies from tax in 2019.
Taxes and cryptocurrencies are like two collections. Seemingly separate, but interpenetrating and affecting each other. For the current government, not only the larger, but definitely more important is the one concerning taxes in general. Because this is also the prose of political life. If you want to show the voter that you can fulfill your promises and, in addition, offer him further social benefits, you must have a place to give.
Hence, for many months we have heard about the almost mythical collection of VAT. This first was to distinguish currently ruling from its predecessors, and secondly it was a potential source from which to finance the fulfillment of the next promise. And that we are only at the beginning of the election marathon, it can be expected that the election sausage may turn out to be even tasty for many, but it is also extremely expensive. You must have a clear source of money.
The government organizes and proposes a new law.
Although taxes on the circulation of cryptocurrencies will not secure either the cash on the 500+ Program or the Good Start Program (about the thirteens planned for spring next year, not to mention), it will not do any good to maintain the interpretative mess. And now, finally, after many debates and discussions, the government already knows how to treat virtual currency and how to settle tax from cryptocurrencies.
The Government Legislation Center showed a draft amendment to the Act on income tax from natural persons, legal entities, tax regulations and several other legal acts. There, we will find a definition of virtual money and information on how to behave on the occasion of tax settlement those who buy something for crypto-currencies or they also dig them out themselves.
How to settle tax from cryptocurrencies in 2019?
First, according to the proposed regulations, cryptocurrency is treated as a digital equivalent of money, which is not issued by any bank. It is not the same as electronic money or a form of a check or bill of exchange. However, cryptocurrency may be exchanged for means of payment provided for by law.
Definitely more important than the definition is how to settle cryptocurrencies from the tax. Revenues from trading in them are to be included in cash or capital gains. But they can not be combined with other capital revenues. The tax will also be burdened with the replacement of one cryptocurrency with another.
Revenues without commission from customers.
Taxes will be subject to income, which means that expenses related to virtual currency trading will be taken into account. In income tax from legal persons, these revenues will constitute capital gains. The solutions in both acts will be analogous in terms of the principles of determining revenues, costs and income (losses) - we read in the draft of new regulations.
Included in the revenue from trading in cryptocurrencies is their sale and the service or product they buy for them. In the testimony you will need to provide any information, regardless of whether the owner of the acquired cryptocurrencies has already sold or not yet. In the event that such costs exceed revenue, the surplus generated in this way may be deducted from revenues in the subsequent tax year. In turn, institutions such as exchanges and exchange offices for revenues from trading in cryptocurrencies will not be able to add commissions and fees to customers.
Kopacz will not run away before tax.
The end also of legal uncertainty for those who deal more with the crypto-mining of "crypts" rather than trading. The new regulations are also to explain a lot here. First of all, the fact that if we "dig" cryptocurrencies on our own account, then we have to think about tax only on the occasion of their sale.
If, on the other hand, we create virtual money for the needs of others - income from this activity should be taxed on the same basis as income under a contract of employment, a work or an order. Paid indifferently in what form - known currency or digital. In turn, the capital revenue is to be the sale of crypto currency obtained in this way.
We think about taxes, others about the national cryptovalies.
It is good that in the end, when creating the financial electoral calendar, issues of taxation of cryptocurrencies were sorted out. The government has broad plans here and is frantically thinking of further tributes that would help to pay for the social. There is an increasingly loud talk about exit tax - a tax for an enterprise that could earn the most out in Poland, but it prefers to do it abroad. In the direction of additional tax burden, they also have to change the lease.
And it turns out that in the end the rulers, as if by the way, stopped treating cryptocurrencies as the devil incarnate. But let them look carefully around. More and more governments treat virtual money as much as possible. Just the Iranian National
Congratulations @wierzbicki444! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!