Crypto Traders Protest as Poland Wants Tax From All Transactions

(Bloomberg) — Digital currency traders in Poland are protesting against a government decision to levy a tax on all cryptocurrency transactions, regardless of whether the taxpayer made a profit.

The Finance Ministry published an interpretation of the country’s tax code last week, stating that income from transactions on cryptocurrencies is subject to income tax rules, with two tax brackets of 18 percent and 32 percent. More painful for traders, the tax authority also said that the act of selling or purchasing digital currencies should be considered a transfer of property rights, which is subject to a 1 percent levy on the value of the transaction, in line with rules governing civil law agreements.

Cryptocurrency traders organized an online petition saying that the rules are set to wipe out their community and could set the country back in terms of developing the blockchain technology underpinning digital currencies. The ministry’s stance was published weeks before the deadline for Poles to file their annual personal income statements on April 30…

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