Last Friday, the official website of Polish government announced the introduction of the new highly-expected bill which concerns the ongoing crypto taxation policy. The next day it was interpreted by the Polish organization Kryptowaluty.
According to the explanation provided by Kryptowaluty, the bill has been presented for further revision, and it will be examined soon by the executive branch of polish government. The aim of the document is to clarify the functioning of taxes for cryptocurrency. The former policy rejected by the local crypto users was reviewed and improved.
First of all, cryptocurrencies are recognized by the bill with regard to the existing laws in Poland. Moreover, cryptocurrency can be used for exchange and payment in online commerce.
The new document refers to all the taxpayers who use cryptocurrencies. Purely cryptocurrency transactions are free of tax on stock exchange. On the other hand, profit from trading products, services, and real estate will be considered as income for objectives of such a kind.
The bill also involves cryptominers. Only people who work individually for themselves will avoid tax. However, all the other people who do it for some other organizations have to pay the tax established by the law.
In Poland, according to the law, it is necessary to pay 18% for the income under 85,500 zloty, which is more than 22 thousand dollars per year. The percentage of tax rises up to 32% in case the limit is exceeded.
At the beginning of the year an extensive campaign against cryptocurrency took place in Poland. It started with the Central Bank spending almost $30,000 to support it. It was announced by the local mass media and posted on the Internet. Later this year, the influential financial institution in the country introduced a similar attempt. In total, the sum of around $170,000 was spent by the Polish authorities on collecting and publishing information which explain all the disadvantages and warns about the risks associated with cryptocurrencies and further negative consequences.
In their turn, the local people who are interested in using cryptocurrencies were disappointed by the actions of the government and existing policy as well as the newly announced changes. The authorities of the country promised to examine the problem and find a more effective way to regulate the use of virtual currency.
Although, at the beginning of the summer, cryptocommunity in Poland accused local banks of rejecting digital money entities and closing a number of accounts.