Hungary to slash tax on crypto profits by 50% to promote disclosure
Hungary is implementing a new initiative that it hopes will encourage more people to report their cryptocurrency earnings. The country will cut tax on cryptocurrency profits by 50% to promote disclosure.
Hungary to cut crypto profit tax by half
Tax agencies in several countries are now paying closer attention to the cryptocurrency market. They are devising ways to ensure more people report their cryptocurrency earnings and pay taxes.The government in Budapest is following another approach, involving a decrease in the taxes paid on cryptocurrency profits. Hungarians currently pay 30.5% on profits made from cryptocurrency transactions. However, the government wants to slash the tax rate to 15%. The move is intended to minimize tax evasion and ensure more people report their cryptocurrency earnings.
According to a Bloomberg report, Hungary’s Finance Minister Mihály Varga believes the change will minimize tax evasion and attract more cryptocurrency traders and investors to the country. The government is confident it can generate several billion in revenue by reducing cryptocurrency taxes.
The minister presented this and others ideas to help kick-start the country’s economy following the Coronavirus pandemic. The tax proposal will soon be presented to the lawmakers. If approved by the parliament, the changes will take effect next year.
Tax agencies are now paying closer attention to the crypto space
The cryptocurrency industry has grown massively over the past year. In fact, the market cap is now above $2 trillion. Thanks to the rise in prices and market caps, traders and investors made huge profits in recent months. As a result, this has attracted the attention of tax agencies.Clearly, tax agencies are cracking down on traders and investors in an effort to ensure they report their crypto earnings and pay their taxes. In the United States, the Internal Revenue Service (IRS) has been seeking customer information from various crypto exchanges. They will use this information to go after traders and investors who have refused to report their crypto earnings in recent years.
The tax agency recently collected customer data from Kraken and Circle, and it could go after other crypto exchanges soon.
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