If you were a successful investor and made good profits in the cryptocurrency market, you might have always wondered: should I pay taxes from my profits? After an amazing cryptocurrency market takeoff in 2017, many governments saw the possibility of receiving additional taxes from cryptocurrency users.
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Most countries have introduced a tax system for crypto, but there are however, a few countries where cryptocurrencies are not taxed under some or all circumstances, notably for those who buy, hold and sell cryptocurrencies – where it is completely legal and state-sanctioned not to pay taxes on cryptocurrency investment gains.
There is no special tax in the country if you a cryptocurrency owner for one year. If you have owned the cryptocurrency for at least one year, but your income is less than 600 Euros, then you also do not pay taxes. In all other cases, transactions with digital currencies are taxable. This applies only to individuals. Businesses, however, still need to pay taxes on gains deriving from bitcoin through corporate income taxes.
Businesses based in Singapore that buy and sell virtual currencies in the course of their business will be taxed on the profits as if they were income. However, businesses and individuals who hold cryptocurrencies for long-term investment purposes are not taxed in Singapore as there is no capital gains tax in Singapore itself.
The Prime Minister of Malta is positive about digital currency and focused on the development of the blockchain sphere. This approach attracts many blockchain companies and leading crypto exchanges on the Mediterranean island.
In 2018, Portugal announced the complete absence of the tax rates for individuals, buyers, and sellers of cryptocurrencies. This statement was made at a time when other countries begin to actively regulate and introduce taxes in this area.
Belarus must be on the top of this list. This country has legalized cryptocurrencies, ICOs, and smart contracts. Everyone who trades or owns cryptocurrency does not officially pay any taxes. This applies to both individuals and the corporate sector. Belarus is considered a country with relatively low living expenses. The tax-free regime for all market participants will last until January 1, 2023.
Switzerland is known for being a crypto-friendly jurisdiction, with Crypto Valley, the Ethereum Foundation and now the Libra Association all being headquartered there.
However, if you are qualified as somebody who invests and trades for their individual accounts, cryptocurrency gains are treated as tax-exempt capital gains.
Note that Switzerland has canton taxes that differ based on what region of Switzerland you’re in and that the annual wealth tax it levies includes taxes on your total amount of cryptocurrencies along with the rest of your net worth.
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We’ve compiled the best crypto games 2020 that will keep you well entertained and potentially give you some profits.
Individuals, especially the youth and those in the adult bracket, are earning more these days. A need was seen to bridge the gap between banks and their customers and increase banking and customer services. It was out of this need that digital banking platforms emerged. These digital banks, also known as challenger banks, take the world of banking to a more transparent form of banking that is completely digital, user-friendly, transparent, and competitive. Some of the banks in the Fintech industry that have done well in 2019 and continue to rise in 2020 are: