Fun

Austria Plans to Tax Cryptocurrencies Like Stocks, Vows Equal Treatment

News Feed - 2021-11-12 09:11:16

Austria Plans to Tax Cryptocurrencies Like Stocks, Vows Equal Treatment


As a growing number of governments are looking to tap into crypto profits, authorities in Austria have indicated their intention to tax gains from digital asset investments just like those from stocks and bonds. The move is expected to increase trust and access to cryptocurrencies. Austria to Apply Capital Gains Tax to Bitcoin, Make Crypto More Accessible


Claiming it aims for an equal treatment of investments in cryptocurrencies like bitcoin, the government in Vienna has announced it’s considering applying the same 27.5% levy to crypto assets it currently uses to tax capital gains from traditional stocks and bonds. Austria intends to impose the measure as part of a wider tax overhaul to be carried out next year.


Тhe news comes as more and more nations around the world are exploring ways to tax incomes stemming from the expanding crypto asset market, а report by Bloomberg notes. Just recently, the total capitalization of the crypto economy exceeded $3 trillion in value, as Bitcoin.com News reported, and it’s likely to continue to grow.


In a statement issued on Tuesday, Austria’s Federal Ministry of Finance remarked that “at the moment there is still an imbalance in terms of the regulation of cryptocurrencies compared to traditional stocks and bonds.” It also insisted that the country’s new tax framework will be the first in the EU to encompass bitcoin and the like and ensure fair conditions for investors in different asset classes. Officials elaborated: In the course of the tax reform, we will take a step towards equal treatment in order to reduce distrust and prejudice against the new technologies.


The department describes the regulatory move as an essential step in making crypto-related financial products more accessible. “We are not only pioneers in Austria, but also pioneers in Europe,” Austria’s Finance Minister Gernot Blümel has been quoted as saying.


According to the document, the tax liability is to come into force on March 1, 2022 and will only apply to cryptocurrencies purchased after Feb. 28, 2021, or “new assets.” Previously acquired digital coins, “old assets,” will not be subject to the new tax rules.


In the latter case, Austrian taxpayers should refer to the general tax regulations and report crypto gains as income from speculative transactions if their sale has taken place within a one-year period of their purchase.


What’s your opinion about the upcoming tax rules for crypto investments in Austria? Share your thoughts on the subject in the comments section below. Slovenia Launches Public Consultations on Crypto Taxation Law TAXES | Oct 28, 2021 "An Act of War Against the Middle-Class" — Americans Criticize Janet Yellen"s Idea to Tax "Unrealized Capital Gains" TAXES | Oct 25, 2021 Tags in this story austria, austrian, Bitcoin, bonds, capital gains, capital gains tax, Crypto, crypto assets, crypto investments, Crypto investors, Cryptocurrencies, Cryptocurrency, Digital Assets, finance ministry, overhaul, Regulations, rules, stocks, Tax, tax reform, Taxation


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Bitcoin Hashrate Slides as Texas Miners Curtail Hashpower to Bolster the Grid
Bitcoin Hashrate Slides as Texas Miners Curtail Hashpower to Bolster the Grid Bitcoin’s total hashrate tapped a low of 170 exahash per second (EH/s) on Dec. 25, as reports noted
Bitcoin To Repeat Parabolic Phase From 2017 And 2021? Here’s The Target
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
‘No Argument’ for Replacing Dollar’s Global Role With Crypto: Ex-Fed Official
A former official from the U.S. Federal Reserve has responded to a proposal from the chief of the Bank of England that a cryptocurrency could be more beneficial in international markets than the U.S. dollar.
While Stocks Rebound, Analysts Discuss Bitcoin’s Decoupling, Gold Markets Remain ‘Under Pressure’
While Stocks Rebound, Analysts Discuss Bitcoin"s Decoupling, Gold Markets Remain "Under Pressure" U.S. equities markets jumped on Thursday as stock traders saw some relief after a
David Attlee3 hours agoUS regulators continue to discuss crypto: Law Decoded, Nov. 13–20Elizabeth Warren continues pressing for tighter regulation, and Vivek Ramaswamy promises to defend crypto from the government’s
Grayscale’s Mini Bitcoin ETF ‘cheap’ fees are ‘hypothetical’ — analysts
Ciaran Lyons7 hours agoGrayscale’s Mini Bitcoin ETF ‘cheap’ fees are ‘hypothetical’ — analystsGrayscale"s new Mini Bitcoin ETF will be around ten times cheaper than GBTC"s fees, but Bloomberg ETF analyst Eric
Freedom Fighting Atilis Gym Chooses to Accept Crypto Donations- BCH Supporters Set Gym Up With an Uncensorable Fundraiser
Freedom Fighting Atilis Gym Chooses to Accept Crypto Donations- BCH Supporters Set Gym Up With an Uncensorable Fundraiser After the co-owner of the Atilis Gym in
CME Says It Will Launch Bitcoin Options in January
Derivatives exchange CME Group has announced it will launch options on its bitcoin futures contracts in January. In a notice on its website on Tuesday, the Chicago-based exchange sa
Bitcoin ETFs are ‘orange FOMO poker chips’ that siphon on-chain funds back into TradFi
Zoltan Vardai12 hours agoBitcoin ETFs are ‘orange FOMO poker chips’ that siphon on-chain funds back into TradFiBitcoin’s goal of creating a decentralized financial system may be challenged by ETFs “dragging money
Turkey’s President Erdogan Instructs Ruling Party to Study Cryptocurrency, Metaverse
Turkey"s President Erdogan Instructs Ruling Party to Study Cryptocurrency, Metaverse The president of Turkey, Recep Tayyip Erdoğan, has reportedly instructed the country
CEX.IO Cryptoexchange Makes CryptoCompare Top 10
CEX.IO Cryptoexchange Makes CryptoCompare Top 10The international cryptocurrency exchange CEX.IO made it intothe CryptoCompare top 10 July 2020 report, with an overall A grade. The
Michael Burry Compares Current Banking Turmoil to Panic of 1907 — Highlights Markets Bottoming
Michael Burry Compares Current Banking Turmoil to Panic of 1907 — Highlights Markets Bottoming Michael Burry, a hedge fund manager renowned for predicting the 2008 financial cris