Bitcoin News and Finance
Slovenia Launches Public Consultations on Crypto Taxation Law Skip to main content

Slovenia Launches Public Consultations on Crypto Taxation Law

Slovenia Launches Public Consultations on Crypto Taxation Law

Authorities in Slovenia have prepared new legislation tailored to determine how crypto holdings and transactions are taxed in the country. The proposal, aimed at clarifying the matter, has been submitted for public consultations this week, local media reports revealed.

Slovenia to Amend Tax Rules for Cryptocurrencies

The Finance Ministry in Ljubljana has opened public consultations on a draft law regulating cryptocurrency taxation, Slovenian media reported. The legislation is based on proposals made by the Financial Administration of the Republic of Slovenia (FURS), which were announced in August of this year.

The amendments are expected to simplify the tax scheme pertaining to crypto assets. Under current rules, the taxable income from virtual currency operations depends on the circumstances in each case, and the tax office has to check numerous transactions made by taxpayers between purchases, sales, and conversions.

Under the upcoming regulations, the state will adopt a 10% flat tax for individuals exchanging cryptocurrency for fiat money. The same rate will be applicable to purchases made with digital coins. According to the Slovenian press, the yearly threshold for tax liability has been set at €15,000 (approx. $17,500).

If approved, the new tax regime would affect only private individuals and not those who hold cryptocurrency as an asset of their businesses. The Finance Ministry has estimated that the tax could accumulate between €100,000 ($116,000) and €500,000 ($580,000) annually in the first few years after its introduction.

Other changes concerning tax regulations in the EU member state are coming in the form of amendments to the income tax law due to enter into force on Jan. 1, 2022. Lawmakers have decided that these can be discussed further by the Finance Committee before they are approved or rejected by the legislature.

One of the key proposals is to reduce tax on capital and increase the general income tax allowance, media reports unveiled. The government’s intentions were criticized by the center-left opposition parties which boycotted the vote as 43 members of the Slovenian parliament supported the plan and three voted against it.

Slovenia, a small, bitcoin-friendly nation in Southeast Europe, has established itself as a leader in crypto adoption on the Old Continent. According to a report from last year, cafés, restaurants, hotels, hair salons, and sports facilities are among over 1,000 locations across the country that accept various cryptocurrencies for their services and offerings.

Do you think Slovenia’s new tax legislation will benefit cryptocurrency users? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory