Albania to implement taxation of cryptocurrencies
According to a draft law, which may take effect from 2023, individuals will pay a capital gains tax of 15%
27.06.2022 - 06:40
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What’s new? Albania may implement taxes on income from cryptocurrency mining and transactions using digital assets for both businesses and individuals from 2023. The relevant legislative changes are already at the public consultation stage, according to the local portal Exit News.
What provisions does the document contain? The document defines the concepts of cryptocurrencies and mining. Virtual assets are called “a digital representation of a value that can be deposited, traded or transferred in digital form, and that can be used for payment or investment purposes or as a medium of exchange.” However, central bank digital currencies (CBDCs) do not fall within this definition. Mining is defined as “the activity of using the computer power of system users to solve cryptographic algorithms, to confirm transactions and gain virtual tools in exchange.”
Any income generated by companies from transactions or mining will be defined as business income and subject to appropriate business taxes. The rates in this case vary depending on the size and type of business activity of the company. For individuals, there is a 15% tax on capital gains, excluding dividends.
Earlier, the Australian Ministry of Finance said that crypto assets would no longer be classified as foreign money and would not be taxed.
In April, the Slovenian government made a proposal to introduce a flat tax of 5% on transactions with digital assets. With the new rules, the authorities plan to simplify the existing taxation system and also improve the country’s competitive position as crypto markets develop.
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