Denmark will impose tax on profits from the sale of bitcoins
The decision is due to the speculative nature of the first cryptocurrency
31.03.2023 - 08:20
396
2 min
0
What’s new? The Supreme Court of Denmark has ruled that profits from the sale of bitcoins, whether mined or bought, should be taxed. The authorities explained that BTC is speculative in nature and therefore subject to the country’s tax laws. Thus, according to the statement, BTC “are generally only acquired with a view to being sold and, to a limited extent, to be used as a means of payment.”
What else is known about the ruling? The Supreme Court issued this ruling in two cases before it and issued a verdict on March 30. In the first case, the owner bought and received BTC as a gift between 2011 and 2015, and later sold the coins at a profit in 2017 and 2018. In the other case, BTC were obtained by mining between 2011 and 2013 and sold at a profit in 2018. In both cases, the court ruled that the profits from the sale were taxable.
Russia’s Ministry of Finance supports the tax rate for miners in the amount of 7-20%
At the moment, the deputies are discussing various taxation options — from the UTII to the income tax
The court noted that the BTC received as gifts and as a result of mining “constituted revenue in [the defendants’] non-commercial business,” the profits from which “trigger tax liability.”
In May 2022, the German Finance Ministry announced that the sale of BTC and ETH would not be taxed if individuals hold assets for more than a year. On December 30, Italy approved a 26% capital gains tax from trading crypto assets worth more than €2000.
Useful material?
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Technologies
The company also unveiled its own blockchain adoption index
Nov 11, 2024