More than 99% of crypto traders have not paid taxes for 2022
Divly’s study showed that the highest level of tax payments on cryptocurrencies is in Finland and the lowest in the Philippines
06.04.2023 - 09:10
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What’s new? According to a study by Divly, a crypto tax platform, only 0,53% of crypto investors declared income related to this activity to local tax authorities in 2022. Among the 24 countries analyzed, the level of tax payments ranges from the highest in Finland (4,09%) to the lowest in the Philippines (0,03%). The US ranks 10th with a rate of 1,62%.
What else does the report say? Among the European countries examined, Italy has the lowest tax payment rate (0,26%). At the end of last year, the local authorities approved a 26% tax on capital gains from trading crypto assets worth more than €2000.
UK will require citizens to declare income from cryptocurrencies
The move is expected to bring an additional $12 million to the state budget in 2025
In Asia, Japan led the way in terms of taxes paid, with 2,18%. Divly experts noted the efforts of the local government and the Japanese Cryptoasset Business Association (JCBA) to simplify income declaration and tax calculation. The Philippines, on the other hand, where paying taxes on cryptocurrencies is mandatory, but the rules are not clearly defined, ranks last in the overall ranking.
The calculation was made using official government data and available data on digital asset ownership. In doing so, the authors of the report acknowledged limitations and assumptions in their methodology.
US Internal Revenue Service makes it compulsory to pay tax on profits from staking
In addition, taxpayers will have to pay part of the profits from airdrops, hard forks, and mining
In May 2022, the German Finance Ministry said that sales of BTC and ETH would not be taxed if individuals held the assets for more than a year. In late March 2023, the Danish court ruled that profits from the sale of bitcoins, whether mined or bought, must be taxed because they are speculative in nature.
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