your country cryptocurrency Slovenia, which wants to facilitate its adaptation to the world of bitcoin and announced a 5% flat rate tax plan for crypto transactions.
The new flat rate tax is aimed at simplifying cryptocurrency transactions in the country.
The bill, which aims to introduce the new tax rate, was passed by the Slovenian legislature Thursday.
The crypto tax law was passed along with the Regulation on the Climate Change Fund Spending Program for 2022 and 2023.
New Cryptocurrency Tax Law Aimed To Facilitate Crypto Taxation
With the passing of this bill, Slovenes now have to pay taxes on all virtual currencies they legally hold.
The new bill was also created to encourage citizens to pay taxes by adding deductions that streamline the payment process.
In its statement, the Slovenian government stated the following regarding the new law:
“With legislation in this area, Slovenia’s competitive position in taxation in the field of virtual currencies will be strengthened.”
As it is known, a short time ago, India caused great controversy by adding a 30% tax on crypto money income. The crypto community believes that this new technology, which is developing in the country, will enter a period of decline after this move by India. India will also not withhold any tax on losses incurred in crypto trading.
This move by Slovenia, a member of the European Union, came just as the union’s vote to ban anonymous crypto transactions was discussed.
*Not investment advice.