From the present threshold rate of up to 25%, the taxes will drop dramatically to 7%.
Up to 2,400 euros ($2,600) received in cryptocurrency will be exempt from taxation.
Lower crypto taxes and other measures impacting the crypto sector were approved by the National Council of the Slovak Republic, Slovakia’s parliament.
An amendment that would lower individual income tax on gains from the sale of cryptocurrency held by the holder for a minimum of twelve months was approved by a majority of the National Council on June 28.
Massive Boost for Sector
From the present threshold rate of either 19% or 25%, the taxes will drop dramatically to 7%. Moreover, up to 2,400 euros ($2,600) received in cryptocurrency will be exempt from taxation. In addition, the measure exempts cryptocurrency earnings from the 14% health insurance levy.
A local Slovakian news outlet said that the Ministry of Finance estimates an annual financial affect of roughly 30 million euros as a result of the modification. A s
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