Poland becomes tax hell

1% tax on every purchase - Poland becomes a tax hell

Poland has now passed laws to tax cryptocurrencies three weeks before the taxes are due in the country: must now 1% tax is paid on every purchase - even between two cryptocurrencies. This also applies if losses are realized with the trade. Furthermore, each trade must be recorded on its own form and sent to the tax office. Sounds like tax hell, right? But it goes on ...

Additional normal taxes

But as if all of that wasn't enough, we'll add to that additionally the “normal” taxes at the end of the year due. In Poland, this amounts to 18-32% depending on income. This makes Poland the most crypto-hostile country on planet Earth! However, other countries such as Germany or Austria still have some catching up to do when it comes to taxing cryptocurrencies, because we believe that taxes are too high there too. Some countries and states have already shown that this can be done differently.

But there is another way:

The Wyoming State Senator in the United States has proposed to waive all taxes on cryptocurrencies. Spain also wants to reduce taxes on cryptocurrencies in order to make the country more attractive for blockchain and crypto companies and to attract these companies to the country. This in turn has a positive tax effect on Spain, because more and more start-ups are being founded in this industry. How the countries will behave towards cryptocurrencies in the future remains to be seen. What is certain, however, is that the topic is already being discussed all over the world due to the great interest. It remains to be seen whether a common solution will be found within the EU. It is unclear whether this will happen now, in a few months or in many years.

The official statement

The official statement from the Polish government can be found here. The text is unfortunately in Polish, the best thing is to have the text translated using the Google Translator: Taxation statement

Poland becomes tax hell