Beginning on January 20, Romanians must pay a 10% income tax on fiat profits made from the sale of cryptocurrencies. Local information point Ziarul Financiar reports the profits of cryptocurrency must be classified as income from other sources.
The tax advisor Adrian Benta told the publication that the new rule clarified the filing procedures, so as not to tax on the basis of gross revenue. Tax exempt profits are worth less than 200 lei (around $ 48), unless such profits exceed 60 lei ($ 144) in one year.
According to Benta, before the new tax legislation, traders would have to apply as a freelancer to make repeated exchanges. Currently, the correct declaration of earnings in cryptocurrency depends on "good faith".
Spain, on the other hand, drafted legislation that would force cryptocurrency investors to disclose their holdings for tax purposes. The Spanish Government has already requested information on users of cryptocurrency companies to provide assistance in this regard.
In Denmark, the tax agency Skattestyrelsen went on to request cryptocurrency exchanges to disclose user data, after discovering up to 2,700 Danish traders on the stock exchanges of neighboring Finland, whose total trading volume was over $ 15 , 35 million.
In France, moves were made to reduce the cryptocurrency tax to 30%. Before April 2018, tax was 45%, consisting of a "social contribution" of 17.2% and a capital gains tax. With the tax on capital gains subsequently lowered to 19%, this leaves a rate of 36.2% imposed on cryptocurrency investments. Several other proposals at the French National Assembly, in order to increase tax deductions among other things, have so far failed.
Last week, Chile, Servicio de Impuestos Internos, announced the imposition of taxes on the profits of cryptocurrency, which were exempt from payments of value added tax (VAT).
Romania hosts the Coinflux exchange, whose chief executive Vlad Nistor was arrested last month on the basis of allegations made by the US government. This caused the closure of the exchange and the blocking of bank accounts, also blocking client funds.
Note: Bitcoin Core chain tokens (SegWit) are referred to as BTC coins; Tokens on the Bitcoin Cash ABC chain are referred to as BCH, BCH-ABC or BAB coins.
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