Cryptocurrency gains targeted
The Finance Ministry and tax authorities are preparing to create a framework for the taxation of cryptocurrencies, with the establishment of the relevant committee being the first step. The difficulties mainly concern monitoring trade, as those who sell cryptocurrencies are unknown. At the moment the focus, until rules are put in place, is on the fight against money laundering.
There is currently no framework for the taxation of capital gains arising from the sale of cryptocurrencies, which makes it impossible to use the profits officially by investors, who cannot buy real estate, cars or anything else of great value which is paid only through cards or the banking system.
The committee that will be established is asked, as ministry officials say, to propose solutions related to the taxation of cryptocurrencies.
Among the proposals examined are the assignment of an Activity Code Number (KAD) to those who sell cryptocurrencies, and the obligation to declare cryptocurrencies in the tax return or otherwise of the profits they derive from their sale.
Accountants recommend to those who have cryptocurrencies to declare them in the E1 form and then the capital gain paying a tax of 15%, so as to avoid retroactive taxation and fines.
