WARSAW: Polish cryptocurrency investors have decided to protest the government’s decision to tax all crypto transactions even those that do not make profits. The crypto community has launched an online petition against the finance ministry, and the petition is gaining support day by day. The taxes imposed on cryptocurrency is as high as 32%, and all purchases and sale will be taxed similarly to the transfer of property regardless whether the parties are making results or not.
The Finance ministry recently published its position on the taxation of digital currency incomes and also profits. According to the report tax returns from all polish citizens should contain information about incomes from trade and exchanges for digital currencies. The turnover from cryptocurrency transaction will be reported as personal income and will be taxed according to the recent tax code. The country has already passed an income tax scale which is progressive with two brackets. The scale will include 18% tax for incomes up to PLN 85,528 and 32% for incomes that exceed the PLN 85,528 amount.
Because of these activities by the polish government, many blockchain companies in the country have now started working on foreign projects. The petitioners have vowed not to pay the 1% tax to the government. More to that their petition has already been signed by more than 4000 people.
The ministry has however stated that it is still working on a more accommodative method of taxing cryptocurrency agreeing that the current one is very binding. However, the polish citizens are expected to file their returns as per the existing rules, and the deadline for filing the returns is April 30th.