Greece introduces a tax on cryptocurrency profits — how much will have to be paid
Kyiv • UNN
The Greek parliament has approved the first comprehensive law on the taxation of crypto-assets. Profits of up to €500 per year are exempt from tax.
On Thursday, Greece’s parliament approved a bill introducing a 10% capital gains tax on cryptocurrency transactions. This is the first comprehensive legislative framework for taxing crypto assets in Greece, UNN reports, citing Reuters.
Details
Under the bill, capital gains from cryptocurrencies of up to €500 ($563) per year are exempt from the new tax.
"Additional implementation guidelines will be published in the coming weeks, which will also define transparency and auditing rules," a senior Finance Ministry official told Reuters.
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In addition
The publication notes that European Union countries do not have a unified tax system for this sector.
In various European countries, cryptocurrency tax rates range from 8% to 30%; generally, it is the capital gain itself that is taxed.
According to the official, it is currently impossible to forecast the amount of revenue the new tax will generate for the state budget, since the vast majority of investors use foreign platforms, making it difficult to assess the actual size of the Greek cryptocurrency market.