For the first time, clear rules are laid down on the taxation of transactions with cryptocurrencies with a new National Economy and Finance Ministry bill.
The main provisions of the new framework are the imposition of a 15% tax on capital gains from the sale of digital currencies and the introduction of an annual tax-free limit of EUR 500, so that small-value transactions are not taxed.
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Tax will only concern the actual profit gained by the investor from the sale of a Cryptonomet at a higher price than that of its market. The difference between the purchase price and the sales price will be considered to be goodwill and will be taxed at a rate of 15%.
For the determination of the taxable amount, account will be taken of the costs related to the transaction, such as supplies paid to online trading platforms. In this way the tax will be calculated on the net economic benefit generated for the investor.
It should be stressed that the exchange of a digital asset with another will not trigger a tax liability. For example, the conversion of Bitcoin to Ethereum will not be considered a taxable event. The obligation to pay tax will only be incurred when cryptocurrencies they are liquidated in euro or other official currency or when used as a means of payment for the purchase of goods and services.
The bill also introduces the possibility of carrying losses. Since transactions in cryptocurrency result in losses, it will be able to offset future profits from corresponding transactions for up to five tax years, adopting practice already applied to other forms of investment.
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At the same time, for the first time cryptocurrencies are explicitly included in the tax on inheritance, donations and parental benefits. The acquisition value shall be taken as the one used to calculate the tax or to apply the exemptions envisaged, creating a clear reference point for any future transfer of digital assets.
The provision concerning the justification for the origin of capital is also important. The amounts resulting from legal sales of crypto bills can now be used to cover receipts or to finance purchases of real estate, participations in enterprises and other investments, without any question as to the legality of their origin, provided that transactions have taken place in accordance with the institutional framework envisaged.
Finally, the new provisions will apply retroactively from 1 January 2025. Therefore, profits from transactions in cryptocurrency occurring from that date will be subject to the new regime and will be reported in the tax returns submitted in 2027.
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