• Slovenia’s Financial Administration Proposes a Special 10% Tax on Crypto Income

  • Slovenia, despite its small size, is one of Europe’s fastest-growing countries, particularly in business and economic terms. It was the first to join the European Union in 2004 after a successful economic transition from Yugoslavia, and it is the wealthiest Slavic nation in terms of per capita GDP. Slovenian cryptocurrency adoption has grown rapidly over the years. Cryptocurrency awareness among its citizens is relatively high.

    The Bill Proposing a Crypto Tax

    According to local media reports, the Financial Administration of the Republic of Slovenia (FURS) has proposed changing the country’s crypto taxation rules. In the near future, this proposal seeks to impose a 10% taxable income tax on cryptocurrency asset activity. According to the country’s tax authority, this change would significantly simplify the way crypto-related income is taxed.

    At the moment, the authority must examine an individual’s crypto activity on a case-by-case basis. It investigates a taxpayer’s numerous transactions involving the purchase and sale of digital currency, as well as the various cryptos they have purchased, sold, or converted. The financial administration elaborated that if the amendments are introduced, it will no longer have to go through this stagnant and time-consuming crypto administrative process.

    “We would like to emphasize that the amount a Slovenian tax resident receives on their bank account when converting virtual currency into cash or when purchasing a thing will not be taxed, but rather the amount a Slovenian tax resident receives on their bank account when converting virtual currency into cash or when purchasing a thing.” According to the media, FURS stated.

    Slovenian Crypto Adoption

    Slovenia has recently positioned itself as a hub for blockchain and cryptocurrency-related activities. With a population of approximately 2 million people, the country has more physical locations accepting cryptocurrency payments than the entire United States.

    By 2020, more than 1,000 locations, including cafes, restaurants, dentists, hair salons, and hotels, will accept cryptocurrency payments. It was also the only country in the world at the start of 2019 where you could survive solely on cryptocurrencies.

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