Interventions in taxation are being considered in Greece, as until now in this country's tax legislation there was no specific tax regime that governed the profits obtained by taxpayers from capital gains from the sale of cryptocurrencies. After the undeclared profits from "Airbnb-type" rentals, the Independent Public Revenue Authority (TA) is now trying to "hand in," i.e., start to tax the profits from transactions in cryptocurrencies, with the methods and know-how of the American IRS.
Potential direction plans regarding taxes on cryptocurrency transactions in Greece are currently in the spotlight
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Author: Kristina Dosen
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Fiscal subject related
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661
Content accuracy validation date:
28.12.2022
Content accuracy validation time:
08:12h
The foundations of the cooperation were laid yesterday in Washington, at the meeting of the Governor of AADE, Giorgos Pitsilis with the Acting Commissioner of the IRS, Douglas O'Donnell . According to information from newmoney.gr, one of the plans that the Ministry of Finance has been considering for a long time is, among other things, the possibility of taxing cryptocurrencies and their profits as a... portfolio investment (gains from capital investments), possibly, based on the current discussion direction, with a 15% tax.
At the same time, interventions in taxation are also being considered, as until now in Greek tax legislation there was no specific tax regime that governed the profits obtained by taxpayers from capital gains from the sale of cryptocurrencies. However, it is considered that the above incomes are gains from capital gains transfers and are taxed at a rate of 15%. As mentioned by top executives of the economic staff, a complete and fortified legislative framework that will tax cryptocurrencies and set specific rules in the market is definitely needed but will probably not be realized in the near future.
Legislation of tax, however, is not possible if the Ministry of Finance does not first ensure that it has a way to check whether the real value of acquisition or sale is declared, in order to tax these revenues fairly. In addition, the attitude of other countries is also examined, so that unfair tax competition does not arise in this country.
An "ally" of the effort will be the new, stricter legislation promoted by the EU (most recently published MiCa regulations), which will provide for the nominalization of investments in cryptocurrencies as it is considered that in many cases they are used as means of money laundering, tax evasion, and terrorist financing.