The Greek Tax Administration has determined that the sale of cryptocurrencies is subject to VAT (value-added tax). This decision is based on the fact that cryptocurrencies are not officially recognised by the state as a legal means of payment. Therefore, they do not benefit from the VAT exemption that applies to foreign exchange transactions, banknotes, and coins that are considered legal tender. Therefore, cryptocurrencies are still not legal tender in this country.
VAT on cryptocurrency sales in Greece, yes or no?
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Author: Kristina Dosen
Category:
Fiscal subject related
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423
Content accuracy validation date:
05.06.2024
Content accuracy validation time:
08:30h
When it comes to income tax, the income generated from the sale or disposal of cryptocurrencies is not subject to capital gains tax. This is because the Greek Income Tax Code specifies a list of securities eligible for capital gains taxation, and cryptocurrencies are not included in this list.
These rulings reflect Greece's approach to regulating cryptocurrencies, treating them differently from traditional currencies and securities for tax purposes. It's important to note that while the European Court of Justice has exempted cryptocurrencies from VAT at the supply level, Greece has chosen not to follow this ruling, leading to the current tax treatment.