Slovakian lawmakers have passed legislation to regulate and reduce the tax rate on cryptocurrency income. Under the new law, crypto income from assets held for at least a year will be taxed at a favorable rate of 7%, aligning Slovakia…
Slovakian lawmakers have passed legislation to regulate and reduce the tax rate on cryptocurrency income. Under the new law, crypto income from assets held for at least a year will be taxed at a favorable rate of 7%, aligning Slovakia with other crypto-friendly countries such as Slovenia and Switzerland. In a June 28 , Slovakian deputies have approved an amendment that will lower the taxation on cryptocurrencies. The assets held for more than a year are subject to a reduced tax rate of 7%, lower than the standard income tax rate. Additionally, the amendment aims to exempt income from cryptocurrencies from health taxes, with the Ministry of Finance estimating an annual financial impact of around 30 million euros. Notably, the proposal also includes changes regarding investment savings. Further changes are outlined in the amending proposal by Petr Cmorej of SaS, a Slovkian political party. Under these changes, payments made in cryptocurrencies up to 2,400 euros will be exempt from taxation. Furthermore, the maximum limit for long-term investment savings in a calendar year will be doubled, increasing from 3,000 euros to 6,000 euros. These modifications provide additional incentives and opportunities for cryptocurrency adoption and investment in Slovakia. When comparing Slovakia’s announcement…
