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Cryptocurrencies

Romania amends its tax law with 10% tax on crypto earnings

Wednesday 23 January 2019 | 11:22 AM CET

Romania has amended its tax laws, which means that the country will start taxing gains from bitcoin investments at a rate of 10%.

The fiscal code legislation categorises earnings generated from buying and selling cryptocurrencies as ‘income from other sources’, thus they are considered subject to income tax. Currently, the earnings from Bitcoin are taxed and declared in the annual income statement.

As such, gains from any single transaction that is below 200 Romanian RON, meaning about USD 50, will not be taxed. Investors will pay the 10% income tax on crypto earnings that exceed a cumulative 600 RON in a year.

Romania joins a growing list of governments to roll out crypto tax legislation. Chile, for instance, announced that it will start taxing bitcoin profits in April 2019. Moreover, the government in Spain, has drafted a law that seeks to compel investors to declare their crypto asset holdings, partly as a measure to prevent tax evasion.

More: Link
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