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Bitcoin, litecoin, and maybe ether, or cryptocurrency tax in 2019

Ministry of Finance he prepares changes in the tax system, most of which will come into force as early as the beginning of the 2019 year. The new rules will also cover income derived from the trading of cryptocurrencies.

What tax on cryptocurrencies in 2019?

On the website of the Ministry of Finance we read that in the annual PIT tax return should also be demonstrated revenues from the sale or conversion of cryptocurrencies. They can be qualified to the source of income from the title property rights or non-agricultural business. The tax on cryptocurrencies in the 2019 year is therefore obliged to pay any person who sells them or exchanges for some other currency.

The Ministry of Finance prepares an amendment to the law, which is to apply to personal income tax, corporate income tax and the new Tax Ordinance. There will also be provisions on the rules for paying tax on cryptocurrencies in the 2019 year. Experts hope that the new rules will be more orderly.

The proposed changes assume that cryptocurrency tax in 2019 should be paid in situations where trading in virtual currencies, so-called cryptocurrencies generate income, among others in the case of the sale of cryptocurrencies, that is, exchange it for a traditional currency, e.g. zlotys, dollars, euros, as well as converting cryptocurrencies into another cryptocurrency, product or service. These revenues will be considered as revenues from capital or capital gains and are not to be combined with other revenues of this type. Also, losses incurred in trading in cryptocurrencies may not be deducted from other income.

The costs incurred for the purchase and sale of cryptocurrencies will be settled in the year they are incurred, irrespective of whether in a given year the taxpayer will also receive revenues from the sale of cryptocurrencies.

It is assumed that the tax on cryptocurrencies in 2019 year will pay people who they extract cryptocurrencies on order or as part of a contract of employment. If digging cryptocurrency You do not have to pay for your own tax bill. However, revenue is generated when we sell crypto-currencies and when we pay cryptocurrencies for goods or services, and these activities are already taxed.

The cryptocurrency tax in 2019 is to have one 19% rate.

Natural persons conducting economic activity, and those who obtain income from transactions in virtual currencies as part of this activity, will not be able to combine them with other incomes obtained from running this activity.

The new legal regulations also assume no need to pay advance payments for income tax.

To settle the tax on cryptocurrencies in 2019 year, you will need to complete T-36 and at the right time, ie to 30 April 2019, file it in the Tax Office. The tax on cryptocurrencies in 2019 is calculated on general principles.

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