The Sejm has passed amendments to the tax law regarding cryptocurrencies

The Polish Sejm passed an amendment to tax laws, where, inter alia, specifies the method of taxation of income from trading in virtual currencies and the so-called Exit tax. Then the amendment will be submitted to the Senate. If approved… What changes await us?

19% tax, but ...

New items in the records that refer strictly to taxation of income from the sale of cryptocurrencies will be treated as income from capital or capital gains. An important clarification is the fact that the loss achieved due to trading in virtual currencies can not be deducted from tax due to income related, for example, to trading in securities.

The tax on capital gains indicates that the settlement will be via the PIT-8C form at the 19% rate, i.e. the same, which applies to revenues from the sale of shares, bank deposits, dividends or participation units of investment funds.

Persons trading in cryptocurrencies under the business activity will also settle at the 19% rate, in the same way as capital gains.

It must be admitted that finally, after many months of the battle of the representatives of the industry with the legislator, a clear solution was obtained (if it is approved in an unchanged form). The confusion associated with the settlement of income from the sale of virtual currencies provided a lot of excitement, especially in the initial interpretation indicating the transfer of tax on civil law transactions (PCC) from each transaction.