Ministry of Finance in Poland Temporarily Dissolves Cryptocurrency Tax

The Polish Ministry of Finance has decided to roll back crypto tax.

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It was reported by the Polish Press Agency that the Ministry of Finance of Poland is temporarily suspending tax collection for cryptocurrencies. During this temporary suspension, the Ministry will be conducting an in-depth analysis of the cryptocurrency space in order to create better regulations and tax policies.

The beginning of April saw the Polish Ministry of Finance releasing a statement stating that cryptocurrency transaction taxation may fall in two income brackets: 18% and 32%; An additional 1% levy tax is also applied.

Following the statement, a 5,000 signature petition was filed to abolish the cryptocurrency taxes.

A more recent statement issued by the Ministry of Finance has shown that the Ministry had acknowledged that the current taxation policy can mean tax amounts that are “often exceeding the funds invested”:

“Temporary abandonment of tax collection will allow for an in-depth analysis and preparation of system solutions regulating this economic space, including in the tax context.”

According to the Polish Press Agency, the draft regulation is to be issued by June 15, 2018.

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