As per local media reports, the Financial Administration of the Republic of Slovenia, is muling over imposing a ten percent taxable income bill on digital currency activity in the imminent future.
Under the present legislation method, the authority inspects an individual’s cryptocurrency activity on a case-by-case basis by checking their buy and sell transactions one by one. As per them, this can result in a slack and dull digital asset administrative process.
The commencement of the aforementioned initiative is intended to digitally streamline the tax process, focusing primarily on the acquisition of goods and services, or the conversion of virtual currencies into fiat currencies. Within these parameters, the country’s natives will be taxed at a flat rate of ten percent on their income.
In the recent report published by STA, the Financial Administration of the Republic of Slovenia shared further information on the aforementioned proposal. The report mentioned,
“We would like to emphasize that it is not profit which would be taxed but rather the amount a Slovenian tax resident receives on their bank account on turning the virtual currency into cash or when buying a thing.”
Slovenia has been a consistent voice in leading the espousal of virtual currencies and blockchain technology across the European continent in the last couple of years.
Notably, an aggregated digital asset index designed by the financial research organization Crypto Head ranked Slovenia seventh in their capacity to fully embrace virtual currencies calculated using a number of metrics including Google searches, digital asset ATM saturation and legislation.
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