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You have to pay taxes, but what are the rules?
First of all, a clear definition of the virtual currency has been finally established. This definition is exactly the same as the one in the Anti-Money Laundering Act, which will at least solve the problems with interpretation. However, the most important change in the new law concerns the cryptocurrency exchange - exchanging one cryptocurrency for another. This year, it is not taken into account for income tax purposes. The view on the tax rate has also changed. It amounts to 19% and relates to the exchange of cryptocurrencies for the traditional means of payment, goods or services. The same rate also applies to the income from the sale of cryptocurrency, which is treated as investment income. Since this year, the obligation to put the fact of each acquisition of a cryptocurrency and any paymentment made with it on the tax return. The losses incurred as a result of cryptocurrency transactions or investments, are passed to the following years. Unfortunately, this is bad news for people running a business. Losses cannot be compensated by revenues from other activities, and the costs incurred as a result of cryptocurrency operations have to be separated on the tax return form other costs. In case of gaining a large income from cryptocurrencies, the law is not as friendly to cryptocurrency users. The cryptocurrency tax provides for an additional 4% in the case of income exceeding PLN 1 million. So they are included in the so-called solidarity contribution. There are no more changes to the law. A few of them will surely be in the favour of cryptocurrency users, however, a few of them - definitely not. The most negative provision of this law is about the obligation to report any acquisition of a cryptocurrency and payment. For sure, users and investors of cryptocurrencies will be happy that they do not have to pay tax on exchanging digital currency for another currency and a fixed tax rate.
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