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Poland Admits Crypto-tax “Irrational”

Tax Concept with wooden block on stacked coins

The Polish government appears to have changed their tune after last month’s plans to tax all income and earnings from cryptocurrency.

In the official announcement last month, Poland’s ministry of finance stated that residents should report tax returns on all revenue from trade and exchange of cryptocurrency.

However, they have now accepted that this is a rather irrational position to take and have issued a new regulation to temporarily abandon the decision until in-depth analysis has been carried out.

The decision involved the government moving to recognize crypto-assets as property rights and sparked outrage and protests across Poland.

After some consideration, the ministry appears to have released that the method by which cryptocurrencies are traded, and the way in which the tax is imposed, could result in some people paying more in tax than the total value of their assets.

An online petition was started by Polish citizens who criticized the government for stifling growth in the cryptocurrency market.

After meeting with protesters, Finance Minister Paweł Gruza announced:

There will be no PCC tax on trading of cryptocurrencies before any final solutions are worked out, which will happen in no less than two years. However, we maintain the obligation to settle the personal income tax, while working on temporary solutions.”

A new regulation is expected for mid-June and many hope it will exclude the civil law transactions tax (PPC in Polish).

Image From Shutterstock

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