Germany Taxes Income Tax on Cryptocurrencies
The German Ministry of Finance recently announced the official confirmation of the income tax treatment for cryptocurrencies.
In light of the growing importance of tokens and cryptocurrencies like Bitcointhe German Federal Ministry of Finance has coordinated with the financial authorities to announce the tax treatment.
The content of the notice mentions the issues electronic money different, technically interpreted and classified under income tax law.
The summer 2021 hearing is an important intermediate step in the development of this notice. One of the most discussed questions is whether the tax-free holding period for crypto lending and staking should apply a minimum of 10 years.
The German Parliament on April 28 held a roundtable on taxation for cryptocurrencies
The final conclusion is that the 10-year period does not apply to categories cryptocurrency. Instead, the tax-free period with confirmed crypto earnings is 1 year. Citing a text from the Ministry of Finance, crypto analyst Patrick Hansen explained that the sale of crypto assets will remain tax-free after 1 year, even if used for deposits and/or loans.
German Foreign Minister Katja Hessel said that she would continue to supplement the tax collection laws, emphasizing not to omit factors to be able to keep up with the rapid development of the country. world electronic money.
The fact that the German government is open to this type of digital asset indicates an official recognition of cryptocurrencies. This is the first time there has been a unified administrative guideline on the subject.
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