newtech.law

Author: Michał Nowacki

He strives to reconcile the world of new technologies with the mundane reality of taxes. Co-head of the Tax practice at Wardyński & Partners. Write to the author: michal.nowacki@wardynski.com.pl
Posted on Categories blockchain, changes in law

Taxation of income from trading in cryptocurrencies: A new approach

The Polish government is currently working on a completely new tax regime applicable to income from trading in cryptocurrencies (virtual currencies) for personal income tax and corporate income tax purposes. For PIT purposes, this income is to be taxed as income from cash capital at the rate of 19% regardless of whether the turnover is of a private nature or made in the course of business activity. For CIT purposes, the income from trading in cryptocurrencies will be classified as capital gains. These new rules would apply from 1 January 2019.

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Posted on Categories fintech, taxes

Virtual currencies— how to tax profits?

During the past year Bitcoin doubled its value. Those who acquired this currency at a lower rate can now reap great profits. The ability to tax income on this basis has long been subject to doubt. Recently, a change of statistical classification of trade in Bitcoin augmented uncertainty in this regard.

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