Poland’s “Irrational” Crypto Tax Rolled Back: Smarter Regulations in The Works
The Finance Ministry of Poland has recently released a new statement in regards to an update on the controversial taxation of all cryptocurrency transactions. To the satisfaction of Poland’s ever-growing crypto community, the Polish Press Agency (PAP) reported May 18 that tax collection for cryptocurrencies will be temporarily lifted.
Subsequent to the huge backlash regarding the new taxation laws, the Ministry stated that it will conduct an “in-depth analysis” of the crypto space in order to be better equipped at regulating the taxation policies from now on. The Ministry of Finance went on acknowledging that in the current form of cryptocurrency taxation “the obligation may arise to pay tax in amount often exceeding the funds invested.”
He continued by saying: “Temporary abandonment of tax collection will allow for an in-depth analysis and preparation of system solutions regulating this economic space, including in the tax context.” The new reformed tax regulations are expected to be issued by June 15th.
Deputy Finance Minister, Pawel Gruza, had announced the lift of PCC taxes after meeting with the protesters. Interestingly enough, he also made sure to point out that those who have already paid won’t be benefiting from a refund on the PCC taxes.
New accord in the aftermath of protests and a petition
This decision comes as an official response to the publication of a Change.org petition last month. The petition was signed by over 5000 people, keen on demanding the “release of the crypto market, and the abolition of all taxes related to this technology.”
The first turn of events took place at the beginning of April when the Ministry of Finance released a statement clarifying that there will be two income tax brackets of 18 and 32 percent for cryptocurrency transactions. The statement also informed in regards to a one percent levy tax due to civil law agreements.
How much better Poland’s new tax regulations regarding crypto transfers will be remains to be seen.