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FollowingGreece plans to impose a 10% tax rate on cryptocurrency capital gains
Reuters reported on Thursday that a draft submitted for public consultation showed that Greece plans to impose a 10% capital gains tax on cryptocurrency transactions. According to the report, Greece currently does not have a comprehensive legal framework for taxing cryptocurrencies.
Details of tax rate adjustments and exemptions
The new proposed tax rate is lower than the planned tax rate (15%) previously disclosed to Reuters by two government officials in June. According to reports, each investor's annual income of up to 500 euros (about US$560) will be tax-free. An official said at the time that cryptocurrency mining activities carried out by individuals would not be taxed, while mining activities carried out by registered companies would be subject to tax.
Greek officials said the size of the country's cryptocurrency market is extremely difficult to estimate because most investors use platforms located outside Greece. Reuters pointed out that no specific forecast has been made on the fiscal revenue expected to be generated by the tax.
Tax comparison in the EU and other regions
EU countries have not established a unified cryptocurrency tax system, and the tax rates among member states differ significantly. According to an analysis by a law firm, Cyprus has levied a unified tax rate of 8% on cryptocurrency gains from individuals and businesses starting from January 1 this year; Ireland's tax rate is 33%. Italy raised its tax rate from 26% to 33% earlier this year, while Spain treats cryptocurrency gains as savings income and taxes them at progressive rates of up to 28%. Germany exempts cryptocurrency gains held for more than a year, while the Netherlands taxes presumed returns on assets rather than realized gains.
In addition, starting from January 1 this year, the DAC8 rule implemented by the European Union requires cryptocurrency service providers to collect user transaction data living in the EU and exchange it with the tax authorities of the user's country of residence. This year is the first reporting cycle.
Legislative process
In non-EU areas, the UK plans to postpone capital gains tax on decentralized finance (DeFi) loans and liquidity pool deposits. According to statistics, there are 240 cryptocurrency millionaires in the local area, and their taxable cryptocurrency income accounts for more than half of the national total.
It is reported that the Greek bill is expected to be submitted to Parliament for review in November.
