On the table again is the tax treatment of cryptocurrencies by the Ministry of Finance, after the abolition of the committee that was established last spring and had not had time to complete its work.
According to exclusive information of “Sunday’s Step”, in the next few days a committee will be re-established which will be chaired by a political figure, specifically the General Secretary of Tax Policy Mrs. Mary Psillawith the aim of clarifying the landscape regarding the procedure to be followed by the Ministry of National Economy and Finance, in order for these modern but also with many questionable financial products to be accepted by the Tax Office, as so far the money resulting from the transactions ” crypto” are not recognized by the Tax Office.
New decision
For the “hunting” of cryptocurrencies, the committee that was established in February 2024 and consisted of eighteen members was abolished six months later, in August of this year, by a decision of the Minister of National Economy and Finance, Mr. Kostis Hatzidakis.
According to the same information, one of the main reasons that the previous commission was abolished is the fact that its president was a civil servant and not a political executive of the Ministry of Finance.
In the new decision that will be taken in the next few days, it will be foreseen the establishment and formation of a Working Group at the Ministry of National Economy and Finance, to define the framework of taxation and control of cryptocurrencies and digital assets. The number and names of the members that will make it up will be determined during the week, while the new Working Group will meet regularly in the building where the office of the Deputy Minister of National Economy and Finance is housed. Christou Dimas or by teleconference, while the chairperson, members and acting secretary of the Working Group will not be compensated.
One of the main goals of the Ministry of Finance is to tax the capital gains resulting from the sale of cryptocurrencies at a rate that is likely to be 15%.
Huge demand
Since the day the committee was established, then summarily abolished and now set to be resurrected again, the global demand for buying cryptocurrencies has intensified, while the “king” of cryptocurrencies, bitcoin, is still at very high levels. as it stands at around 64,000 euros, around 7,000 euros below the all-time record of 71,638 it had reached in April this year.
The huge demand for cryptocurrencies shows that this new way of investing exists and is constantly growing, and decisions must be made immediately on the control and taxation of cryptocurrencies through the special task force that is to be set up immediately (likely within the week). In addition to tax officials of the Independent Public Revenue Authority, legal, tax advisors of the Hellenic Banking Union and the Bank of Greece, officials of the Authority for the Legalization of Proceeds from Criminal Activities, associates of the Minister and Deputy Minister of Finance, sworn auditors and .t.l.
It is worth emphasizing that every day in the Tax Offices owners of cryptocurrencies appear who had acquired them at very low prices and now liquidate them making huge profits and ask to be taxed on the resulting capital gain so that they can then use this money to buy a property or other assets .
However, the answer they receive from the Tax Office is that these amounts cannot be declared, nor does it recognize them and, by extension, cannot tax them under the capital gains regime, i.e. the difference between the acquisition price paid by the taxpayer and the sale price received.
At the same time, anyone who proceeds to acquire a property with profits derived from buying and selling crypto-currencies and cannot cover the “whereabouts” with declared incomes from earlier years, the Tax Office can impose income tax on him with the highest tax rate of up to 42%. At the same time, fines and surcharges can be imposed on him as the Tax Office will claim that these incomes are the product of tax evasion and have not been legally declared to the Authorities.
On the other hand, when the Greek state comes to recognize cryptocurrencies as investment products, it should at the same time resolve the issue of their owner being able to justify how he acquired them, i.e. with what income. This applies to the purchase of any asset and is therefore most likely to be applied in the case of cryptocurrencies as well.
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