Latvia will impose cryptocurrency transaction tax of 20 percent

In February the Ministry of Finance has prepared amendments on the taxation of cryptocurrencies and mining. According to the documents, the sale of coins will be subject to personal income tax at the rate of 13 percent and the miners will independently choose the system of taxation. The financial regulator of Latvia does not provide its citizens the freedom of choice — there’s cryptocurrencies will be taxed on capital of 20%. This writes Bitcoin.com.

Cryptocurrency will impose a tax

According to the representative of the Ministry of Finance, tax is charged on capital existing when you sell the cryptocurrency. Thus, it will need to pay at the time of the transaction.

With the position of the Ministry of Finance to accept the Commission of financial and capital market. The regulator believes that cryptocurrency is a risky asset and a tax effectively legalizes digital money in the country.

While in Latvia there are no laws regulating the industry, but one of the local banks allows you to invest in cryptocurrencies. Now the Ministry of Finance prepares a report on the possible benefits of legalization of digital money in the country. It is expected that the final position of the officials will take until the end of 2018 — once the European Parliament will make its recommendations for circulation coins.

Earlier, the countries-participants G20 took the decision to abandon the international regulation of the cryptocurrency. According to the Ministers, citizens have the right to use the digital money as an alternative to the national currency and the current economic system. In addition, the cryptocurrency may have a beneficial effect on the welfare of users.

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