Slovakian Parliament Passes Bill to Reduce Taxes on Cryptocurrencies

Slovakia's National Council has approved tax cuts for cryptocurrencies, including a reduced personal income tax rate of 7% on profits from selling cryptocurrencies held for at least a year. This is considerably lower than the existing rates of 19% or 25%. Additionally, cryptocurrency payments up to 2,400 euros will be exempt from taxes, and crypto income will not be subject to health insurance contributions. The Ministry of Finance predicts an estimated annual financial impact of approximately 30 million euros. In contrast to the US, Slovakia has actively monitored crypto developments and implemented comprehensive guidelines.#GOATMoments #6YR_ANNIVERSARY #Binance #DYOR