Taxation of cryptocurrencies varies greatly from country to country. Here are the cryptocurrency taxation rules and rates in some countries;
USA
Tax Type: Capital gains tax.
Rate: 10%-37% for less than 1 year; 0%, 15% or 20% for 1 year or more
Profits from selling cryptocurrencies, purchasing goods or services, and mining are taxed.
England
Tax Type: Capital gains tax
Rate: Base rate 10%, high rate 20%
Gains from cryptocurrency trading are taxed as capital gains. Additionally, a certain annual exemption applies.
Germany
Tax Type: income tax for short-term gain, capital gains tax for long-term gain.
Rate: 0%-45% for short-term gains; Cryptocurrencies held for more than 1 year are tax-free.
Cryptocurrencies are tax-free when held for more than 1 year. Short-term gains are subject to income tax.
Japan
Tax Type: Income tax
Ratio: 5%-45%
Income tax is collected from cryptocurrency trading, mining, and the use of cryptocurrencies in exchange for goods or services.
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Tax Type: Capital gains tax
Rate: 50% of capital gains are taxed as income, which varies between 15%-33% depending on the tax rate
Gains from the sale of cryptocurrencies are considered capital gains and half are taxed as income.
Australia
Tax Type: Capital gains tax
Rate: 19%-45% based on general income tax rates
Gains from the sale of cryptocurrencies are taxed as capital gains. You can benefit from a 50% tax deduction for cryptocurrencies held for more than 1 year.
Portugal
Tax Type: Tax exempt
Portugal exempts cryptocurrency earnings from tax for individual investors.
Singapore
Tax Type: Tax exempt
Cryptocurrency gains are considered capital gains and are tax-free for individual investors.
South Korea
Tax Type: Income tax
Oran: %20
Starting from 2023, a 20% income tax is applied to cryptocurrency earnings.
India
Tax Type: Income tax
Orange: %30
According to the regulation implemented in 2022, cryptocurrency earnings are taxed at 30%.
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