Slovakia approves lower crypto income tax rate
Slovakian lawmakers have passed legislation to regulate and reduce the tax rate on cryptocurrency income. Under the new law, crypto income from assets held for at least a year will be taxed at a favorable rate of 7%, aligning Slovakia with other crypto-friendly countries such as Slovenia and Switzerland. In a June 28 announcement, Slovakian deputies have approved an amendment that will lower the taxation on cryptocurrencies. The assets held for more than a year are subject to a reduced tax rate of 7%, lower than the standard income tax rate. Additionally, the amendment aims to exempt income from crypto currencies from health taxes, with the Ministry of Finance estimating an annual financial impact of around 30 million euros. Notably, the proposal also includes changes regarding investment savings. You might also like: El Salvador to remove taxes on technological advancements Further changes are outlined in the amending proposal by Petr Cmorej of SaS, a Slovkian political...