Crypto users in Poland will no longer have to pay taxes on cryptocurrency trading. In doing so, the Polish Ministry of Finance is responding to a massive counter-front from the Polish crypto community. The lifting of tax liability is initially temporary – so it is important to see how the situation for the Polish crypto fans develops in the near future.
At the beginning of the year, the Polish government brought into play a tax on cryptocurrencies. As the Ministry of Finance announced in April, all Poles trading in Krypto are required to pay taxes on their profits. Accordingly, all income is attributable to personal income tax. Depending on the amount of income, this is between 18 and 32 percent. In addition, the Treasury insists on a one percent per trade transaction tax, regardless of the profits or losses that crypto trade brings to users.
The government’s announcements prompted an immediate response from the crypto community. After signing an online petition, some demonstrators from the crypt scene gathered in front of the Ministry of Finance building. They accused the government of wanting to narrow down the emerging crypto market in Poland and to continue its crypto-enemy strategy. In addition, the date of the announcement was criticized: The deadline for payment of the annual tax is April 30, a few weeks after the announcement of crypto taxation.
Rethinking the government
Now the Polish Ministry of Finance, after more extensive talks with the protesters, has apparently come to a better decision. The Polish press agency reported last week that the Ministry of Finance intends to conduct a “detailed analysis” of cryptocurrency in order to put in place appropriate regulatory and fiscal policies. Until this analysis is completed, the taxation of the crypto trade should be suspended for the time being. At least in the short to medium term, these are good news for crypto traders in Poland.
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