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14 August 2020

Eight Countries That Don't Tax Your Bitcoin Gains | Finance Bitcoin News

Eight Countries That Don't Tax Your Bitcoin Gains | Finance Bitcoin News

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As world governments push through legislation to levy taxes on capital gains from bitcoin (BTC) transactions, seeking to earn more from an asset class that frowns on regulatory oversight, there are still a few countries that remain pro-crypto, allowing investors to buy, sell or hold digital assets at zero taxes.

In Portugal, tax authorities waived all tax on cryptocurrency trading and transacting – meaning that individuals do not have to pay capital gains tax or value added tax (VAT), when buying or selling BTC and other digital assets.

While citizens are under no obligation to pay income tax when exchanging crypto for fiat, the PTA, however, indicated that businesses which accept digital currencies as payment for goods and services are liable to paying taxes such as VAT and income tax.

Businesses, however, are still obliged to pay taxes on gains emanating from bitcoin through corporate income taxes.

While no capital gains is levied on citizens for the sale of bitcoin and other cryptocurrencies, they are still expected to pay income tax regardless of the currency being exchanged.

However, companies that receive payment in BTC or from crypto mining are required to pay tax at the corporate tax rate.

In Switzerland, one of Europe’s crypto havens, qualified individuals that buy, sell or hold cryptocurrencies for personal benefit are not required to pay tax on their capital gains?

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