Polish authorities are taking a closer look at cryptocurrencies. It’s about tax issues. The case is to be dealt with by the Ministry of Finance.
The Polish tax office is looking for money
Dziennik Gazeta Prawna reports today that, according to the draft amendment to the Act on the National Revenue Administration and other acts, which journalists of this newspaper have reached, the Ministry of Finance wants not only customs and tax offices, but also tax offices to ask banks for providing information on cryptocurrency income.
“Moreover, officials will be able to apply for it already when the proceedings are pending in the case, and not against a specific person as before”
– says DGP Jakub Wirski, tax advisor from Gardens Tax & Legal.
“The interest of the tax office will therefore concern a much larger number of transactions than before”
It is not the end…
The daily also adds that the Organization for Economic Co-operation and Development (OECD) is preparing another change. She wants tax offices around the globe to collect information about transactions carried out on their territory by cryptocurrency exchanges. Then they are to exchange such data with tax offices from other countries.
“It would be done automatically, within the framework of the Common Reporting Standard (CRS), which Poland and other countries are already using today to obtain information on income hidden abroad on bank accounts. The OECD plans to present the CRS standard modified with such information already in 2021. “
– describes the newspaper
Where does the government’s interest in cryptocurrencies come from? The recently published OECD report shows that there is still a clear problem with the income from the cryptocurrency market leaking from the traditional tax system. This also supposedly applies to Poland.
In practice, however, this does not mean anything terrible. However, the condition is to comply with the law and pay tax on the profit that we generate when trading cryptocurrencies on exchanges.
Let us remind you that the subject of taxation of digital currencies aroused great controversy in Poland in 2018, when the government demanded to pay PCC on each transaction. Ultimately, the law was changed in such a way that today you no longer have to pay PCC, but you still have to pay income tax.