The Polish Ministry of Finance has temporarily waived the tax on cryptocurrency

According to Polish media, the Polish Ministry of Finance to temporarily repeal a new tax on cryptocurrency transactions. The Department will conduct a «deep analysis» and prepare a «system solution» for regulation of this sector of the economy.

This decision was taken after the Ministry of the recent protests
the crypto community of Poland, organized an online petition gathered more than 5,000 signatures for the abolition of the changes that the Ministry of Finance has made to the tax legislation of the country.

«Adopted in April this year the law according to which all cryptocurrency transactions were subject to a «tax on circulation» of RSS, caused an irrational effect in the cryptocurrency community in Poland» — said the Deputy Minister of Finance of Poland Pawel Cargo (Paweł Gruza).

«So far the Ministry had nothing to do with PCC, except for the recognition of cryptocurrency transactions transfer of property rights, which automatically imposes obligations in the form of payment to the PCC of tax,» he said.

The decision to tax the profits and income from cryptocurrency was announced less than a month before the deadline for filing tax returns. This decision provided for the payment of tax by residents of Poland of any income received from trade or exchange of cryptocurrencies. This meant that individuals must pay income tax at the rate of 18% if the amount of income to 85 528 PLN (20 € 400), or 32%, for amounts exceeding the specified limit. Any transfer of cryptocurrency (whether buying, selling or simple transaction to another entity) equivalent to the transfer of property rights and subject to 1% tax, no matter were received with a profit or not.

However, the Ministry had to reconsider its position on this matter: «Taking into account the specificity of trade in cryptocurrencies, which is to trade ownership rights for the purchase, sale or exchange of digital assets, the tax companies dealing in cryptocurrency, in this case can exceed the size of investment funds».

In this regard, a tax on crypto-currencies, it was decided to «temporarily» cancel and to develop a new tax, which will take into account all aspects of this area of the economy. It is expected that the adoption of a new law regulating the cryptocurrency activity, will occur June 15.

Negative reaction of the cryptocurrency community of Poland called the original interpretation by the Ministry of Finance of the Polish law. In addition, the new changes in the tax regime was introduced without consultation with stakeholders.

In April, during a meeting with the protesters in front of the Ministry of Finance of Poland, Garza said that the new tax requirements will not take effect until you have generated any final decision on this question, which may take at least two years. However, while the Agency will work on temporary solutions, citizens will need to pay ordinary income tax for individuals.

Those who have already paid the new tax, the funds will not be returned. However, the Shipping said that they are working on a legal solution to this problem. To date, the development of «simple and transparent rules» in regards to crypto deals generated for these purposes the government working group. And there is every reason to believe that the new rules will not include tax of RSS.

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