Currently, private Bitcoin profits are tax exempt after the one-year speculative horizon, which could change. The Ministry of Finance is considering a full taxation on profits from cryptocurrencies, according to a draft assessment.
It would apply the 27.5 percent tax rate, which would be conceivable, of course, only for the future and only with a change in the law, APA said.
The Chamber of Tax Advisers and Auditors (KSW) is resisting the retrospective application of the new provision, as proposed in the “Trending Topics” portal. There is also an assessment draft for income tax guidelines, as chamber expert Gottfried Sulz of the TPA Group Austria said on Tuesday.
A retroactive entry into force would contradict the principle of trust and “will not come,” says tax consultant Sulz: “Since the Ministry of Finance would be subject to the supreme court.” However, for example, a key date such as 1 July 2018 could be imagined, to which Bitcoins or other crypto money could still sell.
Sulz is ritical of abolishing the speculative period for the past: “In our estimation, the old BMF opinion in the Summer 2017 is the right one “, it is quoted by the portal” Trending Topics .” David Gloser, managing partner of the auditor and tax consultant Ecovis in Vienna said:” Bitcoin sales in the private sector are not capital income, tax-free after one year.”
So far, speculators with art money such as Bitcoin, Ethereum, Ripple, and other cryptocurrencies have been able to assume that profits will be tax-free after the 12-month speculation period has passed.
Also currently – on the homepage of the BMF evident – it represents the Ministry of Finance and that there is still the opinion of the tax exemption after one year of speculation period, if no interest-bearing disposition is made. Cryptocurrency as a speculative transaction according to § 31 income tax law (EStG) is “tax-relevant, if the period between purchase and sale is not more than a year,” it is also currently on the website, unchanged since the end of July.
Ministry: No change is planned
The Ministry of Finance rejects a change in the taxation of profits from cryptocurrencies that is rumored today. “This is a misinterpretation of the assessment draft of the Income Tax Maintenance Order 2017,” it said Tuesday evening from the Ministry of Finance.
The Ministry of Finance’s legal opinion on the tax treatment of cryptocurrencies continues to apply. “In the future, when selling cryptocurrencies and other investment products, one-year speculation period defined in the law will be applied, provided that no interest-bearing investment has been made,” emphasizes the ministry, referring to its homepage, where it was published.
In the final version of the Income Tax Maintenance Order, this will also be clarified accordingly, so that misinterpretations are no longer possible.
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