Poland Matters Its Position On Taxation Of Cryptocurrencies

Polish lawmakers recently introduced a new bill, which should clarify how taxation of cryptocurrency works in the country. The document concerns both the cryptocurrency transactions and the cryptocurrency mining.

The Council of Ministers of Poland intends to revise the new bill in the third quarter of this year, presumably to determine whether it will be able to simplify the taxation of the cryptocurrency.

Then there is a division into two categories – “cryptocurrency” and “virtual digital currency”, both of which can be used as the accepted means of exchange, stored electronically or transmitted and used in electronic commerce.

The income associated with the cryptocurrency will be treated as income for tax purposes. Cryptocurrency, sold at the crypto-exchange or other markets, will be taxed as income. On the other hand, the cryptocurrencies earned as a result of the sale of goods and services or through real estate will be taxed according to the price of the product or service.

As for the cryptocurrency miners, their earnings are taxed only if they are mined on behalf of the organization or individual. If they extract for themselves, and then sell the cryptocurrencies that they have, they will be taxed only upon their sale.