The Polish Ministry of Finance will conduct an “in-depth analysis” of the cryptocurrency market in order to introduce better tax policy. The tax collection for cryptocurrencies will be temporarily suspended in the meantime.
Poland’s Ministry of Finance released a statement in April, explaining that taxation for cryptocurrency-related transactions falls into two income tax brackets. Those are 18% and 32% with an additional 1% levy tax, as the Ministry sees all crypto transactions as property rights transfer.
The crypto-sphere in Poland was on fire after the publication of the taxation guidelines. A Change.org petition was created, with 5.5k signatures at the time of writing, calling for the “release of the crypto market, and the abolition of all taxes related to this technology.”.
The Ministry of Finance did finally realise that with the current way of taxing cryptocurrencies, the tax due could actually exceed the invested amount.
The Ministry stated:
“Temporary abandonment of tax collection will allow for an in-depth analysis and preparation of system solutions regulating this economic space, including in the tax context.”
This draft regulation is due to be issued by 15th June.
NOT very crypto-friendly
Poland seems very cautious about the cryptocurrencies. Polish Central Bank together with Financial Supervision Authority (KNF) invested 90,000 Polish zloty (around $27,000) into anti-crypto propaganda campaign few months ago.
Last week the KNF announced that it will spend further $173,000 for a social media campaign warning of the dangers of cryptocurrency, pyramid schemes and forex trading.