Romania has changed its law and taxation rules, allowing a new cryptocurrency tax to be imposed. From now on, the gains made on crypto transactions will be taxed at the 10% rate. Such earnings will be categorised as ‘income from other sources’.
Lately, many governments have been introducing new taxation rules in order to tidy up the cryptocurrency situation in the country. It is important to regulate such a big industry that digital assets and blockchain are. Setting a tax on cryptocurrency income will help the countries to receive extra money and maybe invest in this industry in the future. This time we have news coming all the way from Romania that a new taxation rule has been introduced there.
Romania, a big Balkanian country by the Black Sea, is not a favoured destination for cryptolovers. Digital assets are merely a curiosity there but they have certainly been gaining popularity in recent months.
A local media outlet Ziarul Financiar has informed that from now on, all the earnings from Bitcoin and other crypto will be taxed and declared in the annual income statement. However, gains from single transactions that are below 200 Romanian RON will not be taxed. In total, the crypto traders will pay 10% of their cryptocurrency-related income if it exceeds 600 RON yearly.
Why it had to change
Before this change in rules, cryptocurrency transactions had been taxed only if the trader had been registered as a freelancer. Adrian Benta, a local tax consultant, called the previous system “cumbersome”. The change needed to be made. Tax legislation process on cryptocurrency issues can be long and treacherous but every country should proceed to start one as soon as possible. Cryptocurrencies are too big a industry to remain in the grey area.
Artykuł Cryptocurrency Taxation In Romania pochodzi z serwisu Blockchain24.co | portal with cryptocurrency bitcoin & blockchain news.