In Which Countries Are Investing in Cryptocurrencies Not Taxed?
These days the booming market of cryptocurrencies has come back. A large number of investors are afraid of tax companies. It is obvious that with the development of investors in the world of cryptocurrencies, the issue of paying tax gets more serious. The companies and governments are persistently seeking the people who attempt to evade paying tax. However, there are companies wherein trading or keeping cryptocurrencies is not taxed. Although different activities in the field of cryptocurrencies are legal in these countries, there is no need to pay tax. Some companies have relatively simpler rules to pay tax in the field of cryptocurrencies. In the following parts, you will get familiar with these countries.
1. Germany
Cryptocurrencies are not considered money in this country, and if someone keeps his/her cryptocurrencies more than a year, it will not be under any rule of tax-paying. But it is true about people, and their cryptocurrencies are not considered a kind of income. As a result, they won’t be taxed. But different countries which earn through investing in the market of cryptocurrencies should pay tax in Germany. Generally, the activity in the field of cryptocurrencies is more pleasant and comfortable in Germany than the other parts of the world. Freedom of speech, explicit and appropriate rules for the investment and not receiving tax are among benefits this country grants to the people active in the field of cryptocurrencies.
2. Singapore
This country is among the most developed ones in the field of new technologies. So, much activity by the users of cryptocurrencies is highly rational and reasonable. Singapore doesn’t designate any tax for cryptocurrencies such as Bitcoin for long-term investment, and in fact, just those activities will be taxed who raise revenue from different cryptocurrencies. Security of Singapore besides high internet speed causes the activity in the field of cryptocurrencies to be very much pleasant.
3. Portugal
The condition of receiving tax for cryptocurrencies in Portugal is the same as other countries which have been discussed about so far. Actually, the people who start buying cryptocurrencies for microfinancing and intend to sell them and benefit from them through keeping their cryptocurrencies in case their price increases, will not be entitled to pay tax. But the companies which raise revenue in this regard don’t need paying tax.
Cryptocurrencies and Tax
In many countries around the world, the issue of investment and applying cryptocurrencies in different fields still suffer from some difficulties. That is, this issue has not yet become legalized, and there are not many various rules in paying tax for digital assets around the world as a result. The countries pointed out above, are not the only countries which enable activity in the market of cryptocurrencies with a simple tax framework. For example, countries like Malaysia, Malta, and Switzerland have provided an excellent situation in this regard. Attitude and approach of these countries toward different cryptocurrencies can greatly help developing cryptocurrencies everywhere in the world.
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