The Financial Administration (FURS), the tax agency in Slovenia, proposed new rules for cryptocurrency taxation.
As reported by the Slovenian Press Agency (STA), the Financial Administration of the Republic of Slovenia wants to change the current legislation and impose a 10% tax on cryptocurrency assets.
The present rules make it very difficult for authorities to calculate taxations on these types of holdings. The tax agency has to inspect each individual’s crypto activity through every single transaction that has been made.
To avoid a very slow-moving and time-consuming process, the new legislation will digitalize it. Authorities will concentrate on the purchase of goods and services and the conversion of virtual assets into fiat currencies.
It will also be easier for taxpayers to evaluate their cryptocurrency-related taxes. Just by entering the entire amount of money they got when disposing of virtual assets. The complete history of their transactions to prove the received income or incurred a loss will no longer be required.
“We would like to emphasize that it is not profit which would be taxed but rather the amount a Slovenian tax resident receives on their bank account on turning the virtual currency into cash or when buying a thing.”
Slovenia is a leading country in Europe when it comes to crypto adoption. Crypto Head put it in the seventh position in its capacity to completely adopt virtual assets.