The Slovak Parliament agrees to reduce crypto taxes

• The taxes are reduced from the current staggering of either 19 % or 25 % to 7 %.
• also cryptocurrency payments up to 2400 euros are not taxed.
• Slovakia is one of the 27 Member States of the European Union that have recently introduced Mica.

The Slovak Parliament voted on June 28 for a change that lowers income tax for profits from the sale of cryptocurrencies that the user has had for at least one year. Click here for more information on the trade in cryptocurrencies.

Taxes are reduced from the current staggering of either 19 % or 25 % to 7 %, which represents a significant reduction. Cryptocurrency payments up to 2,400 euros or about $ 2,622.20 are not taxed.

further tax exemptions for crypton users in Slovakia

In addition, the assumed draft law frees cryptocurrency income from a health insurance contribution of 14 %.

A local Slovak media company reported that the Ministry of Finance assumes that the change will have financial effects of around 30 million euros per year. A few weeks ago, the parliament decided to change a constitution that fixes the right of citizens against the background of the discussion about a digital euro to use cash as a means of payment.

Slovakia is one of the 27 countries of the European Union that actively works on regulating the cryptocurrency market. On May 31, the EU passed its historical markets in Crypto-Assets (Mica) regulations, as already reported here. The rules were developed with the intention of making Europe a center for trade in digital assets.