- Greece has published for public consultation a bill that would impose a 10% capital gains tax on profits from cryptocurrency transactions.
- The bill is expected to reach parliament in November, addressing the absence of a comprehensive Greek framework for taxing cryptocurrencies.
- Annual cryptocurrency profits of up to €500 ($559.95) would be exempt from the proposed tax.
Greece is preparing legislation that would introduce a 10% capital gains tax on profits earned from cryptocurrency transactions, according to Reuters. The bill, now open for public consultation, is expected to be submitted to parliament in November and would establish a tax framework in a country that currently lacks comprehensive rules for cryptocurrency gains.
Under the proposal, cryptocurrency profits of up to €500 ($559.95) a year would be exempt from tax.
European Union member states take different approaches to taxing income from digital assets. Reuters reported that cryptocurrency profit tax rates in European countries range from 8% to 30%, with taxes most commonly applied to capital gains.
Greek officials said estimating the size of the country’s cryptocurrency market is difficult because the vast majority of investors use platforms based outside Greece.
Authorities have not provided forecasts for the potential state budget revenue from the proposed tax.
The publication previously reported that Greece had shut down a large-scale cryptocurrency pyramid scheme that left 10,000 victims and caused $8 million in losses.
Source: Incrypted
