Sales of bitcoin and other cryptocurrencies are taxed as income from the sale of financial assets. If you make a profit, it is subject to 10% income tax. Tax is payable only on the positive financial result: the difference between the sale price and the acquisition cost.
How is the tax calculated?
Profit = Sale price – Purchase price
Tax = 10% of the profit
Losses can be offset only against gains from other financial assets in the same year.
When must the income be declared?
Income from bitcoin sales must be declared in the annual tax return under Article 50 of the Personal Income Tax Act by 30 April of the following year. The tax payment is due by the same deadline.
What is not taxed?
- Transfers between your own cryptocurrency wallets
- Holding cryptocurrency without selling it
- Trading losses
