[2018-04-10] Cryptocurency Traders Protest Poland’s Move to Tax All Transactions

[FollowSynergy]

Cryptocurrency traders in Poland launched a petition to protest the government’s decision to tax all cryptocurrency transactions, even those that aren’t profitable.

“We are demanding the release of the blockchain technology market and the abolition of all taxes related to this industry,” according to the Change.org petition, which has already been signed by more than 2,700 people.

In the petition, Polish crypto traders say the new regulations mean that the money they had invested in bitcoin and other virtual currencies will effectively be taxed “hundreds or even a thousand times.”

The brouhaha erupted after Poland’s Finance Ministry published an interpretation of the country’s tax code last week. The Finance Ministry said all income from crypto transactions are subject to either an 18 percent or a 32 percent tax rate.

Full article: https://www.ccn.com/cryptocurrency-traders-protest-polands-move-to-tax-all-transactions/

[richardsNY]

That's pretty brutal, but not very surprising on the other hand -- governments are known to commit legal theft where possible, and this is just the next thing. I very much doubt that these protests will have any effect, especially so if the government thinks to have found a gold mine. I am basically in the same situation here, but then with the fiat stored on my bank account. If my wealth (could be fiat/stocks/gold/crypto, etc) exceeds a certain value point, then everything above that point is subject to a tax rate of up to 6%. If you think that you get rid of your tax liabilities after that, you're wrong. It's a yearly cycle. In other words, I too am paying tax over the same amount of money or value time on time again.... That's why I only declared like 15% of my crypto holdings. Only the coins that have been bought or traded with on centralized exchanges.