An official with the Russian Ministry of Economic Development called for tax breaks on profits relating to cryptocurrency transactions, marking the latest nation to address the crypto tax issue.The Russian ministry official proposed cryptocurrency tax breaks should not only apply to corporate profits but also personal incomes, reports Bitcoin.com.
Countries like Bulgaria and Slovenia currently do not slap a capital gains tax on cryptocurrency trading profits for transactions conducted on regulated exchanges using the European Union framework, reports Finder.com. And Belarus, in 2017, opted to exempt cryptocurrency trading profits from capital gains tax for a period of five years, notes Finder.com
The U.S., for example, passed a new law that took effect this year that eliminates the “like kind exchanges” exemption for cryptocurrencies, so investors no longer have the benefit of swapping out some of their bitcoin (BTC) for ethereum (ETH) at a profit without a tax obligation, reports Fortune.
Australia, meanwhile, is poised to introduce new cryptocurrency legislation that many anticipate will lead to that country imposing taxes on cryptocurrency trading profits, reports Bitcoin.com. Read more here.