Hungary to halve tax on crypto trading profits

The tax rate on profits from cryptocurrency transactions in Hungary will be 15% from the current 30.5% as part of a GDP-stimulus program. Such proposals were presented by economy minister Mihály Varga.

\n\n

According to the official, if the initiative is approved Hungary would become a more competitive jurisdiction for crypto traders. This would attract additional investment and help to overcome the negative consequences of the COVID-19 pandemic more quickly.

\n\n

As of writing, the sale of cryptocurrency by individuals under the tax code falls under the ‘other income’ category. The 30.5% rate is formed from personal income tax and social contributions.

\n\n

Earlier ForkLog reported the authorities of South Africa, India, Indonesia, South Korea and Israel were interested in increasing budget revenues from holders of digital currencies.

\n\n

As reported, by the end of 2021 the OECD plans to develop a unified standard for exchanging tax information for crypto assets.

\n\n

Subscribe to ForkLog news on Facebook!