thecoinrise.com
According to local reports, the Ministry of Finance, Slovenia is reportedly looking to the public to seek their opinion on a draft crypto tax bill.
The ministry’s hopes of gathering the views of potential investors comes nearly a month after the Financial Administration of the Republic of Slovenia proposed a 10% tax on fiat-crypto conversions, and all other crypto related activities.
Slovenia Considering Public Sentiments On Crypto Tax Laws
Now, if this bill gets signed into law under the Income Tax Act of Slovenia, then a 10% tax rate will be imposed on every crypto-based payments and exchanges.
Meanwhile for the calendar year, the threshold for tax liability is going to be set to 15,000 euros ( $17,387). This means that investors that stay within that limit will be left out from crypto taxes.
In a bid to clarify things, authorities had previously said that their motive for implementing crypto tax was simple. They claimed that they wouldn’t be taxing the profit, but rather, the amount received by a Slovenian on their bank account after changing crypto assets to cash or when transacting with crypto.
Although, the proposal by the Ministry of Finance is expected to be adopted latest by November 10, the law itself would not take effect until January 1, 2022.
Among many other things, the bill would require Slovenian citizens to make their tax calculations, based on the real-time value of crypto at the time of acquiring them.
Investors must also pay a 25% tax on unrealized gains by calculating the price difference between purchase and sales of crypto.
Failure to comply with tax obligations will attract fines between EUR 250 ($290) to EUR 5,000 ($5,795), depending on the particular case.