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New tax regulations for cryptocurrencies in Austria from 2024: What financial experts need to know now
According to a report from www.puls24.at, there will be a change regarding taxes on winnings with cryptocurrencies in Austria from January 1, 2024. The change primarily affects Austrian crypto brokers such as Bitpanda or Coinfinity, which will become “tax simple” and automatically pay capital gains tax on realized profits. Since March 1, 2022, 27.5 percent capital gains tax (KESt) has been due on profits with cryptocurrencies in Austria. This tax rate applies to people with their main residence or habitual abode in Austria. However, the tax is only due when paying with cryptocurrencies or exchanging them for common currencies (FIAT). For example, if you exchange your Ethereum for Bitcoin, you have to...
New tax regulations for cryptocurrencies in Austria from 2024: What financial experts need to know now
According to a report by www.puls24.at, there will be a change regarding taxes on winnings with cryptocurrencies in Austria from January 1, 2024. The change primarily affects Austrian crypto brokers such as Bitpanda or Coinfinity, which will become “tax simple” and automatically pay capital gains tax on realized profits.
Since March 1, 2022, 27.5 percent capital gains tax (KESt) has been due on profits with cryptocurrencies in Austria. This tax rate applies to people with their main residence or habitual abode in Austria. However, the tax is only due when paying with cryptocurrencies or exchanging them for common currencies (FIAT). For example, anyone who exchanges their Ethereum for Bitcoin does not have to pay taxes on the winnings.
Furthermore, crypto assets purchased before February 28, 2021 are exempt from the tax reform. From January 1, 2024, there will be a significant change for Austrian crypto brokers such as Bitpanda or Coinfinity. They become “tax simple,” meaning they take care of all tax matters for their clients. Capital gains tax is automatically paid when profits are realized, and losses are offset automatically.
The impact of this change on the market and the financial industry could be significant. Many crypto investors could feel relieved by the automatic payment of capital gains tax and gain more confidence in the Austrian crypto broker market. This could potentially lead to an increase in investor numbers and trading volumes. On the other hand, other traditional financial service providers could come under increased competitive pressure due to the tax-simple model of crypto brokers.
Overall, however, the change is expected to lead to a greater attractiveness of the Austrian crypto market and further strengthen the acceptance of cryptocurrencies as an asset class. This could have long-term positive effects on the financial sector in Austria.
Read the source article at www.puls24.at