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Saturday, 3 March 2018

Belgium Tax Authority Hunts Crypto-Investors


Cryptocurrency activities and investments have attracted the attention of tax officials. Several investigations have been opened on several individuals who have traded on foreign exchanges, with any speculator expected to pay 33% tax on their gains despite Belgian authorities not recognizing cryptocurrencies.


Summary:
  • The Special Tax Inspectorate (STI) is currently studying at least three different cases of Belgian investments in cryptocurrencies.
  • According to Local media, the investigations were stimulated after a tip from sources overseas.
  • Speculators in the cryptocurrency markets must pay 33% tax gains and declare them on the "other income" section of their tax forms.
  • The implementation of the idea however has not been easy, as crypto-transactions take place on foreign platforms and Belgian authorities are finding it hard to "penetrate there", according to Brussel Times.
  • The inspectorate hopes to approach the trading platforms directly to get more data about their transactions.
  • Belgian authorities do not plan to ban Bitcoin and other currencies, but rather hope to keep a tighter rein on the cryptocurrencies.
  • The Minister of Justice favored the stricter regulation of Cryptocurrencies given their recent growth in popularity within the scammers and cybercriminals' circle.
  • Cryptocurrencies currently in Belgium are not illegal or legal, but like most European countries, they are waiting for regulations that will be released by the European Union.
Do you think the neutral stance on the legality of Bitcoin in Belgium should be a hindrance in the tax regulation of Cryptocurrencies within the Belgian cryptosphere?


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