Are you wondering how to calculate income tax on cryptocurrency transactions?
Despite the fact that virtual currency is increasingly used as a means of payment in Poland, its legal status and tax reporting issues can still be challenging. By choosing our accounting office’s services, we can help you solve this problem by offering specialized assistance in areas such as:
- Providing consultations on cryptocurrency taxation – we will explain the principles of tax reporting and effectively choose solutions that will allow for tax savings.
- Calculating transactions involving digital currency (including, among others, Bitcoin, Ethereum, Litecoin, XRP, Tether)
- Tax optimization using cryptocurrencies
- Consulting on conducting an ICO (Initial Coin Offering) procedure
- and much, much more.
Legal regulations
Currently, cryptocurrencies are not defined in Polish tax law, and as such, they are not recognized as an official currency or electronic money. However, it’s important to note that despite this fact, activities such as trading or mining cryptocurrencies require tax reporting.
As a result, income from cryptocurrencies is subject to a tax rate of 19%. Income, in this context, is understood as the difference between the revenue obtained from the sale of digital currency and the incurred costs. These calculations are made in the annual PIT-38 tax declaration.
At the same time, legal complexities and individual interpretations regarding certain solutions, such as the exchange of one type of cryptocurrency for another, are becoming more common. Each case, therefore, needs to be considered from a different perspective – which is why it’s worthwhile to invest in professional assistance.
If you still have doubts regarding aspects related to cryptocurrency taxation, our team will help you create an individual action plan and present possible solutions. Thanks to our services, you will save time associated with preparing the required documentation – we will handle the entire process for you and strive to choose the most advantageous form of reporting.