The government adopted the bill. The tax office will examine the wallets of cryptocurrency holders

On Wednesday, the government adopted a draft amendment to the Act on the exchange of tax information, according to a statement from the Prime Minister's office. The purpose of the amendment is, among others, imposing an obligation on cryptocurrency market companies to report transactions.

As part of the amendment to the Act on the exchange of tax information with other countries and certain other acts, prepared by the Ministry of Finance, cryptocurrency service providers will be obliged to report on transactions on this market.

They will have to collect and verify data about their clients, i.e. users of cryptoassets, such as their identity and tax residence, as well as report information on client transactions. It is about exchanging cryptoassets for regular currencies and vice versa; exchange between different types of cryptoassets; their transfers (transfers), including payments for goods and services. Crypto-assets that can be used for payment or investment purposes will be subject to reporting. Information about cryptoassets is to be sent to the head of the National Tax Administration.

Crypto-asset operators who do not need to have special permits under EU regulations (MiCA regulation) will also be subject to the reporting obligation. For this purpose, they will be required to register in one of the EU countries. The reporting obligations apply to both EU and non-EU operators to the extent that their customers are EU resident users of crypto assets.

The proposed regulations provide for administrative and criminal sanctions for failure to comply with reporting obligations and due diligence procedures.

The Ministry of Finance also proposed changes in the project aimed at improving the information exchange system and expanding its scope, including, among others: exchange of information on cross-border individual rulings concerning natural persons when the transaction value exceeds EUR 1.5 million. Changes are also planned to expand the scope of exchange of information on certain categories of income.

The project also assumes automatic exchange of information in connection with the equalization tax, which is intended to ensure that the profits of large groups of enterprises – international and domestic – will always be taxed at an effective rate of at least 15%. The proposed regulations specify the scope and deadlines for the exchange of information in this matter, the countries with which data should be exchanged, as well as the principles of cooperation with other countries regarding the equalization tax.

The project aims to implement two EU directives, i.e. DAC8 and DAC9, regarding administrative cooperation in the field of taxation. (PAP)

fos/ drag/ gor/