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Changes in cryptocurrency trading. Who and what will have to report?
The essence of the amendment is to include the cryptocurrency market in reporting obligations to the tax administration. The project assumes that cryptocurrency service providers will have to collect and verify data about their clients, including information about their identity and tax residence. Then, they are to provide the head of the National Tax Administration with data on transactions made by users.
Reporting will include, among others: exchanges of cryptoassets for traditional currencies and vice versa, transactions between different types of cryptoassets, as well as their transfers – including payments for goods and services. Crypto-assets that can be used both as a means of payment and for investment purposes are to be reported.
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Obligations also for non-EU entities. There will also be an equalization tax
The new regulations will cover not only companies operating in the European Union. Crypto market operators who, according to the MiCA regulation, do not need special permits, will also be subject to reporting obligations. To do this, they will have to register in one of the EU countries. Moreover, reporting will also apply to entities from outside the EU, as long as their clients are EU residents.
The project also provides for the introduction automatic exchange of information regarding the so-called equalization tax. It is intended to ensure that large capital groups, both international and domestic, will pay an effective income tax rate of at least 15%. The new regulations specify what data should be exchanged, on what dates and with which countries, as well as the principles of cooperation between tax administrations.
