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Tax reform in the domestic cryptographic world

It can be considered a real breakthrough in the Hungarian cryptographic economy that, according to the principles set out in the spring tax package of the Ministry of Finance, taxation on cryptographic assets will be simplified from 2022, and those affected can expect significant tax cuts. The Blockchain Hungary Association processed the news with the deservedly recognized professional representatives of the sector at the event entitled Crypto Taxation Simply.

Following the proposal developed by the Blockchain Hungary Association, the post-2022 taxation of cryptographic devices in the spring tax package of the Ministry of Finance

However, thanks to an amendment to the PIT tax law adopted by Parliament last week, the crypt market is not only entering a regulated environment, but only around 15%, compared to the approximately 30% tax known so far.

The opening of the event will be highlighted by Kornél Kalocsai, President of the Blockchain Hungary Association that the significance of the amendment is also that the concept of cryptographic devices first appeared in Hungarian legislation – although it was previously mentioned in the Anti-Money Laundering and Anti-Terrorism Act as a virtual currency – thus the concept was defined.

László Szatmári, Head of the Tax Department of the Ministry of Finance, was one of the main professional guests of the meetup entitled On Crypto Taxation Simply. The representative of the PM outlined the points of the amendment and thanked the professional work of the Blockchain Hungary Association in the legislative preparation phase.

The head of the department acknowledged that the world of cryptocurrencies was an unregulated environment where revenue was generated without legal definition. it was only “other” income, which can be considered as a high tax burden.

Under the PIT Act, which will come into force on 1 January 2022, only 15% of personal income will be available from next year onwards from mining and trading. tax must be paid, not the social contribution. Those who have not taxed their cryptographic income at all in the last five years will receive a tax amnesty and can do so retroactively without penalty.

Following the announcement and questions from the public, Anita Glaser, a Hungarian cryptocurrency expert, presented what what to do if individuals want to legally declare their Bitcoin income

In the second half of the meetup, Kornél Kalocsai moderated an exceptionally high-quality roundtable discussion, the central topic of which was the market effects of the changes. The members of the roundtable discussion were Barnabás Debreczeni, the founder of MrCoin.hu, Attila Mogyorósi, the founder of CoinCash, and David Taylor, the co-owner of a group of companies specializing in cryptographic tools called Crypteus. colorful news from the world of IT by clicking here

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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