Just In: Hungary to Reduce Tax on Crypto Gains by 50%

Hungary is going to cut the tax rates on crypto earnings by 50% starting next year in a bid to boost crypto adoption and use in the country. The announcement was made by the Mihály Varga, Minister of Finance earlier today.

*HUNGARY TO CUT TAX ON CRYPTOCURRENCY EARNINGS BY 50% FROM 2022

— *Walter Bloomberg (@DeItaone) May 11, 2021

At present any gains made via crypto trading are categorized under “other gains,” on one hand crypto-to-crypto transactions are non-taxable, on the other any profit made from selling or exchanging virtual currency is considered “a taxable event.” Any corporate involved with cryptocurrencies currently face a standard 9% tax apart from the 2% local business tax.

Crypto mining in the country is taxed under payroll tax law because it is considered “money obtained through the use of a software” and traders are taxed 15% in personal income tax and an additional 22% health contribution tax.

   

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