As governments all around the world are clamoring for a levy on Bitcoin profits and transactions, few countries allow investors and traders to make transactions without taxes imposed on them. Although motives may vary, the major reason that some governments around the world choose not to impose taxes on the crypto industry is that they use the profits in the economy. Here are eight countries that are pro-BTC and do not impose tax duties on crypto trades.
Individuals that are involved in the personal buying and selling of crypto are not asked to pay tax on capital gains while individuals in mining, which is considered a source of employment, are asked to pay tax. Corporate business trades in crypto are asked to pay tax too.
Malta excludes individuals and firms from paying both the income tax and value-added tax while day trading in crypto is charged with the same business income tax of 35%. Malta is famed as the headquarters of blockchain with several companies across the country. Crypto was legalized as a means of exchange and a store of value in Malta.
Slovenia runs a different kind of taxation system for individuals and firms trading cryptos. Individuals are not asked to pay capital gains tax but are expected to pay income tax. However, companies are asked to pay a corporate business tax for trading in crypto.
Belarus made a law in 2018 that absolved individuals and firms of the responsibility of paying taxes on the trading of crypto across the country and would run course till 2023. Mining, as well as buying and selling of crypto, are seen as personal investments in the country hence, exempted from tax duties. Major high-class businesses involved in crypto exchanges and trading are also exempted from tax whatsoever.