Slovenia may be small, but it is one of the fastest growing countries in Europe, especially in a business and economic context. After its successful economic successor to Yugoslavia, it became the first country to join the European Union in 2004 and is the richest Slavic country in terms of per capita GDP.
The adoption of cryptocurrency in Slovenia has grown rapidly over the years. Citizens’ knowledge of cryptocurrencies is relatively high. The cryptocurrency tax bill According to local media, the Financial Administration of the Republic of Slovenia (FURS) has made a proposal to change the crypto tax rules in the country.
This proposal aims to introduce a taxable income calculation of 10% for activities in cryptocurrencies in the near future. The country’s tax administration says this change would dramatically simplify the taxation of cryptocurrency-related income.
The total market for cryptocurrencies is $ 2.28 trillion | Source: TradingView.com’s Total Crypto Market Cap Currently, the agency has to analyze a person’s cryptographic activities on a case-by-case basis. It examines many of the transactions a contributor has made between buying and selling digital currency, as well as the various cryptocurrencies that they have bought, sold, or converted. Should the changes be introduced, the tax authorities stated that they would no longer have to go through this stagnant and lengthy crypto-administrative process.
Related reading | Make Money In Bitcoin Markets? Don’t forget the crypto taxes “We would like to point out that it is not the profit that is taxed, but the amount that a Slovenian taxpayer receives in his bank account when he converts virtual currency into cash or buys something,” said FURS, according to media reports. Introduction of the cryptocurrency in Slovenia Recently, Slovenia has been projected as a hotspot for blockchain and cryptocurrency activities. With an estimated population of 2 million, the country has more physical locations that accept cryptocurrency payments than the entire United States.
Related reading | Slovenia Bitcoin City becomes the world’s first fully cryptocompatible lifestyle hub According to GoCrypto, as of 2020, more than 1,000 locations will allow payments in cryptocurrency, including cafes, restaurants, dentists, hair salons and hotels. In early 2019, it was also the only country in the world where you could only survive thanks to cryptocurrencies.