Improving Finland's crypto taxation

In early July 2018, Finland introduced one of the most punitive crypto taxation schemes in the world.

1. All Bitcoin/crypto transactions are taxable events, and taxed against euro value.
2. All wins are taxed as capital gains.
3. Losses are not deductible.
4. Mining income is considered salary for taxation purposes.

The new tax rules single-handedly killed the industry in Finland. Nobody in their right mind would daytrade with this taxation, and even buying coffee with BTC would be a taxable event. I wrote multiple popular blogs about the topic, saying that this move will cause a lot of harm down the road, as Bitcoin and blockchain-based business grows and Finland will be left out completely.

The lobbying worked and the tax administration took notice. On Monday the 17th of September, we have 4 of the country's leading blockchain activists gathered together with the tax administration to discuss changes. The crypto-community is still small, so we have to keep talking publicly about the importance of this industry to help the governments make better decisions.

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Wish us luck!

Submitted September 17, 2018 at 03:03AM by alasaarela https://ift.tt/2xfShoT