Czech Government Puts Off Tax on Crypto Gains
Petr Fiala, the prime minister of the Czech Republic, has announced that the country is taking steps towards passing legislation that would allow residents to avoid taxes when selling their cryptocurrency after holding it for over three years.
According to Fiala, the proposed measure, which is supported by Chamber of Deputies member Jiří Havránek, would exempt any crypto sale from capital gains tax if the holder has owned the cryptocurrency for more than three years.
Additionally, taxpayers would not need to report any transactions that are valued at less than 100,000 koruna (approximately $4,200 USD) per year. Fiala explained that this change would mean that actions like purchasing coffee with Bitcoin would no longer be subject to taxes.
Czech lawmaker Jan Skopeček also confirmed that the Chamber of Deputies had approved the conditions for the law during a reading on December 6.
During a press conference after the parliamentary session, a spokesperson stated that the tax amendments were meant to be incorporated into Europe’s Markets in Crypto-Assets (MiCA) regulatory framework.
