Cryptocurrency investments have attracted the attention of the tax authorities of Belgium. Was started several investigations against Belgian citizens who traded on foreign exchanges.
Every Belgian working on the cryptocurrency markets, you have to pay 33% income tax, despite the fact that bitcoin and other cryptocurrencies are not regulated in the country. The special tax Inspectorate (STI) studies of at least three different case of investments by Belgian nationals in the cryptocurrency. According to local media reports, the investigation began after the Belgian regulators received information on investors from foreign colleagues.
Edition of De Standaard and Het Nieuwsblad notes that the Belgian tax authorities have become more interested in citizens investing in cryptocurrencies. Last year, STI said that all who are speculating on cryptocurrency markets, are required to pay 33% tax on profits and can enter the income under «other income» tax return. For the companies, this tax may reach 50%.
However, the new rules proved difficult to implement, according to the Brussels Times. Management of crypto-currency assets occurs on foreign trading platforms, and the Belgian authorities hard to get there. Despite the obstacles, the Special tax inspection intends to strengthen inspections in the cryptocurrency sphere.
«This is the direction in which the Belgian tax authorities is still much to achieve,» says Frances Edins (Francis Adyns) of the FPS Finance.
STI started the investigation after receiving information from a foreign tax authority on cryptocurrency transactions in several Belgian citizens. Inspection intends to appeal directly to trading venues to get more data about transactions.
Taxation without legalization
Last year it was reported that Belgium may tighten rules for the regulation of cryptocurrencies. The authorities were given to understand that they advocate strengthening of state control over the cryptocurrency. The Minister of justice Cohen of gens (Koen Geens) said that the digital currency should be regulated more strictly due to their growing popularity among cybercriminals and fraudsters. He also insisted that the cryptocurrency company should be required to cooperate with the authorities.
«Measures for the prevention of crimes, and regulations must evolve in parallel with the development of new technologies,» said gens in 2017, calling for the adoption of new legislation. Then he offered
handling all transactions with the digital currency. The Minister received support from the tax authorities of the country, which acknowledged that the number of ordinary Belgians, interested in crypto-currencies is increasing.
Currently, the status of cryptocurrency in Belgium is not clear. Brussels has not yet adopted a comprehensive policy, despite the comments and address some of the officials. Like many other EU countries, Belgium looked forward to the submission of a single European policy. In December, the President of the National Bank of Belgium Jan Smets (Jan Smets) said that bitcoin is not a currency and does not pose a threat to financial stability. Then Smets said that the risk of investing in bitcoin is relatively low.