Parliament members in the European country of Slovakia voted in approval of lowering crypto taxes, among additional measures affecting cryptocurrency holders.to approve an amendment that will reduce personal income tax for profits gained from the sale of cryptocurrencies that have been held by the user for at least a year.
In addition, the bill excludes income in the form of cryptocurrency from a health insurance contribution of 14%.from a local Slovakian media outlet, the Ministry of Finance anticipates a financial impact from the amendment to be around 30 million euros per year.
The taxes will be lowered to 7%, which is a significant decrease from the current taxation sliding scale of either 19% or 25%. Payments received in cryptocurrencies up to 2,400 euros ($2,600) will not be taxed.