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Bitcoin transactions in these countries are inexpensive

Pooja
Pooja

Its evident that most countries are in the race of having their share in rewards earned by citizens in bitcoin transactions. Below mentioned are the few countries which are crypto-friendly for investors.

Germany being part of European Union has made an announcement in last month for treating bitcoin as a normal currency. As per Federal Finance Ministry, any bitcoin transactions exchanged in euro will be exempted from tax. However, a buyer of bitcoin goods will still be liable under European VAT standards as per the price of bitcoin at the time of the transaction.

For any individual investor in Slovenia, all the profits gained through cryptocurrency trading does not fall under taxable income. However, for any investors whose income is through cryptocurrency is obliged to declare their income tax returns.

Fintech companies who whose income solely relies on cryptocurrency are not exempted from taxation law in Denmark whereas individual earnings their capital by cryptocurrency need not owe any tax to the government.

Belarus government has introduced a presidential decree of tax exemption for around 5 years and hence all the investors from the private firm and individuals need not declare their income tax return.

The situation in South Korea is legislation creation under process and subjected to changes in future. But as of now its capital gains from cryptocurrencies are tax-free for citizens of the country. What decision government might come up with is still unknown.

Lastly, to talk about Singapore, Bitcoin is still not treated as normal currency. Due to which gains from crypto investments of private individuals are not taxed. But private firms who are trading cryptocurrencies are still liable for taxes on their profits

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Pooja

Lead writer at Wolfcone.com and avid reader. My interests lie in everything and anything related to technology. I firmly believe cryptocurrency has the power to revolutionize world economy and blockc