Recently, it has become loud about the PCC tax on cryptocurrencies because it turned out that even those who did not earn anything will have to pay a huge tax. In some cases, the accrued fee is so high that it ruins people's lives and forces them to sell their belongings. What is the point? How it's working? In today's article I will try to explain it as simply as possible. Below are the two most important facts you need to know about the current state of affairs:
- We pay tax on every transaction
- Debt is hereditary
- The Ministry of Finance is working on a new way of settlement
Example:
You have PLN 10,000 on your account and you open 100 positions for the entire deposit every day. You do so to make money on small price fluctuations. You pay 1% PCC for each purchase and sale transaction. So your tax is PLN 10 a day, and after a month it is as much as PLN 000. I will add that in this calculation you went to zero and did nothing at all. Assuming that your deposit increases the tax is also higher. And below is an example from real life:
I had PLN 15000 on the Bitbay exchange. During the day I bought 50 times and 50 times I sold (I earn on tiny fluctuations). It turns out that I have to pay PLN 8284. Let's multiply it by 30 days and take into account the increasing amount for which we buy and I have to pay PLN 500.
- Charlie (@Protoen) April 4 2018
What to do with this?
There is nothing else to do but wait. The Ministry of Finance said that this is only a temporary proposal to settle accounts with cryptocurrencies and most likely there will be changes in the method of settling accounts. So people who currently have huge debts (caused by trading cryptocurrencies) should not worry about anything, much less getting ready to sell their belongings. Official statement by the Ministry of Finance:
However, this is not the ultimate way of taxing this sphere. We are working on proposing another more convenient form of taxing cryptocurrencies
My humble opinion
Due to the fact that I run a website devoted to investments in the markets Forex and cryptocurrencies, this problem also applies to me, so I would like to issue an official message what I think about the situation. In my opinion, there is no chance that the PCC tax on cryptocurrencies will enter into force in this form. Many people will go bankrupt and it will cause rebellion among disadvantaged people. It is pure thievery to give away money that has not been earned. It is absolutely idiocy to account traders for the number of trades instead of the income. We all have to pay taxes, but the Ministry of Finance must be honest about it. In my opinion, the Ministry of Finance will "unscrew the screw" and investing in cryptocurrency markets will be profitable again - the only question is how much.