Greece Proposes New 10% Capital Gains Tax on Cryptocurrencies
By Joe StonorThe Greek government proposed a 10% capital gains tax on cryptocurrencies, a rate lower than most of its European peers.Draft legislation published Wednesday said the first 500 euros ($559.88) of gains would be untouched by the tax. The proposed tax rate is lower than the 15% level floated by the Greek finance ministry in June, according to a Reuters report.The rate is also lower than that levied on crypto gains in most other European countries. France and Italy apply capital gains taxes of 30% and 33%, respectively, while German capital gains rates are tethered to income tax thresholds. Spain taxes gains progressively up to 28%.The exchange of one cryptocurrency for another wouldn't create a taxable capital gain under the draft legislation. Gains from activities such as lending and liquidity provision will be taxed as interest at a rate of 10%, the draft said.The draft legislation has been published for public consultation, and will be introduced to parliament in the first week of November.Write to Joe Stonor at [email protected]