All is allowed in love and war
That is how I am describing the current slander campaign on crypto here in the mainstream media in Europe. Now that Bitcoin has gone to all time highs, they have to find other ways to scare people away from crypto. And they have succeeded. Here in Belgium a major news article is scaring people with 50 % taxes on the gains on crypto. Which is completely incorrect, but it is the tone in the article. You better stay away from it, or you could pay 50 % on your gains!
No legislation in Belgium
There is no specific crypto tax regulation in Belgium. So crypto falls under "other income". And that can be taxed three ways.
- 0 % if you held the coins for quite sometime, and didn't do too much trading, they consider you acted as a "good house father", and that way there is no taxation. The amount of money put in may also not be more than 20 % of your estate, or you fall under another catagory.
- If you do daytrading, or trade a lot, and skim of the profits to your bank account, it is considered as an extra taxable income, and taxed at 33 %.
- If you do crypto trading as a "job", your income falls under the income tax law, and that is 50 % above the 46000 EUR threshold. Very little people will fall under this regime.
Most of the people as the good house fathers, and will not be taxed at all on their crypto gains. Especially people that got their coins here on Hive and LEO through posting and curating. That is a long haul and considered as a good house father action.
No reason to be scared
So, for most people here in Belgium, I would say 95 %, there is no reason to be scared of taxation on their crypto gains. But the mainstream media clearly has been summoned to declare war on crypto, and put it in the "stay away" zone.
Don't be fooled, crypto is the future!
Sincerely,
Pele23
Posted Using InLeo Alpha