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Home » Only 1% Of Cryptocurrency Investors Reported Their Taxes To The Authorities

Only 1% Of Cryptocurrency Investors Reported Their Taxes To The Authorities

Hania by Hania
April 10, 2023
in Bitcoin News, General News
Reading Time: 2 mins read
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The IRS Crypto Tax Reporting Rules: Implications For The Crypto Community
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  • The Worldwide Trends
  • A few of the Cryptocurrency Tax Heavens

In Finland, 4.09% of cryptocurrency investors paid taxes last year, compared to  Filipino traders who made up just 0.03%.

Only 0.53% of bitcoin investors worldwide paid taxes on their trades last year, as per a study conducted by the Swedish tax consultancy Divly. 

The average proportion of people who follow the rules differs among nations. For instance, barely 0.03% of investors in the Philippines have paid taxes, compared to almost 4% of investors in Finland.

Also Read: How To Report Cryptocurrency Losses And Save On Taxes

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The Worldwide Trends

In order to figure out what percentage of the population in each country registered their cryptocurrency trades to the right authorities and paid the appropriate taxes in 2022, Divly examined 24 different countries. With a 4.09% taxation rate, Finnish investors appear to be the strictest. Also in Europe, Finland had the highest payment rate, while Italy’s percentage was the lowest at 0.26%.

Only 1% Of Cryptocurrency Investors Reported Their Taxes To The Authorities

The fact that Italians were only required to report their cryptocurrency holdings if the value of their holdings above €51,645 (about $56,000) may be one factor contributing to the results in the Southern European country. A number of changes in that field are proposed for the 2023 budget, which could lead to a reduction in the threshold.

With a payment rate of just 0.03%, the Philippines is the country with the lowest payment rate worldwide. Locals are subject to a 35% tax by the government, but only if their revenue from trading digital assets surpasses $4,500.

In the USA, which has the most crypto taxpayers, 1.62% of investors complied with the laws, while Canada, its northern neighbor, recorded 1.65%. At 2.18%, Japan has the highest tax payment rate in Asia. With 0.65%, Singapore came in second place in the continent. 

According to the estimate, roughly 95.5% of cryptocurrency traders worldwide did not pay their taxes in 2022. However, Divly believes the statistics might improve once governments enact revised legislation and begin working on improving enforcement.

A few of the Cryptocurrency Tax Heavens

Another study by Coincub found that Germany, Europe’s leading economy, has the best crypto tax legislation. The Ministry of Finance revealed last year that if private individuals sell bitcoin or ether after holding the assets for more than a year, they won’t be subject to taxes. Prior to these amendments, digital currency tax exemptions needed ten years of holding.

Second place went to Italy, while third went to Switzerland, which has different laws in each of its cantons. The majority of the Aplean nation’s provinces do not, however, oblige residents to pay taxes on cryptocurrency. 

The final two places were held by Singapore and Slovenia. Although residents of both countries are presently exempt from cryptocurrency taxes, Slovenes could soon be subject to a 10% rate.

Tags: CryptocurrenciesTAX
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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