Earnings From Bitcoin are Now Subject to Income Tax in Romania

[Goodcat49]

Law 30/2019 amending the Fiscal Code became active on Sunday January 20, 2019 and introduces freshness to the system of Romania, viz. classifying the profits accumulated from Bitcoin (BTC), the flagship crypto and other cryptoassets as financial gain accruing over a given period of time from other sources.

The earnings from BTC will be subjected to income tax by the tax authorities, according to a report by Ziarul Financiar, a local news outlet.   

Tax consultant Adrian Benta revealed that the profits from BTC will be taxed and adjudged in the yearly income statement. He added that, it is only the earnings that will be taxed (but not the gross revenue).   

When the profits in the Bitcoin transaction are not more than RON 200, they will not need to be declared for taxation.   

The Romanian tax authority will only tax the normal earnings from BTC that exceed RON 600 annually.   

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/earnings-from-bitcoin-are-now-subject-to-income-tax-in-romania/

[Munareal]

Paying tax on Bitcoin isn't that bad because  it is an indication that the government have accepted its use by the citizen.