Here’s What You Pay in Taxes for Using Crypto: From the US to Switzerland
On June 25, Japan’s Minister of Finance, senator Fujimaki suggested that the current tax rate for crypto transactions in the country, which goes up to a maximum of 55 percent, could be swapped with a 20 percent flat tax similar to stocks or forex trades.
While Japan is unsure if the current tax framework should lose its progressive scale — mentioning “tax fairness” as one of the arguments in favor of sticking with the old model — some major markets don’t have clear guidelines for how Bitcoin and altcoins are taxed at all. Here’s how cryptocurrencies are currently levied from the U.S. to Switzerland.
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While Japan is unsure if the current tax framework should lose its progressive scale — mentioning “tax fairness” as one of the arguments in favor of sticking with the old model — some major markets don’t have clear guidelines for how Bitcoin and altcoins are taxed at all. Here’s how cryptocurrencies are currently levied from the U.S. to Switzerland.
Read whole article...
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