Slovak Parliament Backs Lower Tax on Crypto Profits

Slovakia will cut personal income tax on profits from the sale of cryptocurrencies that have been held for at least a year to 7%, under a tax bill approved Wednesday by Parliament.

Cryptocurrency profits are currently taxed on a sliding scale of either 19% or 25%.

The bill will also free cryptocurrency income from being subject to a health insurance contribution of 14%—provided the taxpayer is a natural person and has not booked the cryptocurrency as a business asset.

The aim of the tax cut is to “reduce the tax burden in connection with the sale of virtual currencies, thereby ...