Hungary will decrease taxation of cryptocurrency earnings by 50% down to 15% from 30.5%, said Finance Minister Mihaly Varga. In a Facebook post, Varga said that the lawmakers plan to reduce taxes on the cryptocurrency market to 15% as part of the COVID-19 relief package.
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Cryptocurrencies are not treated as money for tax purposes in Hungary, which is why their sale falls under the heading "other income." Varga hopes that with the new initiative, Hungary would gain competition on the cryptocurrency market.
Meanwhile, Indonesia is exploring the possibility of imposing a tax on cryptocurrency-related profits. Notably, Neilmaldrin Noor, spokesman for the country's tax office, said the measure is still under consideration. However, if it comes into force, all profits related to digital assets would become subject to a special tax.
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