Bulgarian crypto exchanges to face tax inspection

Posted 16 January, 2019

The National Revenue Agency in Bulgaria reportedly expressed intentions to launch inspections aimed at the local crypto exchanges, including their users.

According to the local media reports, the authority is concerned that some cryptos feature a high level of transaction privacy, which can open many opportunities for avoiding taxes and income concealment.

First of all, the tax agency wants to check the companies that focus on the crypto trading or in other words state it as the main business area. In addition, the authority plans to examine in depth the model and operations of these businesses.

According to the reports, one of the issue during the inspections will be to find out whether traders report about crypto income to the tax authorities. For reference, the country's legislation implies that crypto sales must be considered as sales of financial assets. Specifically, individuals that are doing operations in the crypto market, are to report such revenue in the annual tax report.

Notably, there is no legislation regarding taxes on crypto income, including such activities as mining or trading, in the country. In particular, the tax agency is applying the note that was received from the EU authorities a few years ago. Thus, the taxes on cryptos are now similar that are imposed on the financial instruments.

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17 January, 2019 11:16

← Oil prices down on Thursday, USA posts peak production

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