375 million euros in taxes for Bitcoin and Co in Austria due

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In the last few weeks and months, Bitcoin in particular started to soar – which would have brought many investors “enormous” profits. This is the conclusion reached by a projection by the Linz crypto tax expert Blockpit, in cooperation with the Frankfurt School of Blockchain Center and the Dr. Andres Rechtsanwaltsgesellschaft mbH. According to the study, around 375 million euros in taxes on crypto assets are due in Austria for the 2020 tax year alone.

Cryptocurrencies: Market capitalization tripled

In Germany, the sum even amounts to 1.28 billion euros. After the popularity of cryptocurrencies rose sharply in 2020, market capitalization also tripled in the past calendar year – which in turn resulted in massive profits. “Correct documentation of all trades is essential for calculating the tax burden,” says Florian Wimmer, managing director and co-founder of Blockpit. Digital assets are no longer only of interest to “IT-savvy users”, but are increasingly being held in fixed assets by listed companies, wealthy private individuals, asset managers or governments (Trending Topics reported).

No automatic transfer to the tax office

However: In contrast to the classic share portfolio, any profits from trading in crypto currencies are not automatically transferred to the finance department – the tax office must therefore “count on the honesty of the investors”. Blockpit therefore recommends that all taxpayers document all income from crypto currencies transparently and cleanly, as this evidence can also be requested retrospectively from the tax office. “Most of our customers made five-digit crypto profits in 2020. With our software solution, we give you the security that everything will fit your tax return and communication with the tax office, ”says Wimmer.

180,000 crypto investors in Austria

In the course of the study, anonymous user data were examined more closely to assess the possible tax revenue, whereby only active users with a complete transaction history were used and outliers were removed beforehand in order to depict an “average user”.  The  number of crypto investors in Austria is currently estimated by Blockpit at around 180,000. © www.de24.news

 The  estimate is based on the number of registered users on the leading file sharing platforms as well as surveys by the Austrian National Bank.

Around 32,000 euros in the average wallet

According to Blockpit, this average crypto user holds a portfolio value of EUR 32,129 as of the reporting date December 31, 2020 and in the tax year 2020 generated potentially taxable profits averaging EUR 10,836 as well as tax-free profits of EUR 7,558. “According to the assumptions of the authors, with around 180,000 cryptocurrency owners in Austria – of whom only 55% actively participate in trading according to the data basis – with an average income tax rate of 35%, tax revenues in Austria for 2020 amount to 375 million. Euro, ”says Blockpit.

© www.de24.news

 The  growth from the current crypto boom” was not taken into account in the calculation. Should Bitcoin and Co continue to develop as before in 2021 or even remain only halfway stable, “much higher numbers” can be expected for the upcoming tax estimate.

© www.de24.news

 The  reasons for the recent Bitcoin crash





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million euros taxes Bitcoin Austria due

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