Starting in 2023, Armenia is gradually implementing a system of universal declaration of individual income. By 2025, every resident will be required to report their income and assets, including cryptocurrency operations.
What does this mean for cryptocurrency owners? 🤔
1. Mandatory declaration: Income from cryptocurrency operations is subject to declaration. This applies to both direct transactions and P2P transactions.
2. Taxation: Although specific tax rates on cryptocurrency in Armenia are still being clarified, in other countries, income from crypto operations is taxed at rates from 10% to 37%.
3. Penalties for concealment: The tax service warns of penalties amounting to 50% of undeclared income. This is a serious incentive for timely and complete declaration.
Recommendations for crypto investors:
Keep records: Document all cryptocurrency operations, including dates, amounts, and counterparties.
Consult with experts: Seek advice from tax specialists to accurately report income and avoid penalties.
Stay updated: Legislation in the cryptocurrency field is constantly changing. Stay informed about new requirements and deadlines for filing declarations.
Remember that transparency and compliance with the law will help avoid troubles and keep your investments safe. 💪💰
Your thoughts? How are you preparing for the declaration of crypto assets? Share in the comments! 📝👇