Austria Will Become First EU Country To Launch Crypto Tax

By | November 10, 2021

The Austrian Ministry of Finance has recently drawn up an eco-social tax reform, which creates a legal framework for the taxation of crypto assets. As the local news about cryptocurrency states, this is the first time a crypto tax is discussed in the country.

When the draft law comes in force, Austria will become the pioneering EU state to integrate crypto into the existing tax system. According to the Minister for Finance Gernot Blümel, the reform aims to eliminate prejudice about digital currencies, make crypto more accessible, and ensure equal market conditions for all investors.

What about crypto tax rates?

Starting from March 1, 2022, all incomes from crypto will be taxed at a special rate of 27.5%. The crypto levy will apply to the digital currencies acquired after February 28, 2021. All cryptocurrencies purchased before that date will be considered “old assets.” While the new tax won’t apply to the income from this crypto, the old assets will be subject to the already existing regulations. And the obligation on a capital tax deduction will apply from 2023.

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