The Law on Digital Property came into force in November last year and its implementation will begin on 30 June this year, so traders in cryptocurrency will be obligated to pay inheritance tax and tax on capital gains.
As Blic daily writes, if you receive bitcoins, etherium or some of the dozens of well-known cryptocurrencies in Serbia as a gift, you also have to pay taxes. Moreover, if you earn money with cryptocurrencies, you will also have to pay capital gains tax. These obligations under the new legislation are additional taxes that citizens should take into account.
Talking about inheritance or gift tax on cryptocurrencies, the law states that digital property is also regulated by property taxes, so inheritance or gift of cryptocurrency is also paid as tax. Inheritance and gift tax rates are 1.5% and 2.5% respectively.
Another novelty is that, as of 30 June, the capital gains tax is paid on cryptocurrency gains, up to 15%. So if you buy cryptocurrency at 100 euro and sell it at 200 euro, the difference between the selling and buying price is 100 euro. The tax is only paid on the gain, so on 100 euro, this is about 15 euro of tax.
At first glance, 15% does not seem much. However, in the case of buying/selling cryptocurrencies, the differences in buying and selling prices are often huge, so the amount of tax can vary depending on the profit you make, so 15% could be a lot.
There are online services where you can buy and sell cryptocurrencies. In addition, there are vending machines in several cities (Belgrade, Novi Sad, Niš, Subotica and Indjija) where cryptocurrency is bought and sold for cash. However, according to the Law on the Prevention of Money Laundering and Terrorist Financing, in force since 1 April 2018, users must first go through a verification procedure, similar to opening a bank account.
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