EST Tax Crypto Income Tax Filing

On Feb. 22, EST Tax issued income tax filing dates, including crypto.

  • In Crypto continues to make huge profits, EST Tax advised how to correctly declare income, including from crypto, and important dates, including Apr. 30, 2024 deadline.
  • On Feb. 2, EST Tax issued income tax filing dates, including for crypto, see #162287.
  • Main Points
  • According to data, cryptocurrency-related revenues declared for 2022 were €18.5mn.
  • When declaring income for 2023, same principles as previously should be followed, as long as there have been no tax law changes impacting crypto taxation transactions.
  • Under Income Tax Act, cryptocurrency is subject to declaration even if no payments have been made to the bank account from the virtual currency service provider.
  • When investing in cryptocurrencies, income tax may exceed investment income; is not possible to use an investment account crypto transactions to defer income tax liability.
  • Purchase and sale price must be recalculated into euros on basis of the exchange rate valid on the day it was received or the expense was incurred; for transactions under market conditions, price can be determined based on service provider exchange rate.
  • Transactions in cryptocurrency where exchange rate was calculated with a fiat currency other than euros, must be converted into euros based on central bank rate that day.
  • Submissions began on Feb. 15, and first overpayment refunds will start Mar. 5, 2024.
  • Effectiveness
  • The income tax submission deadline is April 30, 2024.

Regulators EST Tax
Entity Types CNSM; Corp
Reference PR, 2/22/2024; Fintech
Functions Accounting; Compliance; Financial; Reporting; Risk; Tax; Technology
Countries Estonia
Products Corporate; Cryptocurrency
Regions EMEA
Rule Type Final
Rule Date 2/22/2024
Effective Date 4/30/2024
Rule Id 202240
Linked to N/A
Reg. Last Update 2/22/2024
Report Section EU

Last substantive update on 02/27/2024