The Belgian Special Tax Inspectorate (STI) is looking for Belgian individuals who have invested in cryptocurrencies in foreign exchanges, local news outlet De Standaard reported Friday, March 2.
After receiving information from Finnish authorities that several Belgian taxpayers had been trading on Finnish crypto exchanges, the STI started looking into the cases of three Belgians involved, with a fourth file closed as a “non case,” The Brussels Times wrote. According to a rule introduced in Belgium last year, crypto speculators are obliged to pay a 33 percent tax on crypto profits, filed under the “various income” section on the tax form.
Popularity of cryptocurrencies forced government of all countries to track down the investors who are earning huge profit from the trading of virtual coin. Now Belgian Special Tax Inspectorate (STI) is actively trying to find out Belgian residents having account with foreign exchanges. According to them, crypto investors are earning huge profit and so it should be included in their total income to pay tax to government.
Last year Belgium government has already implemented a rule for taxpayers. According to that rule, crypto profits should be included under the “various income” section to calculate payable tax amount. Now crypto investors cannot avoid these rules. They should include their crypto profits in the total income to avoid any kind of legal problems. It is also mandatory to stop using crypto coin for illegal dealings and money laundering as these are growing day by day.
Read more news here: https://cointelegraph.com/news/belgian-tax-authority-to-search-for-taxpayers-using-foreign-crypto-exchanges