Many of those who invested in cryptocurrencies dream of getting rich overnight. However, such success stories are quite rare. More frequent are the cases of those who have lost considerable amounts, the volatility of virtual currencies being extremely high. In addition, with the growing popularity of cryptocurrency transactions, a new question arises: what taxes do I have to pay?

Ever since 2019, with the amendment of the Fiscal Code, the gains obtained from the transfer of virtual currency are included in the category of „income from other sources”, whose taxable quota is 10% of the positive difference between the sale price and the purchase price. Taxpayers who obtain these profits are required to file a single income tax declaration by May 25 of the year following the year in which the income was earned.

But when do the gains from the transfer of virtual currency become taxable? The most usual situation is represented by the conversion of cryptocurrency to a conventional currency. But the transfer of virtual currency (as a taxable transaction) can materialize in several ways: for example, the conversion from one virtual currency to another or even the purchase of goods with such currencies. However, given the unregulated nature of these transactions, as well as the access to the electronic wallet, it is pretty difficult for both the taxpayer and the authorities to declare / tax income as long as it it does not become a conventional currency. Even in the context of crypto-conventional currency conversions, it is difficult to determine the profit, this depending from one conversion platform to another.

Failure to comply with the obligation to declare earnings and pay taxes may constitute a tax evasion crime, which is punishable by imprisonment from 2 to 8 years, under the conditions of art. 9 par. (1) lit. a) and b) of Law no. 241/2005.

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