The institutional framework for cryptocurrencies is changing and capital gains tax is being discussed in 15%. The Treasury Department will work with the US government to investigate all transactions.
Cryptocurrencies are known to completely escape taxation as it is very difficult to trace the transactions that take place. As a result, massive sloppiness is allowed with the tax-free movement of exorbitant sums, which are invested in cryptocurrencies, with the profits from these investments not even appearing on tax returns.
The Independent Public Revenue Authority (AADE) is in contact with the tax administrations of other countries for international cooperation and especially with the American IRS for the purpose of taxation and the development of expertise to monitor tax evasion through digital wallets as it is considered difficult to detect of these profits with the traditional tax audit.
On the other side of the Atlantic, the US IRS has the expertise to audit cryptocurrencies, something that AADE seeks to leverage to develop expertise in specific areas of monitoring cryptocurrencies, such as tools to trace transactions and holders of digital assets, activities in the "dark" network (dark web), staff training and regulatory framework preparation.
And what regulatory framework is being prepared? You don't know yet, but you are hearing about the re-establishment of a Working Group, which will submit proposals for the creation of an institutional framework, which will set operating rules and deal fiscally with the purchase of cryptocurrencies and digital currencies.
According to the Ministry of National Economy and Finance, the main objective of the committee will be the tax treatment of income from cryptocurrencies, with the prevailing scenario providing for the imposition of a tax at a rate of 15% on the capital gain resulting from the sale.
Of course we are talking about legal sales and purchases and not about trafficking in illegal goods or substances or even about providing services of cracked programs and movies via torrent.
Greece is one of the 59 countries that have announced their intention to join the OECD's Crypto-Asset Reporting Framework (CARF).
This framework extends the Automatic Exchange of Information for tax purposes that is already done for bank deposits, and in the field of crypto assets.
Most of the provisions of this new framework have already been incorporated into the EU rules on the administrative cooperation of the Member States in the field of taxation and will be implemented in 2027.
