Starting at 1300 (CEST) on Friday, 20 April, Polish investors and traders are planning a series of protests against the stringent new tax laws on cryptocurrencies drawn up the country’s Ministry of Finance, according to Polish website money.pl. But, instead of barricades and smoking tyres, the protesting investors are planning a competition to complete their tax returns on time and a vigil outside the Finance Minister’s office window.
The protestors argue that the government’s decision to levy a tax on all cryptocurrency transactions, regardless of whether the taxpayer made a profit, will kill off the community in its infancy, and stifle blockchain development. To add insult to injury, the protestors say that the ministry’s ruling was published only weeks before the tax return deadline of April 30.
“Nobody wants to avoid taxes,” says Rafał Zaorski, founder of the Trading Jam Session, which brings together several thousand investors. “The community appeals to the Law and Justice Party for fair taxes. The tax cannot be a penalty.”
A page for the protest has already been created on Facebook, it states:
“Among other things, the Ministry of Finance’s proposals will necessitate submitting several hundred kilos of PCC [civil tax code] declarations and paying taxes which may significantly exceed the initial amount invested. The tax calculated in accordance with the recommendations of the Ministry of Finance may in extreme cases amount to 500 percent, 800 percent or even 1000 percent, its maximum amount is unlimited.”
Zaorski states that the protesters are working on presenting simple and reasonable solutions that will make it easier to pay taxes on cryptocurrency profits in Poland. “We want to invest in Poland. There is no doubt that Poland can be a leader in the implementation of blockchain technology. But for that you need simple and fair taxes. For this, stable interpretations are also needed, not a change of position every day,” he told money.pl.
The Finance Ministry said on its website on Monday that it’s working on a “more convenient” method of taxation for cryptocurrencies while insisting that last week’s statement is a binding interpretation of the current regulations.
- Wanchain CEO Jack Lu: Why 2.0 is a Milestone for the Entire Blockchain Industry - July 23, 2018
- Hit the Road, Jack. Wanchain 2.0 and WanLabs Kick Off European Tour - July 20, 2018
- Peter Gabriel Backs British Blockchain Startup Provenance - July 18, 2018
- Bitfinex CEO Hits Back at Fraud Expert’s Study Linking Tether to Crypto Price Manipulation - June 13, 2018
- Pundi X Moves Into Europe - June 5, 2018
- Dying for Crypto: The Ultimate ICO Publicity Stunt? - May 25, 2018
- Blockchain City Dubai Hosts Showstopping Summit, Unveils Registry to Expedite Business - May 8, 2018
- Crypto Tax: Victory for Tokenized Protest & Calls for Worldwide Reform - April 26, 2018
- Taking the Temperature at London’s Blockchain Expo 2018 - April 24, 2018
- Death Knell for Crypto in Poland? Poles Mobilze to Protest Crippling Tax Law - April 11, 2018
- Taiwan’s NOWnews Announces Plan to Launch Blockchain-Based Media Platform - April 3, 2018
- Study on 100 ICOs Identifies Social Reach, No. Of Advisors and a Raise of $10M as Key Factors for Success - April 2, 2018
- Exchange Group TMX Issues Guidance to Crypto and Blockchain Issuers - March 30, 2018
- DeepMind’s AI Pioneers Launch Fetch.ai – the World’s First Smart Ledger - March 29, 2018
- Kleros Joins Forces with Dether to Launch Decentralized Arbitration for Cryptocurrency Traders - March 26, 2018
- Future Crypto: 7 Clean Sneaks Past China’s ICO Ban - March 26, 2018
- Proxeus & Mount10 Partner to Provide Military-Grade Storage Security - March 22, 2018
- Playboy Pounces on Blockchain, Plans Crypto Wallet - March 14, 2018
- Crypto Leaders Speak out as US Regulatory Uncertainty Around ICOs Continues - March 9, 2018
- EU Proposes Pan-European Licensing Plan for ICOs - March 8, 2018