Slovenia Investing Serious Effort To Address Taxation of Cryptocurrency Transactions

Bitkoin bankomat u Mariboru (Beta/STA/Gregor Mlakar)

The Slovenian Financial Administration (Furs) has issued a statement underlining that mined or traded cryptocurrency have to be registered and are treated as taxable income. The administration gave the example of a miner who had to pay EUR100,000 in taxes after undeclared activity had been discovered, media have reported. According to Furs, an individual has been discovered who has been engaged in regular cryptomining over an extensive period which requires the registration of such activity as it is subject to taxation, but that individual has failed to pay taxes. “After undeclared work has been detected, the individual has made an income tax declaration and has paid almost EUR100,000 in taxes,” Furs has told Slovenia’s national public broadcaster RTV Slovenija. The number of people in Slovenia engaged in mining or trading in cryptocurrencies remains unknown. According to Slovenia’s Standard Classification of Activities, crylptocurrency mining falls among the group of data processing and related activities, while trading in cryptocurrency is an unclassified supporting business activity.