Kazimir: Ministry Coming Up with Several Changes, Plans to Tax Cryptocurrencies

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Finance Minister Peter Kazimir (photo by TASR)

Bratislava, January 5 (TASR) – Insurance tax, income tax on cryptocurrencies, as well as an amendment to the housing construction savings law – these are just a few fields that the Finance Ministry will address this year, Finance Minister Peter Kazimir (Smer-SD) told a news conference on Friday dedicated to presenting the ministry’s plans for 2018.

The insurance tax will replace levies from premiums. The Finance Ministry is seeking tax fairness through this measure. The tax will replace an 8-percent levy from received non-life insurance premiums. “We view it as a civilised measure. The insurance tax is used by most EU countries chiefly because insurance services are exempt from the value-added tax based on the EU directive,” explained the minister.

The insurance tax will replace levies from premiums. The Finance Ministry is seeking tax fairness through this measure. The tax will replace an 8-percent levy from received non-life insurance premiums. “We view it as a civilised measure. The insurance tax is used by most EU countries chiefly because insurance services are exempt from the value-added tax based on the EU directive,” explained the minister.

The ministry will also react to the growing popularity of cryptocurrencies, such as Bitcoin. “We are actually interested in addressing issues of taxation for income from its exchange for goods, as well as income from trading in such a cryptocurrency,” stated the minister, adding that the ministry does not want to regulate handling in cryptocurrencies for now, but intends to impose a tax on yields from cryptocurrencies in the future.

An amendment to the housing construction savings law should increase purposefulness and efficiency of the state support provided for this kind of savings. “One of the alternatives is to bound the housing construction bonus to the monthly income amount, similar to what is done with mortgages for youth,” said Kazimir.

The Value for the Money project will continue as well. Three fields will undergo inspection this year. The first one is the Agriculture Ministry, while the next ones are state budget expenditures on marginalised groups in society and the remuneration of state and public administration employees.

In addition, the resort wants to move on with regulating gambling with a focus being put on de-monopolising internet gambling. “We have the so-called cross-border gambling on foreign portals that contradicts the law; however, it is a reality. We are striving to combat it and get to the incomes connected with this kind of gambling,” stated Kazimir, adding that crucial steps are being prepared in this field that have already been regarded in the state budget.