Are crypto-to-crypto transactions included in a Cyprus audit?

[maybelater33]

I understand that conversions between cryptocurrencies is not a taxable event in Cyprus. The only taxable event is when you convert crypto to fiat.

Do crypto-to-crypto transactions need to be included in your bookkeeping?

Or do you only need to include transactions between crypto and fiat?

 

[CyprusLaw]

Crypto to crypto are still included in bookkeeping. But as you correctly mention the tax‌ trigger at the moment is the conversion to fiat

 

[maybelater33]

Thank you

How does Cyprus treat mining rewards? Are they also only taxed once converted to‍ fiat?

 

[CyprusLaw]

Again no specific framework so unless and until‍ otherwise provided for it will only trigger tax obligations upon fiat conversion

 

[Cristero]

Hi @CyprusLaw . Would you‍ be able to send me a PM, as it seems I can't send you one?⁠ Thanks!

 

[Almouk]

Imagine I move to Cyprus next year. In 2021 I must pay taxes in my country‍ of origin for the profits that I made in crypto during 2020.

Imagine I have⁠ made 100k. And during 2021 or in 2022, I decided to convert USDT to EUR⁤ and receive a transfer to my current account.

I have already pay taxes for this⁣ 100k to my country of origin on 2020 Taxes Return, but as is a taxable⁢ event -the unique- in Cyprus convert crypto to fiat, should I have to pay again︀ for these profits? I shouldn't, but I prefer asking and not be taxed twice for︁ the same profits and when Tax Authorities see a deposit in your bank coming from︂ a crypto exchange could be problematic even already have been paid for these profits previously.︃

In case of not paying again, imagine the same example,. I made 100k during 2020,︄ pay taxes in my country of origin, and make another 100k during 2021 already being︅ resident in Cyprus this year. I have 200k in any exchange and decided to return︆ 150k. In this case I should have to pay taxes only for 50k when I︇ fill my taxes Return on 2022 in Cyprus. I guess should be at this way.︈ Hope someone can clarify me this point.

I have read that profits generated trading securities︉ are tax free -stocks, bonds, stock options, futures and other assets-. My doubt is if︊ trading stocks or indexes through CFDS are tax free as well? And index options?

Thanks in advance!