Crypto-to-crypto transactions are not taxed in Poland & Germany!

[JosephLL]

No Scorpy. In Serbia, 15% cgt on crypto means in this case: 5000*.15=750$.︆ That's if you can pursade the stone age taxman that your purchase price was $50000.︇

But, the taxman is the least of yout worries. No bank in Serbia would ever︈ allow the incoming wire transfer, irrelevant of your wish to pay taxes.

 

[Scorpy]

Wait, are you sure? The 15% is on your profit, not on your buy. If⁣ I buy crypto for $10 and cash out $100,000, the tax isn't on the $10.⁢

Really? Why wouldn't a bank accept a wire if the government has regulated it?

 

[JosephLL]

Yes, the capital gains are payed on the difference between purchase⁤ and sell price. But I understood your example to be $50k purchase and $55k as⁣ a sell price?

Unfortunately for us, a bank transaction is not your constitutional right. It⁢ is solely a matter of a private bank to bless you with a transaction. Paying︀ taxes or legal status of crypto has nothing to do with it. Furthermore it need︁ not to even explain to you why your tx is forbidden.

For regular mortals in︂ Serbia you have only 1 cashout option and that's ecd.rs (sleazy exchange setup by or︃ in collusion with Serbian police apparatus). You'll get 5% provision & payed in dinars 🙂

However if you get lucky and by some magic succeed in performing incoming foreign wire transfer︄ from outside legal entity to personal account in Serbia, please be so kind to report︅ here.

 

[Junya | 純也]

I can confirm it is true. Hold crypto 1 year and it is tax free. Also a new law was just released that this also goes for staking. It was previously assumed that staking profits would be tax free after 10 years but it is now in fact 1 year. The problem comes up when you need to provide documentation for when you bought the crypto and also where the money came from (AML) so it is not from criminal activity. If you got these docs straight then you are good to go. My question is, what if you dont have these docs? Ive been trading quite a lot and have completely lost control of the source of funds. Does anybody have a solution for this? Ive heard a lot of ideas but none that I fully trust yet.

 

[fortunespeculator]

Hindsight is always 20/20

 

[Scorpy]

That is so stupid.

But wait a minute, how would a bank even︃ know a wire is coming for crypto? Or from a crypto exchange?

I'm not even︄ sure which exchanges allow cash withdrawals, but for the sake of argument let's say that︅ Binance does.

So you withdraw money from Binance to Raiffaisen or Intesa bank. The money︆ arrives. But the money doesn't arrive from Binance LLC or whatever, it arrives from their︇ bank. So the local bank doesn't know what this money is for.

And let's say︈ they call you and ask you to state what the source of the funds is.︉ You can say anything you want. They're not the tax authority, they can go f**k︊ themselves. Oh yeah, the money is a gift from my cat overseas, thank you.

Then they put the money in your account, and you go pay your tax, and it's︋ done.

No offense, but I just find it weird that a bank would refuse a︌ wire from another bank. How would they even know the purpose of the payment? And︍ then, since the government has regulated and taxed it, what does the bank care to︎ refuse the money? It makes no sense.

It's not that I don't believe you, but️ I'm gonna look into this a bit further because it doesn't smell right.

 

[ImKing]

what will you do‍ about it. They can use the reason of money laundering, failing to provide source of⁠ funds.. etc.

 

[Scorpy]

What money laundering? Look,‍ let's say we're dealing with King bank.

1) I deposit cash in my account on⁠ King bank
2) I buy crypto on Binance using that money
3) I wait, crypto⁤ goes up, I convert it to cash on Binance and withdraw to my account on⁣ King bank

When the money comes in the bank, you can provide all the proof.⁢

1) I bought the crypto on Binance, using my account in King bank, and here︀ is the receipt. You have it on your records anyway

2) I bought 1 BTC︁ with it. Here is the transaction from my Binance account. Here is how much 1︂ BTC was worth when I bought it

3) A year later I converted the 1︃ BTC into cash on Binance, here is the transaction proof. Here is how much 1︄ BTC was worth when I converted it

4) And the money that came in my︅ account on King bank is exactly the same amount that I converted the 1 BTC︆ to cash in the above point

Where's the money laundering? There's your proof of funds.︇ As pure as it gets. It's all there. With proof. Legit.

Where's the problem?

 

[johndunham]

The problem is that the banks are‌ not obliged to accept you as a client, or accept your wire transfer as legitimate.‍ So, to be frank, it doesn't matter that you are legit. You are at the⁠ mercy of the banks.

 

[clemens]

the problem is that they may ask where the cash comes that appears on your‌ bank account. And are you sure King Bank does not ask you for where the‍ cash comes before they credit your account?

 

[CryptoTrader87]

Banks are a bunch of bitc*es.

 

[Scorpy]

Well, technically, the people‌ are a bunch of bitches. The banks are like a bunch of pimps, pimping everybody‍ out.

I don't know, I could be wrong 😛

 

[CryptoTrader87]

Hahahahha good one 🙂))

 

[SoNewToAllShit]

that fit the shoe!

 

[bubbledouble]

you go with some of the hundred of neobanks or EMI's, just have 3⁤ - 4 in place, what's not working here?