Latvian tax authority changes its position on the taxation of individual’s income from transactions with cryptocurrencies

On 11 May 2018 the Latvian tax authority (SRS) published new ruling by which it has changed its position on application of personal income tax (PIT) to the income from transactions with cryptocurrencies.

Previously, the SRS has refused to treat cryptocurrencies as capital assets. According to previous explanations, income from transactions with cryptocurrencies was considered as “other income” subject to progressive PIT rates (20%, 23% and 31,4%).

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