Coincub announces worldwide crypto tax ranking for 2022

NEW YORK - Sept. 8, 2022 - PRLog -- Germany – a mainstream economy with generous crypto tax concessions

In the ranking of traditional 'tax-based' economies, Germany tops the list as the best place for cryptocurrency investors – anyone holding their cryptocurrency for a minimum of a year will incur no capital gains tax on the sale or conversion of their crypto. This tax-efficient incentive rewards its own citizens and not just non-doms and overseas investors as is the norm in classic tax havens. Following on in the top five mainstream economies that have the most favorable tax policies for their citizens are Italy, Switzerland, Singapore, and Slovenia.

Countries with the highest tax demands

On the other side of the coin are coincub.com's top five countries for the least accommodating taxation policies towards crypto gains. Heading the list is Belgium with gains incurring a 33% tax, plus progressive taxation rates up to 50% for professional traders. Bringing up the next four places are Iceland, Israel, The Philippines, and Japan all with high-income tax taxes on crypto gains.

Tax havens still going strong

In terms of classic tax havens, as opposed to traditional 'tax-based' economies, we see the usual suspects emerging. In the top five tax havens worldwide where tax concessions are generously applied to overseas investors, crypto is no exception. Heading our top three – with not much to choose between them – are The Bahamas, Bermuda, and Belarus. At number four is the UAE with zero tax across the country's so-called 'free zones'. A newcomer to this ranking is The Central African Republic which recently classified bitcoin as a legal tender and that also has big plans to promote itself as a crypto hot spot with very favorable tax concessions.

Coincub teams with crypto tax specialists, ACCOINTING for crypto tax ranking

Tax reporting requirements for cryptocurrency are not always as clear as they could be, even in leading economies. The first step, for ACCOINTING.com, is to help demystify this apparent confusion, especially with the demand for tax planning for crypto assets set to grow as they increasingly form part of mainstream investing options.
According to ACCOINTING Marketing Director, Rodrigo Mayen:
"our focus centers in Europe and North America where crypto tax regulations and adoption are already in place. However, there's still a lack of guidance on addressing more complex topics like NFTs, staking, and the Metaverse. Transactions such as swapping, lending and borrowing, yield farming, and other transactions in the DeFi space are some of the issues to be navigated. We can't all live in Lichtenstein."

Full report here: https://coincub.com/ranking/coincub-annual-crypto-tax-ran...