{"id":5223,"date":"2024-09-23T16:53:10","date_gmt":"2024-09-23T14:53:10","guid":{"rendered":"https:\/\/www.ulclegal.com\/buletin\/how-to-deal-with-the-new-transaction-tax-answer-cryptocurrency\/"},"modified":"2026-03-03T07:01:47","modified_gmt":"2026-03-03T06:01:47","slug":"how-to-deal-with-the-new-transaction-tax-answer-cryptocurrency","status":"publish","type":"bulletin","link":"https:\/\/www.ulclegal.com\/en\/bulletin\/how-to-deal-with-the-new-transaction-tax-answer-cryptocurrency\/","title":{"rendered":"How to deal with the new transaction tax? Answer: Cryptocurrency."},"content":{"rendered":"\n<p><strong>1. New tax to save the state budget<\/strong><\/p>\n\n<p>Nov\u00e1 <strong>da\u0148 z\u00a0pe\u0148a\u017en\u00fdch transakci\u00ed<\/strong> (transak\u010dn\u00e1 da\u0148) m\u00e1 ro\u010dne zobra\u0165 podnikate\u013eom na Slovensku pribli\u017ene 700 mil. EUR. T\u00e1to da\u0148 sa m\u00e1 plati\u0165 pri <strong>uskuto\u010dnen\u00ed prevodu z\u00a0podnikate\u013esk\u00e9ho \u00fa\u010dtu in\u00e9mu podnikate\u013eovi<\/strong>, nie v\u0161ak pri prijat\u00ed platby. Zasiahne teda v\u0161etky <strong>platby v\u00a0prospech dod\u00e1vate\u013eov<\/strong>.<\/p>\n\n<p>Many businesses with small margins and a large number of transactions <strong>will be at risk<\/strong> unless their competitors have to bear the <strong>same<\/strong> transactional tax burden. The sectors affected will include in particular <strong>food<\/strong>, <strong>agriculture <\/strong>and all businesses that operate in a <strong>highly competitive<\/strong> environment. The tax is to be <strong>0.4% of the transfer amount<\/strong>, up to <strong>a maximum of EUR 40<\/strong>. Therefore, a small number of large transactions will be taxed <strong>less<\/strong> than many small transactions.   <\/p>\n\n<p>It is natural that all the most affected entrepreneurs will try to find a way <strong>to legally circumvent the tax<\/strong>.<\/p>\n\n<p><strong>2. Cash payments will not provide a solution<\/strong><\/p>\n\n<p><strong>Platby v\u00a0hotovosti<\/strong> <strong>nebud\u00fa<\/strong> dobr\u00fdm rie\u0161en\u00edm. U\u017e dnes s\u00fa <strong>zak\u00e1zan\u00e9<\/strong> aj u\u00a0podnikate\u013eov ak prevy\u0161uj\u00fa 15.000 EUR na transakciu. Pri prekro\u010den\u00ed tejto \u010diastky s\u00edce transakcia nebude neplatn\u00e1, ale podnikate\u013eovi hroz\u00ed pokuta. Najm\u00e4, da\u0148 bude postihova\u0165 aj <strong>v\u00fdber hotovosti<\/strong> <strong>z\u00a0\u00fa\u010dtu a\u00a0bude ma\u0165 vtedy sadzbu 0,8% z\u00a0<a href=\"https:\/\/www.monaqleasing.sk\/\" target=\"_blank\" rel=\"noopener\">vyberanej sumy<\/a><\/strong>.<\/p>\n\n<p><strong>Barter<\/strong>, i.e. the exchange of goods for goods, is likely to be a good way to circumvent the tax, but barter can only be used if both parties are supplying some mutual non-monetary consideration to each other. Such cases <strong>will be rather rare<\/strong>. <\/p>\n\n<p><strong>3. Bank account abroad is not a solution<br \/><\/strong><\/p>\n\n<p>The transaction tax will also apply to business transfers <strong>from offshore accounts<\/strong> or transfers using non-bank payment services, e.g. <strong>PayPal<\/strong>, <strong>Skrill<\/strong>, etc. In these cases, however, the tax will have to <strong>be calculated by the entrepreneur himself<\/strong>, although otherwise it will be done by the Slovak <strong>bank<\/strong>.  <\/p>\n\n<p><strong>4. Use of cryptocurrencies<\/strong><\/p>\n\n<p>No a\u00a0zost\u00e1vaj\u00fa n\u00e1m e\u0161te <strong><a href=\"https:\/\/www.ulclegal.com\/kategoria-buletinu\/kryptomeny\/\">kryptomeny<\/a><\/strong>. Kryptomeny <strong>nie s\u00fa<\/strong> na Slovensku pova\u017eovan\u00e9 za <strong>peniaze<\/strong>, ale za samostatn\u00fa majetkov\u00fa hodnotu, ktor\u00e1 sa z h\u013eadiska vecn\u00e9ho pr\u00e1va riadi pravidlami pre <strong>hnute\u013en\u00e9 veci<\/strong>. Tak\u00fdm sp\u00f4sobom s\u00fa <strong>aj zda\u0148ovan\u00e9<\/strong>.<\/p>\n\n<p>For each cryptocurrency transaction, the <strong>value of the cryptocurrency on the date of the transaction<\/strong> is treated as taxable income for <strong>income tax<\/strong> purposes, and the <strong>cost<\/strong> of acquiring the cryptocurrency may be deducted at its monetary value on the date of acquisition. But this calculation is only used for income tax purposes. <\/p>\n\n<p><strong>Transaction tax does not apply to cryptocurrency and its transfers<\/strong>, just as it does not apply to the transfer of movable property.<\/p>\n\n<p>Another advantage of cryptocurrencies is the <strong>speed of their transfer<\/strong> to the other account. The transfer usually takes only a few minutes and can be done anytime, at night or even on the weekend, without restrictions. All you need is access to the internet.  <\/p>\n\n<p>However, the use of cryptocurrencies is not a one-size-fits-all solution for transaction tax. When <strong>buying <\/strong>cryptocurrencies with <strong>euros <\/strong>, transaction tax <strong>must be paid<\/strong>.  <\/p>\n\n<p>Therefore, the use of cryptocurrencies will only really make sense in relation to transaction tax <strong>if <\/strong>the cryptocurrency is <strong>both<\/strong>used to pay for goods or services by the business&#8217;s <strong>customers<\/strong> and, in turn, the cryptocurrency is <strong>also <\/strong>received by the business&#8217;s <strong>suppliers<\/strong>.<\/p>\n\n<p><strong>5. Exchange of euro to cryptocurrency and vice versa<\/strong><\/p>\n\n<p>Using cryptocurrency as payment for suppliers may become the <strong>new standard<\/strong>. Today, there are many <strong>exchanges and exchange points<\/strong> where <strong>cryptocurrencies can be converted into euros<\/strong>. The whole exchange takes no more than <strong>a few minutes<\/strong> and the euros are in our account. The payment coming <strong>from<\/strong> <strong>abroad<\/strong>, i.e. from a foreign exchange or from a foreign exchange point where we exchange cryptocurrency back into euros, <strong>will not be subject to the transaction tax.<\/strong> Even if the recipient of the euros is a Slovak entrepreneur. On the other hand, if a business purchases a larger amount of cryptocurrency at one time, the transaction tax will be max. 40 EUR.    <strong>.. <\/strong>.\nPri ka\u017edom n\u00e1kupe kryptomeny za viac ako 10.000 EUR bude preto v\u00fdsledn\u00e1 sadzba dane z transakcie <strong>men\u0161ia ako 0,4%<\/strong>, a kryptomenu m\u00f4\u017ee n\u00e1sledne podnikate\u013e pou\u017e\u00edva\u0165 pri men\u0161\u00edch platb\u00e1ch a to u\u017e bez zdanenia da\u0148ou z transakci\u00ed. <\/p>\n\n<p><strong>6. Exchange rate risk<\/strong><\/p>\n\n<p>The use of cryptocurrencies will carry a <strong>high exchange rate risk<\/strong> unless the cryptocurrency used is <strong>pegged to the euro<\/strong>. The two largest cryptocurrencies pegged to the euro are <strong>EURT<\/strong> (Eur Tether) and <strong>EURS<\/strong> (Stasis Euro), but their ability to be traded is limited to <strong>certain<\/strong> large exchanges. <\/p>\n\n<p><strong>7. Cryptocurrency scams<\/strong><\/p>\n\n<p>However, the increase in cryptocurrency transactions will also increase the <strong>number of frauds<\/strong>. Using cryptocurrencies requires a certain amount of <strong>experience<\/strong> and the ability to detect fraud before falling victim to it. <\/p>\n\n<p>When exchanging cryptocurrencies for euros on a <strong>large well-known exchange<\/strong>, the risk is not significant. However, only <strong>a few<\/strong> exchanges allow you <strong>to make a withdrawal in euros<\/strong> to a business account. Therefore, many exchanges take place on the so-called <strong>Peer to Peer (P2P) <\/strong>market.  <\/p>\n\n<p>In these transactions, the owner of the cryptocurrency finds <strong>through <\/strong>the marketplace someone who is willing to <strong>accept the cryptocurrency<\/strong> and send the owner of the cryptocurrency <strong>money<\/strong>, i.e. euros, back to his account. First, the owner of the cryptocurrency <strong>deposits <\/strong>the cryptocurrency in an <strong>escrow <\/strong>account organized by the marketplace. The marketplace <strong>informs <\/strong>the owner of euros that it has received the cryptocurrency for exchange and <strong>asks him <\/strong>to transfer euros to the owner of the cryptocurrency&#8217;s account. When the owner of the cryptocurrency <strong>receives the payment in his account<\/strong>, he <strong>confirms <\/strong>to the marketplace that he received the money. Subsequently, the <strong>marketplace transfers the cryptocurrency<\/strong> to the electronic wallet of the former euro owner.<\/p>\n\n<p>The above course is described in the way as the transaction should take place by design. <strong>But what<\/strong> if the money arrives in the account of the cryptocurrency owner and he <strong>denies <\/strong>receiving it? Or the money <strong>does not arrive<\/strong> in the cryptocurrency owner&#8217;s account, but the transferor sends <strong>fraudulent receipts<\/strong> that the cryptocurrency owner believes? Or if the cryptocurrency owner puts the money in <strong>someone else&#8217;s account<\/strong>, will the money end up there, not with the cryptocurrency owner? To whom should the marketplace administrator transfer the cryptocurrency in these cases, back to <strong>the original<\/strong> owner of <strong>the cryptocurrency<\/strong> or to the original owner of the <strong>money<\/strong>? The result is mostly just a cluster of problems that sometimes even lawyers don&#8217;t have to resolve. In these fraudulent transactions, the biggest problem is <strong>carrying the burden of proof<\/strong>. To prove that <strong>we<\/strong> have proceeded correctly and the <strong>other party did not<\/strong>.      <\/p>\n\n<p><strong>8. Conclusion<\/strong><\/p>\n\n<p>There are <strong>rules<\/strong> that need to be followed in order to avoid <strong>becoming a victim of<\/strong> crypto currency trading fraud. There are multiple rules and we will review them <strong>one by one<\/strong>. <\/p>\n\n<p>It is also important to keep in mind that payments with cryptocurrencies are not free either. Buying and selling them is connected to certain costs that need to be budgeted for. <\/p>\n\n<p>The introduction of a transaction tax will undoubtedly increase the <strong>popularity and use of cryptocurrencies<\/strong>. Knowledge of cryptocurrencies and their use will be considered a normal part of financial literacy in the near future, and it will be appropriate to devote some time and effort to understanding them. <\/p>\n\n<p>Posted on 23.09.2024.<\/p>\n\n<p><strong>JUDr. Mag. J\u00e1n \u010carnogursk\u00fd<\/strong><\/p>\n\n<p>(the author is a lawyer)<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"1024\" height=\"585\" data-src=\"https:\/\/www.ulclegal.com\/wp-content\/uploads\/2024\/09\/reising-sun-of-cryptos-1024x585.webp\" alt=\"\" class=\"wp-image-6032 lazyload\" data-srcset=\"https:\/\/www.ulclegal.com\/wp-content\/uploads\/2024\/09\/reising-sun-of-cryptos-1024x585.webp 1024w, https:\/\/www.ulclegal.com\/wp-content\/uploads\/2024\/09\/reising-sun-of-cryptos-300x171.webp 300w, https:\/\/www.ulclegal.com\/wp-content\/uploads\/2024\/09\/reising-sun-of-cryptos-768x439.webp 768w, https:\/\/www.ulclegal.com\/wp-content\/uploads\/2024\/09\/reising-sun-of-cryptos-1536x878.webp 1536w, https:\/\/www.ulclegal.com\/wp-content\/uploads\/2024\/09\/reising-sun-of-cryptos-480x274.webp 480w, https:\/\/www.ulclegal.com\/wp-content\/uploads\/2024\/09\/reising-sun-of-cryptos-992x567.webp 992w, https:\/\/www.ulclegal.com\/wp-content\/uploads\/2024\/09\/reising-sun-of-cryptos-1200x686.webp 1200w, https:\/\/www.ulclegal.com\/wp-content\/uploads\/2024\/09\/reising-sun-of-cryptos.webp 1792w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/585;\" \/><\/figure>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>1. New tax to save the state budget Nov\u00e1 da\u0148 z\u00a0pe\u0148a\u017en\u00fdch transakci\u00ed (transak\u010dn\u00e1 da\u0148) m\u00e1 ro\u010dne zobra\u0165 podnikate\u013eom na Slovensku pribli\u017ene 700 mil. EUR. T\u00e1to da\u0148 sa m\u00e1 plati\u0165 pri uskuto\u010dnen\u00ed prevodu z\u00a0podnikate\u013esk\u00e9ho \u00fa\u010dtu in\u00e9mu podnikate\u013eovi, nie v\u0161ak pri prijat\u00ed platby. Zasiahne teda v\u0161etky platby v\u00a0prospech dod\u00e1vate\u013eov. Many businesses with small margins and a large [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"closed","template":"","bulletin-category":[50,47],"class_list":["post-5223","bulletin","type-bulletin","status-publish","hentry","bulletin-category-crypto","bulletin-category-other"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.ulclegal.com\/en\/wp-json\/wp\/v2\/bulletin\/5223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ulclegal.com\/en\/wp-json\/wp\/v2\/bulletin"}],"about":[{"href":"https:\/\/www.ulclegal.com\/en\/wp-json\/wp\/v2\/types\/bulletin"}],"author":[{"embeddable":true,"href":"https:\/\/www.ulclegal.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ulclegal.com\/en\/wp-json\/wp\/v2\/comments?post=5223"}],"wp:attachment":[{"href":"https:\/\/www.ulclegal.com\/en\/wp-json\/wp\/v2\/media?parent=5223"}],"wp:term":[{"taxonomy":"bulletin-category","embeddable":true,"href":"https:\/\/www.ulclegal.com\/en\/wp-json\/wp\/v2\/bulletin-category?post=5223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}