Belgian tax authority is looking for taxpayers who use Foreign Crypto Exchanges

The Belgian tax authority (STI) is looking for Belgian individuals who have invested in foreign currencies in cryptocurrencies, reported the local news agency De Standaard on Friday, March 2.

Following receipt of information from Finnish authorities that several Belgian taxpayers had traded on Finnish crypto exchanges, the STI began investigating the cases of three Belgians involved, with a fourth non-case closed, the Brussels Times wrote ,

According to a ruling introduced last year in Belgium, crypto-punters are required to pay a 33 percent tax on cryptographic winnings deposited in the Miscellaneous Income section of the tax form.

Due to the anonymous nature of crypto trading platforms, De Standaard writes that the crypto rule is difficult to enforce. However, the STI is planning to follow the example of the US Internal Revenue Service (IRS), which has legally mandated the US Crypto Exchange and Wallet Coinbase to transfer the data of approximately 13,000 clients for tax enforcement purposes.

The Belgian tax authorities will try to use the double taxation agreement between Belgium and the US to obtain information on possible Belgian Coinbase users, De Standaard said. The STI also plans to send similar requests to crypto changers in general to find out if Belgian taxpayers are customers.

Francis Adyns, a representative of the Federal Public Service Belgium (FPS), told De Standaard:

“It will be investigated whether a similar question to that of the IRS can be asked […] There are several other websites that trade in bitcoins and many other crypto-coins.Any well-known website in this area may be subject to our explicit attention counting. ”

While the IRS initially asked Coinbase to provide information about all of its users, a court case brought by Coinbase in November 2017 ruled that only information about “high volume” users should be given to the IRS.


Write: Richard Abermann


 

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