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Austria

12 November 2021

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Austria Introducing New Rules for the Taxation of Cryptocurrencies 17

Austria's Ministry of Finance has issued a release announcing that new rules will be introduced for the taxation of cryptocurrencies as part of the recently announced tax reform package. The release notes that in the course of the tax reform, Austria is taking steps towards equal treatment of cryptocurrencies while ensuring more fairness for investors and uniform market conditions.

The reform provides for the integration of cryptocurrencies into the existing taxation system for income from capital assets. Income from cryptocurrencies will be subject to a tax rate of 27.5%, which will be deducted provided that there is a domestic withholding obligation. The tax liability is to come into force on 1 March 2022 and apply to cryptocurrencies purchased after 28 February 2021. Cryptocurrencies acquired prior to 28 February 2021, will not be subject to the new taxation regime but instead treated as "old assets" under the existing tax rules for speculative transactions, meaning that tax is not payable because the one-year speculation period will have already expired. The obligation to deduct capital gains tax will apply from 2023. Prior to that, taxation will take place as part of the assessment.

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