The disadvantages of cryptos for Greek taxpayers

The disadvantages of cryptos for Greek taxpayers

The non-recognition by the Tax Administration of cryptocurrencies as a legal means of transactions and the lack of legislative provisions for their tax treatment cause enormous problems for taxpayers.

The loopholes that exist in the Greek tax legislation regarding the ways in which all kinds of transactions and activities related to cryptocurrencies, such as bitcoin etc., should be taxed, already bring many Greek taxpayers, who have introduced these currencies in their daily lives, faced with unexpected fees and charges caused by the imposition of exorbitant taxes and fines by the relevant tax authorities.

Recently, a cryptocurrency exchange service business was faced with an unexpected VAT charge of more than 12,000 euros, as well as additional fines and surcharges imposed on it by the relevant tax authority, as in a tax audit carried out on it, the cryptocurrencies were not recognized as legal means of transactions.

More specifically, commissions of a total amount of 52,728.68 euros collected by the company were not considered by the competent tax authority as currency exchange services exempt from VAT, in accordance with article 22 of the relevant Code (law 2859/2000).


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