The Slovak authorities have passed legislation regulating and taxing cryptocurrency income. What is especially important for hodlers, the income generated from the sale of cryptocurrencies held for at least a year will be taxed only at 7%, and not at rates of 19% or 25%.
It is worth noting that the lower rate puts Slovakia on a par with other cryptocurrency-friendly countries in the region, such as Slovenia and Switzerland. The Ministry of Finance estimated the financial effects of the amendment to the tax act at approx. EUR 30 million per year. The majority of MPs were in favor of the bill. For there were 112 deputies. Only 2 were against.
The above information is not all. According to the amendment, payments in cryptocurrencies up to EUR 2,400 will be exempt from income tax. This essentially establishes a tax-free threshold for small, everyday payments in digital assets. Investors also do not have to pay the 14% health insurance premium.
Technical Market Outlook:
The BTC/USD pair has made a new swing high at the level of $31,052 as the up trend has resumed. The intraday technical support is seen at the level of $29,556. Moreover, the bulls had broken above the technical resistance located at $28,446 and now this level will work as the technical support. The momentum is strong and positive on the H4 time frame chart and on a Daily time frame chart, so the bulls are ready for another wave up. The next target for bulls is still seen at the level of $32,350.
Weekly Pivot Points:
WR3 – $31,378
WR2 – $30,802
WR1 – $30,511
Weekly Pivot – $30,226
WS1 – $29,935
WS2 – $29,650
WS3 – $29,074
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
The material has been provided by InstaForex Company – www.instaforex.com
Crypto Industry News:
The Slovak authorities have passed legislation regulating and taxing cryptocurrency income. What is especially important for hodlers, the income generated from the sale of cryptocurrencies held for at least a year will be taxed only at 7%, and not at rates of 19% or 25%.
It is worth noting that the lower rate puts Slovakia on a par with other cryptocurrency-friendly countries in the region, such as Slovenia and Switzerland. The Ministry of Finance estimated the financial effects of the amendment to the tax act at approx. EUR 30 million per year. The majority of MPs were in favor of the bill. For there were 112 deputies. Only 2 were against.
The above information is not all. According to the amendment, payments in cryptocurrencies up to EUR 2,400 will be exempt from income tax. This essentially establishes a tax-free threshold for small, everyday payments in digital assets. Investors also do not have to pay the 14% health insurance premium.
Technical Market Outlook:
The BTC/USD pair has made a new swing high at the level of $31,052 as the up trend has resumed. The intraday technical support is seen at the level of $29,556. Moreover, the bulls had broken above the technical resistance located at $28,446 and now this level will work as the technical support. The momentum is strong and positive on the H4 time frame chart and on a Daily time frame chart, so the bulls are ready for another wave up. The next target for bulls is still seen at the level of $32,350.
Weekly Pivot Points:
WR3 – $31,378
WR2 – $30,802
WR1 – $30,511
Weekly Pivot – $30,226
WS1 – $29,935
WS2 – $29,650
WS3 – $29,074
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
The material has been provided by InstaForex Company – www.instaforex.com
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