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Belgian Tax Authority To Search For Taxpayers Using Foreign Crypto Exchanges

posted onMarch 5, 2018
by l33tdawg

The Belgian Special Tax Inspectorate (STI) is looking for Belgian individuals who have invested in cryptocurrencies in foreign exchanges, local news outlet De Standaard reported Friday, March 2.

After receiving information from Finnish authorities that several Belgian taxpayers had been trading on Finnish crypto exchanges, the STI started looking into the cases of three Belgians involved, with a fourth file closed as a “non case,” The Brussels Times wrote. According to a rule introduced in Belgium last year, crypto speculators are obliged to pay a 33 percent tax on crypto profits, filed under the “various income” section on the tax form.

Due to the anonymous nature of crypto trading platforms, De Standaard writes that the crypto tax rule has been hard to enforce. However, the STI plans to follow the example of the US’s Internal Revenue Service (IRS), which legally compelled US-based crypto exchange and wallet Coinbase to turn over the data on around 13,000 customers for tax enforcement purposes.

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