Together with KPMG and Linde Verlag, Blockpit has published the Crypto Tax Guide 2021. The guide is aimed in particular at investors in digital assets and provides practical answers to all income and sales tax questions relating to Bitcoin & Co.
Since the beginning of the year, the topic of Bitcoin has once again attracted a lot of attention in the media. Not least due to the decision of large corporations to invest parts of their cash reserves in it. Crypto assets in various forms are also becoming increasingly popular as a financial instrument among Austrian retail investors. A reliable source of information for all questions regarding cryptocurrency tax law is provided by Crypto Tax Guide 2021.
Expertise from crypto tax experts
The team of authors – MMag. Michael Petritz, LL.M. TEP, Partner, Tax at KPMG Austria, Florian Wimmer, Co-Founder and CEO Blockpit and Michael Deichsel, MSc (WU), Senior Associate, Taxat KPMG Austria – provides with the guide a practical contact point for income and sales tax issues, which have so far only experienced rudimentary regulations on the part of the national tax administration or the legislator and explains the current legal situation. Special topics in connection with cryptoassets (e.g. hardforks, airdrops, staking, etc.) will also be addressed.
Florian Wimmer, CEO and co-founder of Blockpit: "Our goal is to strengthen trust in the blockchain-based financial market as well as to offer a significant increase in efficiency through standardized software solutions. Compliance is only possible with clear specifications and seamless documentation of all transactions by market participants. In the previous year, the extrapolated tax revenue from realized exchange gains already amounted to around 375 million euros, which once again underscores the urgency of transparency and legal certainty."
Crypto tax expert at KPMG Austria MMag.Michael Petritz LL.M. TEP: "In our daily practice, client inquiries around cryptocurrency and taxes are increasing. Especially in times of rising exchange rates, the tax aspect naturally plays a crucial role in investment and deinvestment decisions."
"The correct tax treatment of cryptocurrencies is a complex matter that is making its way into the daily work of tax experts. With the Crypto Tax Guide 2021, we want to support investors and experts and provide a practical orientation aid," says Mag. Klaus Kornherr, Managing Director of Linde Verlag.