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Petr Němec | | December 6, 2022
On 1 December 2022, the minutes of the meeting of the Coordination Committee with the Chamber of Tax Consultants of the Czech Republic (KDP CR) from 30 November 2022 were published on the website of the Financial Administration, at which contribution 602/30.11.22 concerning the taxation of cryptocurrencies was concluded.
We have already seen that cryptocurrencies and virtual assets are a phenomenon of today not only in the eyes of the financial administration (see our article HERE). Virtual assets also appeared at the meeting of the KDP CR and the Financial Administration for the first time. In their contribution, the submitters dealt primarily with the reporting of the acquisition of virtual assets by individuals, who keep tax records, i.e. individuals who receive cryptocurrencies “entrepreneurially” and at the same time do not keep accounts or apply flat-rate expenses.
This paper essentially confirmed our existing understanding, i.e. that cryptocurrencies are intangible movable assets and are accounted for as inventory (although the state administration newly allows for other accounting options). The General Financial Directorate of the Czech Republic (GFD) agreed with almost all of the submitters’ partial conclusions and confirmed that:
Author: Petr Němec, Michal Hlaváč