Man Tries To Evade Taxes On Crypto By Calling Them "Data Set"

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A crypto investor in Germany called cryptocurrencies "data set" instead of money and refused to pay taxes.

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The crypto investor called the tax on his crypto profits "fool's tax."

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"Fool's Tax" is when someone pays too much tax, not doing due diligence, being ripped off, not being thorough enough etc.

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In Germany, tax is not charged on crypto earnings if you hold them longer than a year.

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The plaintiff argued tha crypto gains'are a record and therefore cannot be qualified as an "commercial asset" subject to income tax.

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However, the Cologne Fiscal Court did not follow the arguments of the plaintiff and had dismissed the suit in 2021.

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In his income tax return for 2017, the plaintiff declared a crypto profit* of around $3.6 million.

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If you keep your cryptocurrency profits in Germany for more than a year, there is no tax due on them.

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