Guide to Crypto Tax in Greece for 2024

With Greece poised to introduce a comprehensive tax framework for cryptocurrencies in 2025, crypto investors and enthusiasts need to understand the forthcoming changes and how to stay compliant. This guide provides a detailed overview of what to expect and how TokenTax can help simplify your tax reporting.

While Greece has not officially recognized cryptocurrencies, it plans to introduce a new tax framework by 2025. The Greek government has formed a special committee to study digital assets and provide recommendations for their regulation and taxation. The findings, expected by September 2024, will shape the country's crypto tax policies.

Starting January 2025, profits from trading crypto will be subjected to a 15% capital gains tax. This move aligns with the observed increase in crypto-related activities in Greece and aims to bring more transparency and accountability to the sector.

As in many other countries, Greece will consider several types of crypto transactions as taxable events. These include selling cryptocurrencies for fiat, trading one cryptocurrency for another, and using cryptocurrencies to pay for goods or services. These transactions must be reported, and any gains will be taxed accordingly.

Non-taxable events will include buying cryptocurrencies with fiat money and transferring digital assets between your wallets. However, maintaining detailed records of these transactions is critical, as they can impact your tax calculations.

Greek taxpayers will need to report their cryptocurrency transactions each year. Once the tax framework is finalized, the Greek tax authorities will outline the exact forms and reporting methods. Maintaining thorough records of transactions will be essential to complying with Greek tax laws.

It's critical that you stay updated on the latest requirements to ensure that you meet all reporting obligations. Failure to report accurately can result in penalties and interest on unpaid taxes.

The Greek tax year ends on December 31st, and all tax payments and reports are due by the last working day of April the following year. Putting these dates in your calendar can help avoid penalties and interest on late payments.

Being aware of these key dates is vital for timely compliance. Planning ahead will save you last-minute stress and potential fines.

Calculating your crypto taxes involves determining the capital gains from each transaction. This can be complex, especially with multiple transactions across various platforms. Using crypto tax software like TokenTax can greatly simplify this process, ensuring accurate and efficient tax calculations.

Our free crypto profit calculator can be a great starting point. For more personalized assistance, schedule a consultation with a crypto tax professional.

Greek crypto taxes FAQs

Can the Greek government track my cryptocurrency transactions?

Yes, the Greek government plans to use advanced technology, including blockchain analysis, to monitor and track cryptocurrency transactions to ensure compliance.

What happens if I don't report my crypto taxes in Greece?

Failing to report crypto taxes can result in significant penalties, including fines and interest on unpaid taxes. In severe cases, legal action may be initiated.

Are there any deductions available for crypto investors in Greece?

While there are no specific deductions for cryptocurrency investments, costs related to acquiring or selling cryptocurrencies, such as fees or commissions, can be included in the cost basis to reduce capital gains.

How do I pay taxes on mined cryptocurrencies in Greece?

Income from mining will be taxed as regular income. You should report the fair market value of the mined cryptocurrencies when they are received as part of your income tax return.