Overview
Stamp duty is a tax introduced by recent tax legislation, levied at 0.2 per cent on the total value of cryptocurrencies held on 31 December of each fiscal year. Young Platform automates the calculation and payment of this tax on behalf of users.
Please note: The stamp duty is calculated on the total value of the portfolio as of December 31st of the fiscal year, determined by the prices of the assets as reported on CoinGecko.
How Stamp Duty Payment Works
- Automatic calculation: Young Platform automatically calculates the stamp duty based on the value of cryptocurrencies held on 31 December of the current tax year.
- Payment: for payment to be made automatically, you must have an equivalent amount available in your Young Platform Euro wallet.
- Checking and settling the tax: You can check the status of your stamp duty payment in the dedicated section of the platform. If the tax has only been partially paid or has not yet been settled, you will have to make a deposit in your Euro wallet by bank transfer or card to cover the amount due.
Importance of the payment receipt
After the tax has been paid, it is essential to download and keep the payment receipt. This receipt must be attached to your tax return to prove that the tax has been paid and to avoid the risk of double payment.
Attention for multiple exchange users
If you own cryptocurrencies on multiple wallets or exchanges, it is essential to check whether stamp duty has already been paid on these other platforms. Download and keep all stamp duty payment receipts to attach to your tax return. Give all paid stamp duty receipts and information about your cryptocurrencies to your accountant. This will enable the correct calculation of the tax due and the tax already paid when filling in the RW panel of your tax return.
Procedure for checking payment status and downloading the receipt
- Access your Young Platform account from your desktop.
- Click on the menu section 'Taxes & Reports'.
- On the top menu click 'Stamp Duty'.
- Check the payment status.
- If the tax has been paid, download the receipt.
Always have an accurate check on stamp duty, especially if you operate on multiple platforms. The correct handling of this tax is important to ensure that your tax return is complete and compliant with current regulations.