Can i avoid paying tax on crypto in Bulgaria by using the Binance Visa card?

[Lachezar Traikov]

Petko,hi!I have a Binance Visa card and plan to withdraw some profits on my crypto from atm machines.Do i still have to declare my profits?Is there a limit to when you are actually free of taxes here in Bulgaria?

[Petko Aleksandrov]

Hey mate,

There are no apparent rules until the moment on cryptos in Bulgaria. And I am not a financial or tax adviser. So please, do not take it as a recommendation:

We should pay taxes on the profits we withdraw. For example, if you have bought Bitcoin at $20k and you sell it now, you have a profit, and we should pay taxes. However, if you bought at $60k and now you sell it at $43, you did not make profits, so even you withdraw it, you shouldn’t pay taxes.

At least, this is how I understand what I have read about it.

Cheers,

[Author]

Posts