The Polish government is currently working on a completely new tax regime applicable to income from trading in cryptocurrencies (virtual currencies) for personal income tax and corporate income tax purposes. For PIT purposes, this income is to be taxed as income from cash capital at the rate of 19% regardless of whether the turnover is of a private nature or made in the course of business activity. For CIT purposes, the income from trading in cryptocurrencies will be classified as capital gains. These new rules would apply from 1 January 2019.
Technological advance and resultant socio-economic “revolutions” have always triggered significant developments in international economic law.
Will the amendment to the Road Traffic Law draw investors wishing to test autonomous vehicles in Poland?
Reports released by the Cambridge Centre for Alternative Finance leave no doubt that Europe has fallen a long way behind the United States and Asian countries in development of modern financial services. This is especially noticeable in crowdfunding. In Asia Pacific countries, this method generates more than USD 200 billion per year, but only some USD 8 billion in Europe. The proposed crowdfunding regulation is intended to change this by harmonising European laws and introducing a European passport for service providers operating crowdfunding platforms.
A forthcoming breakthrough in smart algorithm systems will certainly revolutionise the entire economy, much as internet access has become universal. This revolution will not just impact opportunities for finding work in professions such as translator or driver, but will also completely transform the operations of the justice system. This was demonstrated in a recent competition to predict the results of court proceedings between a group of lawyers and an algorithm created by an English startup.
The General Data Protection Regulation entering into force on 25 May 2018 is not the only privacy revolution in store for the EU. The proposed ePrivacy Regulation is also generating greater and greater controversy and may change the shape of the internet as we know it.