Crypto taxes in Belgium: How to declare your cryptocurrencies on MyMinfin?

Declaring income in Belgium for cryptocurrency investors can be complex, especially with the rapidly changing regulatory framework. Inspired by Waltio’s practical guide for Belgium, this article aims to simplify the process of declaring your digital assets online, offering a step-by-step overview in line with the latest Belgian tax guidelines.

Understanding the Tax Framework for Cryptocurrencies in Belgium

Before diving into online reporting, it’s essential to grasp the tax framework governing cryptocurrencies in Belgium. Since recent legislative changes, crypto-currencies have come under close scrutiny from the tax authorities, requiring precise declarations from investors. Three main profiles have been identified: the good family man, the speculator and the professional, each with distinct reporting obligations.

Preparing your online tax return on MyMinfin

Preparation is the key to flawless reporting. Thoroughly document all your cryptocurrency transactions, including purchases, sales, exchanges and passive income. This documentation will form the basis of your online declaration.

Access the Declaration Platform

In Belgium, tax declarations can be made via the MyMinfin (Tax-on-web) platform, accessible via the official SPF Finances website. Before you start, make sure you have all your documents and a summary of your transactions to hand.

Declare According to Your Investor Profile

The Good Father

Step 1️⃣: Declaration of passive income

• Box VII of the tax return: “Income from capital and movable property”.

Indicate the total amount of passive income (staking, farming) in field 1444: “b) Other income without withholding tax. 1) taxable at 30%”.

Step 2️⃣: No capital gains declaration

For this profile, capital gains arising from the normal management of assets do not require a specific declaration, unless you have also carried out speculative activities resulting in taxable gains.

The Speculator

Step 1️⃣: Declaration of passive income

• Same process as for the good father, with the declaration of passive income in Framework VII.

Step 2️⃣: Declaration of capital gains

• Box XV of the return: “Miscellaneous income”.

• Enter gross capital gains in field 1440 and associated costs in field 1441.
• Carry forward any previous capital losses in field 1202.

Le Professional

Step 1️⃣: Declaration of Earnings from Professional Activity

• Box XIV : “Profession and company number” to indicate professional status.

• Box XVII : “Profits from industrial, commercial or agricultural enterprises” to declare gross capital gains in field 1600.

• Indicate social security contributions in field 1632 and business expenses in field 1606.

Step 2️⃣ : Declaration of deductible business losses

• Box VIII : “Previous losses and deductible expenses” to carry forward previous business losses in field 1349.

For each profile, it is essential to understand the nuances and specific obligations in order to make an accurate and compliant tax return. Investors should ensure that they carefully document all their cryptocurrency transactions during the tax year to facilitate this process. If in doubt, it is advisable to consult a tax expert specializing in cryptocurrencies, who can provide personalized advice and help optimize the tax return.

Submit Your Declaration on MyMinfin

Once all sections have been completed in accordance with your cryptocurrency activities, double-check the accuracy of all information before submitting your declaration. The Tax-on-web platform offers a user-friendly interface that guides users through the declaration process, step by step.

Useful tips

• Be precise: The accuracy of your declaration is essential to avoid errors that could attract the attention of the tax authorities.
• Consult an Expert : When in doubt, don’t hesitate to consult a tax expert who specializes in cryptocurrencies. They can offer valuable advice and help you optimize your return.
• Stay Informed : Tax rules change rapidly. Make sure you keep up to date with the latest directives from the Belgian tax authorities.

Declaring your cryptocurrencies in Belgium is not an insurmountable task, provided you prepare well and understand the tax obligations associated with your investor profile. By following the steps outlined in this guide and using available resources such as the Tax-on-web platform, you can navigate through the declaration process with confidence, ensuring your tax compliance.