Samoa

Cryptocurrencies in Samoa are legally classified as property. This means general tax laws that apply to other forms of property and income also apply to crypto assets. Cryptocurrencies are legal in Samoa, and while the Central Bank has issued cautionary advisories regarding risks, there is no prohibition or dedicated regulatory framework specifically for crypto. The Ministry of Revenue (MOR) is the governmental body responsible for administering and enforcing tax laws in Samoa. The taxation of cryptocurrency falls under the existing general Income Tax Act. For individuals, gains derived from cryptocurrencies are taxed as ordinary income at progressive rates ranging from 0% to 27%. There is no separate capital gains tax in Samoa, meaning all gains are treated as regular income upon realization. There is also no distinction between short-term and long-term holdings, all gains are taxed uniformly regardless of how long the asset was held. Cryptocurrencies received as income, such as for services rendered, are also subject to these progressive income tax rates (0-27%) based on their value at the time of receipt. For corporations, crypto-related income is subject to a flat corporate tax rate of 27%. Converting crypto to fiat currency is a taxable event that realizes capital gain, subject to the progressive income tax rates. There is no specific Value Added Tax (VAT) on crypto itself, though a general 15% VAT may apply to related services. Staking rewards are taxed as income at progressive rates upon receipt. Income generated from crypto mining is also taxed as business income at progressive rates, with associated costs likely deductible. In the realm of Decentralized Finance (DeFi), yields are taxed as income, and token swaps are treated as taxable exchanges. Non-fungible tokens (NFTs) are considered property, and any gains from their sale are taxed at the progressive income tax rates (0-27%). Additionally, any crypto-to-crypto exchange is treated as a taxable event, realizing gains that are then taxed.