Crypto Taxation Across the DACH Region: A Comparative Analysis

The tax treatment of cryptocurrency gains varies significantly across Germany, Austria, and Switzerland. For investors, companies, and service providers operating in the DACH region, understanding these differences is critical for tax planning and compliance. Each jurisdiction has developed its own approach, shaped by distinct legal traditions and policy priorities, creating a patchwork that demands careful navigation.

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This article is an educational overview of crypto taxation in the DACH region and does not constitute tax advice. Tax outcomes depend on individual circumstances, the specific facts of each transaction, and the evolving positions of tax authorities and courts. Readers should consult a qualified tax adviser before making decisions based on any information in this article.

The stakes are significant. Miscategorising a crypto activity can convert a tax-free gain into a fully taxable one, or move a private investment into the realm of business income with corresponding compliance obligations. Errors can be retroactive: authorities in all three jurisdictions now have meaningful tools to detect unreported crypto income, including information exchanges with exchanges, blockchain analytics vendors, and cross-border cooperation frameworks. A disciplined approach to record-keeping and documentation is no longer optional.

Germany: Private Disposal Transactions Under Section 23 EStG

German tax law treats cryptocurrencies as “other economic goods” (andere Wirtschaftsgüter) rather than as currency or financial instruments. For private individuals, gains from the sale or exchange of cryptocurrencies are taxed as private disposal transactions (private Veräußerungsgeschäfte) under Section 23(1) No. 2 of the Einkommensteuergesetz (EStG — Income Tax Act). This legal classification has been consistently applied by the Federal Ministry of Finance in its guidance, and was largely endorsed by the Bundesfinanzhof in its 2023 decision on the tax treatment of cryptocurrencies.

The One-Year Holding Period

The key feature of Germany's regime is the one-year holding period — the so-called Spekulationsfrist. If a private individual holds cryptocurrency for more than one year before disposing of it, any resulting gain is entirely tax-free. Gains realised within the one-year holding period are taxable at the individual's personal income tax rate (up to 45%, plus solidarity surcharge and potentially church tax), but benefit from an annual exemption threshold (Freigrenze) under Section 23(3) sentence 5 EStG, which was raised from EUR 600 to EUR 1,000 per calendar year effective 2024 under the Wachstumschancengesetz. If total short-term gains from private disposal transactions exceed this threshold in a calendar year, the entire amount becomes taxable — not just the excess.

The holding period starts on the day after acquisition and ends on the day of disposal. Crypto-to-crypto exchanges are treated as disposals in Germany: exchanging Bitcoin for Ethereum, for example, triggers a taxable event even though no fiat currency is involved. The acquisition cost of the received asset is the fair value at the moment of the exchange, and the holding period for that new asset starts afresh. This creates a meaningful book-keeping burden for anyone who trades actively across multiple tokens.

FIFO, Cost Tracking, and Wallet-Level Allocation

For the calculation of gains, German tax guidance generally supports the first-in-first-out (FIFO) method applied at the level of individual wallets. Where a taxpayer holds cryptocurrency in multiple wallets, each wallet is treated separately for FIFO purposes. Maintaining accurate per-wallet acquisition records is therefore critical: errors in cost-basis tracking can result in overpayment (if gains are overstated) or underpayment (with the risk of penalties and interest). The major crypto tax software vendors can produce FIFO reports at the wallet level if given complete transaction data.

The BMF Letter on Crypto-Assets (2022, Restated 2025) and the 10-Year Debate

The Federal Ministry of Finance (BMF) published a comprehensive letter on the tax treatment of virtual currencies on May 10, 2022, and restated it by letter of March 6, 2025 (‘Einzelfragen zur ertragsteuerrechtlichen Behandlung bestimmter Kryptowerte’, IV C 1 - S 2256/00042/064/043). It provides detailed guidance on issues including token classification, staking, lending, hard forks, and airdrops and, since the restatement, on taxpayers’ cooperation and record-keeping duties. Notably, the BMF states that the holding period for cryptocurrencies used in staking or lending activities is not extended to ten years (margin no. 63 of the restated letter), as some commentators had argued based on analogies to other income-generating assets held in private wealth.

The ten-year debate had created significant uncertainty among holders who participated in proof-of-stake protocols or DeFi lending. The BMF's position — which is broadly supportive of taxpayers in this regard — has been consistently applied in subsequent guidance and is generally accepted in the market. Nevertheless, the practical details of staking and lending remain complex, and specific situations continue to generate questions that warrant individual tax advice.

Staking, Lending, Airdrops, and Hard Forks

Income from staking and lending is generally taxable at the moment of receipt at its fair market value, and is categorised as other income under Section 22 No. 3 EStG. Subsequent disposal of the tokens received in this way triggers a private disposal transaction under Section 23 EStG, with the receipt value forming the cost basis and a separate holding period beginning on receipt. According to the BMF, airdrops lead to other income under Section 22 No. 3 EStG where the recipient provides a service in return, for example social media posts or the handing over of personal data; where there is no connection with a service, no income arises and a gift may be at hand instead. Hard forks are generally treated as a non-taxable event for the forked tokens until disposal, with the original cost basis allocated in accordance with specific rules set out in the BMF letter.

Business vs. Private Activity

For business entities, cryptocurrencies held as business assets are subject to standard business income taxation. Gains and losses are recorded on the balance sheet and taxed according to the applicable corporate or trade tax regime. Natural persons can also cross the threshold from private to business activity if their crypto activity takes on the character of a trade or profession — for example, through frequent trading, use of professional infrastructure, or systematic profit-seeking beyond the level of ordinary private investment. Once business activity is established, the one-year holding period exemption no longer applies, and the crypto portfolio is treated as business property with all associated compliance obligations.

Loss Offsetting

Losses from private disposal transactions can only be offset against gains from private disposal transactions: in the same year, by carry-back to the immediately preceding year, or by carry-forward to later years (Section 23(3) sentences 7 and 8 EStG). They cannot be netted against salary income, capital income, or other income types. This narrow treatment means that tax-loss harvesting in crypto requires careful planning and documentation, and the ability to carry forward unused losses is often a critical part of that planning.

Austria: The Flat 27.5% KESt Regime

Austria reformed its cryptocurrency taxation framework effective March 1, 2022, through the Ökosoziales Steuerreformgesetz. Cryptocurrencies are now classified as capital assets, and gains from their disposal are subject to a flat capital gains tax (Kapitalertragsteuer, KESt) of 27.5%, aligning the treatment with other capital investments such as equities and bonds.

This represents a significant shift from the prior regime, which — similar to Germany's current approach — treated crypto gains as speculative income subject to a one-year holding period and progressive income tax rates. Under the current rules, the one-year holding period exemption has been abolished for cryptocurrencies acquired after February 28, 2021.

Altvermögen vs. Neuvermögen

Austrian tax law distinguishes between Altvermögen (old assets) and Neuvermögen (new assets). Cryptocurrencies acquired on or before February 28, 2021 fall under the Altvermögen transitional regime and remain subject to the prior speculative income rules — meaning gains on these holdings are tax-free if held for more than one year. Cryptocurrencies acquired after this date are treated as Neuvermögen and fall under the new flat-rate KESt regime regardless of holding period.

The distinction matters in practice because many Austrian taxpayers hold a mix of pre-2021 and post-2021 acquisitions, and the applicable rules can vary across a single wallet. Good record-keeping is essential to substantiate the classification of each tranche as Altvermögen or Neuvermögen.

Crypto-to-Crypto Exchanges

An important feature of the Austrian regime is that crypto-to-crypto exchanges are generally not taxable events. Under the current rules, swapping one cryptocurrency for another does not trigger a realisation of gain or loss; tax is triggered only by disposals into fiat currency and by the use of cryptocurrency to purchase goods or services, and by the receipt of current income such as lending fees and mining rewards. This stands in marked contrast to Germany, where every crypto-to-crypto exchange is a realisation event. For active Austrian traders, this difference substantially simplifies the tax treatment of rebalancing and hedging strategies that rely on moving between tokens.

Withholding by Austrian CASPs

Austrian debtors and crypto service providers have been obliged to withhold KESt since January 1, 2024 (Section 95(2) no. 3 of the Austrian Income Tax Act 1988): on income from cryptocurrencies accruing after December 31, 2023, they deduct the 27.5% tax at source and remit it to the tax office. Where no tax is withheld — for example, because the taxpayer uses a non-Austrian platform or a self-hosted wallet — the taxpayer must declare the income and pay the tax through the annual tax return. Loss-offsetting rules apply within the KESt system, allowing losses on crypto assets to be netted against other KESt-eligible capital gains, subject to specific conditions.

Staking, Lending, and Other Income

Under the current Austrian regime, fees for lending out cryptocurrencies and mining rewards are current income from capital assets: they are taxed at the special rate of 27.5% on receipt, and their value on receipt forms the cost basis of the tokens received. This does not apply to staking in the narrow sense, airdrops, bounties and hard forks (Section 27b(2) of the Austrian Income Tax Act 1988): no tax arises on receipt, the cryptocurrencies received carry a cost basis of zero, and tax is charged only on a later disposal, then on the full proceeds. Products marketed as ‘staking’ that in substance pay a fee for lending out coins are treated as lending. The practical effect is that participation in proof-of-stake protocols or DeFi lending in Austria is subject to a simpler, flatter regime than in Germany, but still requires reasonable record-keeping to substantiate the income recognised and the cost basis assigned to received tokens.

With current income, the valuation of proceeds received in tokens with low liquidity or without an established price deserves particular attention: determining fair value at the moment of receipt is not trivial here, and the valuation method chosen should be documented and applied consistently over time. The same applies where proceeds arrive in several tranches over a longer period — drawing the line correctly can be demanding in individual cases and justifies early tax advice.

Switzerland: Wealth Tax and the Professional Trader Question

Switzerland's tax treatment of cryptocurrency reflects its broader tax philosophy: decentralised, canton-dependent, and generally favourable to capital. For private individuals, capital gains from the sale of movable private assets — including cryptocurrencies — are generally exempt from income tax at federal, cantonal and municipal level, provided the individual qualifies as a private investor rather than a professional trader. This is a distinctive feature of the Swiss system that sets it apart from most other jurisdictions.

Wealth Tax on Year-End Balances

Cryptocurrencies are subject to cantonal and municipal wealth tax, which is assessed on the taxpayer's total private wealth at year-end. The Swiss Federal Tax Administration (ESTV) publishes official valuations for the most widely held cryptocurrencies at year-end, which are used for wealth tax calculations. Where a token does not have an official valuation, the taxpayer must report it at fair value, typically using the price on a recognised exchange at the year-end date.

The applicable wealth tax rate varies by canton and municipality. The combined cantonal and municipal burden on wealth — there is no federal wealth tax — is relatively modest compared with income tax rates, but over time the compounded effect on a large crypto portfolio can be meaningful. Taxpayers should budget for the annual wealth tax liability and avoid surprises in years where crypto prices spike at year-end.

The Professional Trader Classification

The distinction between private and professional trading is critical under the Swiss system, because the general exemption of private capital gains applies only to private investors. The Swiss Federal Tax Administration and the Schweizerische Steuerkonferenz (SSK) have published criteria for distinguishing professional from private activity, and the Swiss Federal Supreme Court has developed a body of case law applying those criteria. Relevant factors include:

• The volume and frequency of transactions
• The use of borrowed capital (leverage)
• The length of the holding period
• Whether derivatives, futures, or other complex instruments are used
• Whether trading represents a significant portion of the individual’s income
• Whether the activity shows a systematic, profit-seeking character similar to a profession

No single factor is decisive; the cantonal tax authorities apply an overall assessment. Individuals classified as professional traders face income tax on their gains — and in some cases also social security contributions as self-employed persons — which can reach combined federal, cantonal, and municipal rates of over 40% depending on the canton of residence. For active crypto traders, understanding where the line falls in their specific canton is essential.

Mining and Staking Income

Mining and staking income is generally treated as taxable income for both private and professional individuals in Switzerland. The fair value at the moment of receipt is the taxable amount, and subsequent disposal is generally not a taxable event for private investors (unless they cross the professional trader threshold). For companies, cryptocurrency is treated as a business asset and taxed under the standard corporate tax regime, with all the usual accounting, reporting, and substance considerations.

DeFi, NFTs, and Edge Cases Across DACH

Beyond the mainstream cases of holding, trading, staking, and lending, the DACH tax landscape has to contend with a growing range of edge cases. Decentralised finance (DeFi) protocols introduce structures — liquidity pools, yield farming, automated market makers, synthetic assets — that do not map cleanly onto traditional tax categories. Non-fungible tokens (NFTs) raise separate questions about classification (art, collectible, digital asset, or other economic good), the treatment of royalties, and the point at which a hobby crosses into a trade.

German tax authorities have been developing their position on these issues through informal guidance, BMF communications, and specific case law. The BMF letter of March 6, 2025, which restates the letter of May 2022, is the current administrative guidance; it expressly does not yet deal with NFTs, and practical application continues to evolve. Austrian and Swiss authorities are similarly working through edge cases. Taxpayers active in these areas should expect some ambiguity and should document their positions clearly: if the rules change in the future, the quality of contemporaneous documentation will often determine whether a reassessment results in a manageable correction or in a significant liability with penalties and interest.

Liquidity Pool Participation

Participation in a liquidity pool — depositing two or more tokens to support an automated market maker and receiving pool tokens in return — raises the question of whether the deposit itself is a taxable disposal. In Germany, the prevailing view among commentators is that the deposit and withdrawal events create taxable private disposal transactions, though the precise treatment may vary with the structure of the pool. In Austria, the crypto-to-crypto exemption may provide some simplification, but fees the pool pays for making the tokens available remain taxable as current income. In Switzerland, the question interacts with the professional trader analysis in ways that deserve individual assessment.

NFT Treatment

NFTs are typically treated as “other economic goods” in Germany, consistent with the approach to fungible cryptocurrencies, with gains on private disposal falling within Section 23 EStG and the one-year holding period. However, the analysis can shift where the NFT represents rights in a regulated asset (for example, a tokenised security) or where the creator is actively producing NFTs as part of a business. Austrian and Swiss treatment follows similar logic but with local adjustments. In all three jurisdictions, careful attention is needed where the NFT is linked to ongoing royalty income streams that may themselves be taxable on receipt.

Business and Enterprise Considerations

Companies holding or using cryptocurrency in the DACH region face a separate set of considerations. Accounting treatment varies by jurisdiction and accounting framework (HGB, IFRS, Swiss GAAP). The HGB generally requires cryptocurrencies to be treated as current assets measured at the lower of cost or market value, with write-downs recognised where market value falls below cost. IFRS has published guidance treating cryptocurrencies as either intangible assets or inventory, depending on the holding purpose. Swiss GAAP FER generally aligns with these principles.

Beyond accounting, companies must also consider VAT/sales tax treatment of cryptocurrency transactions, transfer pricing implications where crypto assets move between related entities, and the specific substance requirements that apply to crypto-active subsidiaries. Companies operating crypto-based business models — exchanges, custodians, CASPs, payment service providers — face additional compliance layers under MiCAR, DORA, and sector-specific AML rules. These overlap with tax obligations in ways that benefit from coordinated advice.

Cross-Border Tax Residence and Mobile Workers

The rise of remote work and mobile lifestyles has created a new category of cross-border tax questions for crypto holders. An individual who relocates from Germany to Switzerland, for example, must consider the end of unlimited tax liability in Germany, the establishment of Swiss tax residence, and the treatment of gains accrued before and after the move. German exit tax under Section 6 of the Foreign Tax Act (AStG) attaches to shareholdings in corporations within the meaning of Section 17 EStG, not to privately held cryptocurrencies; it becomes relevant where the holder also owns such shareholdings. Double tax treaties generally allocate taxing rights on capital gains to the state of residence at the time of disposal, but the application to cryptocurrency is complicated by the difficulty of establishing a clear location for digital assets.

For high-net-worth individuals considering a DACH-internal relocation to optimise crypto tax outcomes, the decision should be based on a full analysis of the tax consequences of leaving, entry rules, treaty protections, and the practical effect on long-term holding strategies. Short-term optimisation that overlooks the tax consequences of leaving or triggers unintended realisations can destroy value rather than create it.

Comparative Observations

Germany's one-year holding period exemption offers the most favourable treatment for long-term holders — complete tax exemption on qualifying gains, with no annual wealth tax eroding the portfolio. Austria’s flat-rate approach provides simplicity and predictability but no holding-period benefit for newer acquisitions. Switzerland's general exemption of private capital gains is attractive for long-term investors, but the wealth tax creates an ongoing annual cost that compounds over time for large portfolios, and the professional trader risk creates a real but hard-to-quantify contingent tax liability for active participants.

For active traders and businesses, the calculus shifts. Switzerland's risk of professional trader classification, Germany's progressive rates on short-term gains, and Austria's consistent 27.5% flat rate each present different optimisation opportunities depending on the specific circumstances. A highly active trader who is confident they can stay below the professional threshold may find Switzerland attractive; a moderate trader with a mix of positions may prefer the Austrian flat rate; a patient long-term holder may find Germany hard to beat.

Loss Treatment Compared

Loss treatment is another meaningful point of divergence. In Germany, losses from crypto private disposal transactions can only be offset against gains of the same category — they cannot reduce salary or other capital income. In Austria, losses under the KESt regime can be netted against other KESt-eligible gains under specific rules. In Switzerland, losses on private movable assets generally have no tax relevance for private investors, since the corresponding gains are not taxable in the first place — but professional traders can deduct losses against their taxable trading income.

Reporting Complexity

Reporting complexity also varies. German private investors must track every taxable disposal, including each crypto-to-crypto exchange, which can generate thousands of events annually for active users. Austrian investors benefit from the crypto-to-crypto exemption, significantly reducing the number of taxable events, while CASP withholding further simplifies compliance for those using Austrian platforms. Swiss private investors have the simplest reporting burden for private gains (none, because they are not taxable) but must still report holdings for wealth tax purposes and must assess whether their activity might cross the professional threshold.

DAC8 and the Future of Crypto Tax Transparency

The DAC8 Directive (Directive (EU) 2023/2226), which extends mandatory reporting obligations to crypto-asset service providers across the EU, has applied since January 1, 2026; Germany has implemented it through the Kryptowerte-Steuertransparenz-Gesetz. In-scope CASPs must collect information on their customers’ crypto transactions and report it to the tax authorities, which exchange it automatically with the member state where the customer is resident; the first reports cover calendar year 2026 and are due in Germany by July 31, 2027. Switzerland, as a non-EU member, is not bound by DAC8; according to the State Secretariat for International Finance, it will implement the automatic exchange of information under the OECD Crypto-Asset Reporting Framework (CARF) from January 1, 2027 at the earliest.

For taxpayers, the practical implication of DAC8 is clear: the window for non-declaration of crypto gains is closing. Tax authorities that historically struggled to verify crypto activity will receive regular data from providers through the DAC8 reports from 2027, making reconciliation of reported and actual activity a routine matter. Taxpayers should ensure their declared crypto positions match what their exchanges are reporting, and should consider a voluntary disclosure strategy if prior years are incomplete.

Common Misconceptions and Traps

A number of misconceptions persist around crypto taxation in the DACH region. Addressing them directly helps taxpayers avoid costly errors:

• “Crypto-to-crypto is not a sale”: True in Austria under the current regime, but false in Germany, where every crypto-to-crypto exchange is a disposal that triggers the holding-period clock anew and may generate a taxable gain.
• “Losses can offset salary”: False in Germany for private disposal transactions, which can only be netted against gains of the same category. Austrian and Swiss rules are also more constrained than is often assumed.
• “Holding in a foreign wallet avoids tax”: False for residents of all three DACH jurisdictions. Tax residence, not the location of the wallet, drives the tax obligation in the vast majority of cases.
• “Staking resets the clock”: The detail matters. In Germany, the BMF (letter of May 2022, restated in March 2025) confirmed that participation in staking does not itself extend the holding period to ten years. The one-year rule continues to apply to the underlying cryptocurrency as a private asset, though staking rewards are separately taxable on receipt.
• “Small amounts are not worth reporting”: False. Under DAC8 and similar frameworks, tax authorities increasingly receive automated data feeds from exchanges, and discrepancies even on small amounts can attract attention that would otherwise have been avoided.

The Role of CASPs, Exchanges, and Custodians

The regulatory landscape for CASPs continues to evolve under MiCAR, and the tax reporting landscape continues to evolve under DAC8 and the OECD Crypto-Asset Reporting Framework (CARF). Exchanges operating in the DACH region are progressively adding cost-basis tracking, tax-year reports, and withholding functions where required. For customers, this means that the quality of tax reports available directly from an exchange is rising, though it is still typically the taxpayer’s responsibility to reconcile across multiple venues and wallets to produce a complete annual position.

Custodians and wallet providers that support the full lifecycle of crypto activity — holding, staking, lending, swapping — play an increasingly important role in helping users maintain accurate tax records. Where a taxpayer relies on multiple venues, data normalisation and reconciliation become significant work items. Good tooling can reduce the manual burden, but the ultimate responsibility for accuracy rests with the taxpayer.

Practical Guidance for DACH Crypto Taxpayers

Regardless of which DACH jurisdiction applies, several practical principles apply across the board:

• Complete transaction records: Maintain a comprehensive export of all transactions from every wallet and exchange used, including timestamps, token amounts, fair values at the time, and transaction types
• Cost-basis tracking: Use reputable crypto tax software that supports the relevant jurisdiction’s methodology (wallet-level FIFO for Germany, Altvermögen/Neuvermögen distinction for Austria, wealth tax valuation for Switzerland)
• Staking and lending documentation: Record the fair value at the moment of each receipt, and retain screenshots or exports as supporting evidence
• Separation of private and business activity: For taxpayers whose activity might cross into business territory, maintain clear records of infrastructure, intent, and the split between private and business holdings
• Voluntary disclosure strategy: Where prior-year reporting has been incomplete, work with a qualified tax adviser to assess whether a voluntary disclosure is advisable before tax authorities initiate their own investigation
• Multi-jurisdictional considerations: For taxpayers with residency changes, cross-border wallets, or activities on exchanges in multiple jurisdictions, treat the additional complexity as a specific advisory question rather than a generic DIY problem

How Aegiron Capital Group Helps

Aegiron Capital Group offers crypto-native firms in the DACH region strategic advisory on the organisational, governance, and compliance questions around crypto holdings and activities. We do not provide tax or legal advice; rather, we help clients understand the strategic landscape, frame the right questions, and coordinate effectively with the tax advisers and law firms they engage for the specific tax and legal work.

Jurisdictional Choice for Crypto-Focused Businesses

For crypto-focused businesses choosing where to establish operations in the DACH region, tax considerations are only one factor in a broader decision. Germany offers a large domestic market, strong talent, and a reasonably established regulatory framework for CASPs, but with comparatively high corporate tax rates and a demanding compliance environment. Austria offers a clearer flat-rate investor tax regime that is attractive to retail-facing platforms, along with EU passporting and a relatively lean corporate setup. Switzerland, particularly cantons like Zug, has cultivated a reputation as a crypto-friendly jurisdiction with flexible tax treatment and strong financial services expertise, though it operates outside the EU framework.

The optimal choice depends on the business model, target market, and the importance of EU passporting. A platform focused on retail customers in Austria may find the Austrian environment most supportive. A European custody business may prefer Germany for its scale and institutional relationships. A global DeFi protocol or token issuance project may prefer Switzerland for its regulatory clarity. These trade-offs deserve a structured analysis rather than a reflexive choice of the “most tax-friendly” jurisdiction.

In practice, tax questions alone are rarely the deciding factor. Regulatory predictability, access to talent, a supervisor’s willingness to engage in a factual dialogue, the availability of banks prepared to work with crypto-oriented companies, and quality of life for founders and employees count at least as much. A serious location analysis combines all of these dimensions and avoids deciding on the basis of a single metric. Companies that choose their location solely by the lowest nominal tax burden often pay the difference elsewhere — in higher compliance costs, delayed market entries, or poorer access to banking services.

Conclusion: A Landscape That Rewards Preparation

The DACH crypto tax landscape is not static. Germany, Austria, and Switzerland continue to refine their positions through new guidance, court decisions, and legislative updates. What is clear is that the days of informal crypto activity with no tax consequences are ending. Investors and businesses that invest in record-keeping, professional advice, and structured compliance now will be better positioned than those who wait for enforcement to force their hand. The cost of preparation is modest compared with the cost of remediation.

As a final reminder: this article is an educational overview, not individual tax advice. Every taxpayer should seek guidance from a qualified adviser who can assess the specific facts and circumstances of their situation.

In crypto in particular, decisions taken today in reliance on a supposedly clear legal position often have consequences that only become visible years later, in a tax audit or a voluntary disclosure. Early and continuous coordination with a tax adviser who understands both the German, Austrian or Swiss perspective and the particularities of the crypto asset classes is therefore not a luxury but a necessary part of responsible wealth management in the crypto environment. Those who economise here risk later back payments, interest and laborious corrections — often at a point when the documentation can hardly be reconstructed in full.