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Sweden Seeks Bitcoin Taxation Ruling From European Union

Avatar newsbtc 6 years ago

Sweden has reportedly asked the European Union to publish rules on appropriate VAT (value-added tax) when ti comes to digital currencies, Tax-News reports.

The call for clarity comes following a revised position taken by the United Kingdom back in March.

Quoted from Tax-News:

[blockquote style=”2″]To date, there has been a significant divide between countries in their guidance on the taxation of Bitcoin, and uncertainty lingers. A local authority in Poland has said that all transactions related to Bitcoin should be taxable, regardless of the location of the recipient. Poland and Estonia, too, have said any trading activity is subject to full VAT.[/blockquote]

Germany has previously deemed digital currency like bitcoin to be a “unit of account”, therefore making a value-added tax charged on bitcoin-denominated transactions applicable.

The news comes during a discovery period of sorts for tax authorities, in which decisions will need to be made on the appropriate taxation of digital currencies — which are seemingly taking the financial world by storm.

Already here in the United States, the Internal Revenue Service has stated that bitcoin should be classified as property for federal tax purposes, and other countries have also chimed in with their own rules.

You can read the full report on this topic here.

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