While bitcoin enthusiasts in the United States are busy discussing the new IRS guidance on bitcoin taxation, folks in Denmark may just have something of their own to talk (and be happy) about.
A report from Denmark’s TV2 indicates that the country’s tax board has made the determination that taxpayers need not pay for gains incurred upon the buying or selling of digital currency.
The report continues, noting that authorities in the country view digital currency as a “private asset” (side note: today’s IRS notice classifies digital currency as property).
The tax board’s decision goes both ways, it seems. Deductions will not be permitted for the taxpayers who realized losses upon the buying and selling of digital currency.
Meanwhile in Norway, those who experience gains on digital currency-related transactions are obligated to report them and pay the tax authority appropriately, as is the case here in the United States. [source: TV2]