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Battle lines are being drawn across Asia with nations deciding whether to embrace blockchain and cryptocurrencies or suppress them. China and India have made their positions clear with a series of crackdowns on the industry while South Korea is finally taking a more positive outlook and may even...
The Israeli Tax Authority has issued a circular outlining its position on Bitcoin and other digital currencies. The agency will look at the issue in two ways to determine tax status: Those who buy digital currencies as an investment, versus those who trade in order to make a living...
The European Court of Justice recently declared that VAT does not apply to bitcoin exchanges. The decision was cheered by the bitcoin community across the world. However, at least one government is not happy about it for sure. The increased popularity of bitcoin has got governments thinking of...
The Swiss Federal Tax Administration (ESTV) has a great announcement for the cryptocurrency community. Recognizing that Bitcoin is a currency used to purchase items, the administration has decided that no VAT will be applied to Bitcoin in Switzerland. “This is excellent news!” CEO of Bitcoin Suisse AG, Niklas...
The General Directorate of Taxes (DGT), has considered that Bitcoin and other digital currencies will be classified as financial services. Consequently, transactions with Bitcoin are considered exempt from VAT under the Council Directive 2006/112/EC of 28 November 2006 on the common system of Value added Tax approved by...
With the new EU VAT legislation, which came into effect on 1 January 2015, the EU companies in the telecommunication, broadcasting or e-service field have to comply with new rules, which require companies selling e-services and goods within the EU to establish a proof of residence for their...
Could bitcoin transactions conducted in the Netherlands be VAT-exempt? It’s certainly a possibility, it seems. According to bitcoin news reporting website Coincourant [Dutch], Mr. Jacob Kamminga of the country’s Ministry of Finance hinted at the possibility in the midst of a debate held at an Amsterdam university. Of course, Kamminga’s statements...
Mining bitcoins or other digital currency in Poland? You may be required to pay a value-added tax (VAT). That’s according to CoinDesk, who says the decision was made by tax official’s in Poland’s third-largest city, Łódź. Said decision was made in response to an inquiry from a bitcoin miner in...
Some good news is coming in the wake of the Mt. Gox hysteria this week. It is being reported that HM Revenue & Customs (HMRC) will be dumping a 20 percent VAT (value-added tax) on bitcoin trades in the United Kingdom, according to the Financial Times. The move comes amidst...
Officials at HM Treasury are reportedly studying how to tax bitcoin trades, it is being reported. The kick in the rear comes from Karl McCartney, member of parliament, who asked what the country is doing in terms of financial regulation of the emerging would of digital currency. McCartney...
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