Bitcoin will have tax-exempt regime



The Court held that the transaction with a digital currency Bitcoin should not be taxed. The court noted that the transaction involving bitcoins should be treated by the tax authorities of the EU countries as well as any transactions with payment instruments. Today the European Court of Justice, the highest court in the European Union, delivered one of the most important decisions for the future of Bitcoin in Europe. The Supreme Court ruled that any transaction involving bitcoins, should be exempt from taxation. This resolution certainly adds optimism to ordinary users, European companies working with digital cryptocurrency and investors who invest in start-up projects in this area.

The judgment states that transactions with bitcoin should be treated by the tax authorities of the European countries outside the EU, as well as any transactions with fiat currencies, "in accordance with the rules relating to currency notes and coins, acting as a means of payment ".

Prior to today's decision from the European countries did not have a common approach to the taxation of transactions with Bitcoin. For example, the United Kingdom announced in March that the Bitcoin transactions are not subject to VAT. Her example was followed by Belgium, Switzerland and Spain. At the same time, Estonia has decided to charge a 20% tax on those who provide a service for the trade of digital currency to specialized markets, and 10% tax on the profits from their sale. Poland also charges 23% of profits from of mining (extraction bitcoins process), the transaction is left to regulation by the tax authorities of the country. Lithuania interprets trade bitcoin as a source of income of individuals, and imposes a corresponding profit from it 5% tax. But the Swedish tax authorities to take a decision on their own concerning the taxation of transactions with Bitcoin is not addressed and resolved in June last year with a corresponding request to the Court.

The fact that all transactions with Bitcoin can be derived from taxation on the territory of the EU, it became known in July of this year, when the Advocate General Julian Cocotte issued a report, which urged the Court to abandon the introduction of taxes with respect to transactions involving the sale and purchase bitcoins.


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