Topic: Germany wont’ tax cryptocurencies used to purchases (Read 229 times)
That's definitely a good news and that's how it's supposed to be. I hope that more better news will come so crypto currency adoption will be more massive.
Time to jump ship and move to Germany I think 
UAE plans to become to worlds first crypto friendly ecosystem. I look forward to being apart of a company is chasing UAE money and their clientele (Darico) nonetheless it's good to see Germany moving forward in the right direction.
UAE plans to become to worlds first crypto friendly ecosystem. I look forward to being apart of a company is chasing UAE money and their clientele (Darico) nonetheless it's good to see Germany moving forward in the right direction.
Wow european cryprocurrency enthusiast will enjoy the benefits of the cryptocurrencies without any hassle,this is really indeed a good thing but how these people will cash out when there will be some restriction to convert your bitcoin to fiat and vice versa? im sure most of the european countries will staart joining our community very good news indeed!
Really amazing news from Germany, i think this news is very good for all European Union . Now all of them will do the same , hope so. This will means that world start to accept cryptocurency as money. This week was full of good news. Hope next week will be same. Spring already here.
However, from EU decision, converting bitcoin into a fiat currency or vice versa ia classified as “supply of service”, and therefore any party acting as an intermediary for the exchange will not be taxed.
What how would people cashout if there will be some restriction converting bitcoin to fiat and vice versa? am i missing out something? i wonder how people be able to convert their earnings into fiat,but generally this might be a start of massive adoption to the europearn countries,still positive for our community.
What how would people cashout if there will be some restriction converting bitcoin to fiat and vice versa? am i missing out something? i wonder how people be able to convert their earnings into fiat,but generally this might be a start of massive adoption to the europearn countries,still positive for our community.
Good news,how ever if there will still some restriction from coverting bitcoin or cryptocurrencies to fiat directly it will be too hard for most of the users there to cashout their cryptocurrencies?lets just hope that these european countries wont be to strict like the U.S so that we can enjoy our vacation there,generally this is a great news today.
Bitcoin users will not be taxed using this currency as a means of payment,said by The German Federal Ministry of Finances.
The latest legal guidance document , published on Wednesday (Feb. 28), distinguish Germany from the US where The Internal Revenue Service treats Bitcoin like property for tax purpose, which means that if an American buys a cup of coffee with Bitcoin, it would be considered a property sale and a subject to capital gain tax.
Instead, Germany would consider bitcoin as the equivalent to legal tender for tax purposes when used as a means of payment, according to a new document published recently.
The guidance from The Bundesministerium der Finanzen was based on a European Union Court of Justice ruling on value added taxes.
The court ruling creates a precedent for European Union nation to tax bitcoin while providing exemptions for certain types of transactions.
However, from EU decision, converting bitcoin into a fiat currency or vice versa ia classified as “supply of service”, and therefore any party acting as an intermediary for the exchange will not be taxed.
Payment fee sent to digital wallet providers or other services can also be taxed.
Other aspects of the digital currency ecosystem will not be taxed. Miners receiving block reward will not be taxed, as thier actions are considered to be voluntary.
Similarly, exchange market operators that buy or sell bitcoin under their own name as intermediary will receive tax-exemption. Still, an exchange operating as technical partketplace will not receive any such exemption.
VCXCoinTeam
Great i wonder how european countries will react to this news?should they be starting to study further the blockchain technology and look to the benefits of using cryptocurrencies? we should all hope that most of the countries in EUROPE would start adopting the cryptocurrencies so that we will have a massive adoption as early as this year.
You may forget to read this pharagraph dude. Quote
However, from EU decision, converting bitcoin into a fiat currency or vice versa ia classified as “supply of service”, and therefore any party acting as an intermediary for the exchange will not be taxed.
The correct thing is about i wonder to know how reach from those countries are banning bitcoin transaction to the fiat directly. US is against it.
Amazing news to hear.Strange its not big but it will make other countries adapt faster.I can expect more good news in a coming months
Germany and Switzerland are the best
Germany and Switzerland are the best
This very pleasant news,all of the people who uses cryptocurrencies especially bitcoin would love to hear this,might be the cause why bitcoin's price would pump today,i will start spreading the news thru social media lets hope that more and more countries in the world will start understand why cryptocurrencies arent that bad idea like what other people says.
This a very great news,especially for those people who are residing in germany,they can now really enjoy tha benefits of cryptocurrencies legally.If i would have the chance to go there i will use cryptocurrencie instead of fiat because it will be much easier for me to pay anything using cryptocurrencies lets hope that most of the countries in europe will follow this.
Great i wonder how european countries will react to this news?should they be starting to study further the blockchain technology and look to the benefits of using cryptocurrencies? we should all hope that most of the countries in EUROPE would start adopting the cryptocurrencies so that we will have a massive adoption as early as this year.
Bitcoin users will not be taxed using this currency as a means of payment,said by The German Federal Ministry of Finances.
The latest legal guidance document , published on Wednesday (Feb. 28), distinguish Germany from the US where The Internal Revenue Service treats Bitcoin like property for tax purpose, which means that if an American buys a cup of coffee with Bitcoin, it would be considered a property sale and a subject to capital gain tax.
Instead, Germany would consider bitcoin as the equivalent to legal tender for tax purposes when used as a means of payment, according to a new document published recently.
The guidance from The Bundesministerium der Finanzen was based on a European Union Court of Justice ruling on value added taxes.
The court ruling creates a precedent for European Union nation to tax bitcoin while providing exemptions for certain types of transactions.
However, from EU decision, converting bitcoin into a fiat currency or vice versa ia classified as “supply of service”, and therefore any party acting as an intermediary for the exchange will not be taxed.
Payment fee sent to digital wallet providers or other services can also be taxed.
Other aspects of the digital currency ecosystem will not be taxed. Miners receiving block reward will not be taxed, as thier actions are considered to be voluntary.
Similarly, exchange market operators that buy or sell bitcoin under their own name as intermediary will receive tax-exemption. Still, an exchange operating as technical partketplace will not receive any such exemption.
VCXCoinTeam
Those are really good news, and I hope the US government will change they views on bitcoin, and adopt the same taxing rules as Germany. Right now taxing bitcoin as property results in heavy taxes, since they are paying bitcoin taxes plus "normal" taxes, and this would make it hard to consumers and merchants to use bitcoin to buy goods. The way Germany is doing is much better, and actually makes much more sense.
It is a welcoming news and hopefully this will be a trend coming out from Europe , i am not sure how accurate the things stated here are and what are the limits and leverages and how much tax they are going to take and on which aspect,i do know that they wont be taxing for small purchases,how about large purchases.
Bitcoin users will not be taxed using this currency as a means of payment,said by The German Federal Ministry of Finances.
The latest legal guidance document , published on Wednesday (Feb. 28), distinguish Germany from the US where The Internal Revenue Service treats Bitcoin like property for tax purpose, which means that if an American buys a cup of coffee with Bitcoin, it would be considered a property sale and a subject to capital gain tax.
Instead, Germany would consider bitcoin as the equivalent to legal tender for tax purposes when used as a means of payment, according to a new document published recently.
The guidance from The Bundesministerium der Finanzen was based on a European Union Court of Justice ruling on value added taxes.
The court ruling creates a precedent for European Union nation to tax bitcoin while providing exemptions for certain types of transactions.
However, from EU decision, converting bitcoin into a fiat currency or vice versa ia classified as “supply of service”, and therefore any party acting as an intermediary for the exchange will not be taxed.
Payment fee sent to digital wallet providers or other services can also be taxed.
Other aspects of the digital currency ecosystem will not be taxed. Miners receiving block reward will not be taxed, as thier actions are considered to be voluntary.
Similarly, exchange market operators that buy or sell bitcoin under their own name as intermediary will receive tax-exemption. Still, an exchange operating as technical partketplace will not receive any such exemption.
VCXCoinTeam
Great news! A lot of countries would now think why they should study how these cryptocurrencies could revolutionize the fiat and the banking system.This news could make the bitcoin's price go pump today,hoping that more and more countries will start studying and later on adopting the cryptocurrencies and the blockchain technology.
Bitcoin users will not be taxed using this currency as a means of payment,said by The German Federal Ministry of Finances.
The latest legal guidance document , published on Wednesday (Feb. 28), distinguish Germany from the US where The Internal Revenue Service treats Bitcoin like property for tax purpose, which means that if an American buys a cup of coffee with Bitcoin, it would be considered a property sale and a subject to capital gain tax.
Instead, Germany would consider bitcoin as the equivalent to legal tender for tax purposes when used as a means of payment, according to a new document published recently.
The guidance from The Bundesministerium der Finanzen was based on a European Union Court of Justice ruling on value added taxes.
The court ruling creates a precedent for European Union nation to tax bitcoin while providing exemptions for certain types of transactions.
However, from EU decision, converting bitcoin into a fiat currency or vice versa ia classified as “supply of service”, and therefore any party acting as an intermediary for the exchange will not be taxed.
Payment fee sent to digital wallet providers or other services can also be taxed.
Other aspects of the digital currency ecosystem will not be taxed. Miners receiving block reward will not be taxed, as thier actions are considered to be voluntary.
Similarly, exchange market operators that buy or sell bitcoin under their own name as intermediary will receive tax-exemption. Still, an exchange operating as technical partketplace will not receive any such exemption.
VCXCoinTeam
crypto is good and german governors understand this issue, it is like that u give me the cup and take me shoes. it is not need for tax in this trade. and their decision is very regard able
but same germany chancellor angela merkel going to discuss on cryptocurrencies in G20 summit with Emmanuel Macron of France .
decision of not to tax is good , but i hope they will only regulate ponzi schemes working behind cryptocurency mask .
This is good news for cryptocurrencies as it's a lessening in tax obligations.
However I do disagree with it. I feel that on point of sale you are in essence converting your cryptocurrency in to fiat and should be taxed on any gains in the value of your holding. This greatly incentivzes people to spend their crypto instead of converting it to fiat and then spending.
However I do disagree with it. I feel that on point of sale you are in essence converting your cryptocurrency in to fiat and should be taxed on any gains in the value of your holding. This greatly incentivzes people to spend their crypto instead of converting it to fiat and then spending.
Also no tax for crypto in Slovania or Portugal (taxed if a large sum) and Belarus.
Good news again,this could be the start why most of the countries will start adopting the cryptocurrencies and the blockchain technology.Putin really is an influencer and he knows that if they dont act now they will be too late to the technology's benefits,this could be the reason why bitcoin's market would pump today,we should see some movements.
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