Topic: Germany wont’ tax cryptocurencies used to purchases - page 2. (Read 229 times)
That's the way! This is great news and I hope this will be the beginning on new era how governments accept crypto and how they can regulate it the smart way.
Germany are pretty ahead of most countries and are pretty liberal, I understand their policy and have absolutely no qualms about it and it could of been a lot worse.
Good news!
Good news!
Yes, great news! I believe that such news will affect the growth of crypto very well. Maybe the price of bitcoin started to grow because of this news. I'm glad that more and more countries accept crypto.
Germany are pretty ahead of most countries and are pretty liberal, I understand their policy and have absolutely no qualms about it and it could of been a lot worse.
Good news!
Good news!
It started to got very good news as hearing such a positive developments about regulations and speech of goverment authorities. These will have efficient on prices of cryptocurrencies and ICO projects.
It is a big trend for the cryptocurrency market to be regulated, because there are still big problems in the current market, but excessive regulation and even banning the trading of bitcoin‘s countries are foolish.
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
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
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