Spanish Government: Bitcoin is Considered Cash - page 2.

bryant.coleman

legendary

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Quote from: ArticMine on May 23, 2014, 10:05:04 AM

This is very good news because it avoids problems with VAT (IVA).

It might avoid VAT, but it will increase the tax-related complications for the Bitcoin miners. And another factor is that Bitcoin traders might have to pay the income tax, instead of the Capital gains tax.

Ron~Popeil

sr. member

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Nice! Paves the way for more adoption. If the US were smarter they would view it as a currency and collect a higher tax rate than capital gains.

Shawshank

legendary

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The truth is the Spanish Tax Agency has said absolutely nothing about Bitcoin yet.

I know there are several binding enquiries ("consultas vinculantes") sent by bitcoin users to the Tax General Office ("Dirección General de Tributos"), but no answer has been provided. This makes the income tax for 2013 in Spain a guessing game.

The news says:
"en el caso de que las autoridades monetarias y financieras consideren que el bitcoin un medio electrónico concebido para ser utilizado como medio de pago al portador, serían de aplicación las limitaciones a los pagos en efectivo"

which means
"IF the monetary and financial authorities consider bitcoin an electronic medium to be used as bearer payment, the limitations of other cash payments would be in place".

Which are those limitations? Basically, 2500 euros maximum per payment. But nothing official yet.

pedrog

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These are great news, now there's a clear definition for what bitcoin is under the law and businesses can build on that without the uncertainty fear.

Pobre

full member

Activity: 182

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HEy Hey HEY??

Quote from: S4VV4S on May 23, 2014, 10:09:40 AM

Quote from: Pobre on May 23, 2014, 10:07:08 AM

Quote from: S4VV4S on May 23, 2014, 09:51:34 AM

http://www.coindesk.com/spanish-government-bitcoin-considered-cash-tax-purposes/

I guess that's good news right?

Well I dont think thats a good news. Now what will be the future of taxes?? Bitcoin tx tax??

Whether they are taxing Bitcoin directly or indirectly it does not matter.
Your Bitcoins will still be taxed when converted to FIAT.
Don't forget that even if you don't get taxed for Bitcoins now, you get taxed for everything you buy with FIAT or Bitcoin.
Companies that accept Bitcoin still have to declare tax.....

That being said.
I believe this is great news.

ACCEPTANCE!!!!!!!

Sometimes the problem with this "ACCEPTANCE" is that to promote the use of fiat, the government may start to impose higher tax on bitcoin than the fiat, this will ultimately lead to the degradation of btc.

findftp

legendary

Activity: 1022

Merit: 1006

Delusional crypto obsessionist

Quote from: S4VV4S on May 23, 2014, 09:51:34 AM

http://www.coindesk.com/spanish-government-bitcoin-considered-cash-tax-purposes/

I guess that's good news right?

WTF

I'm going to panic buy right now.

S4VV4S

hero member

Activity: 1582

Merit: 502

Quote from: Pobre on May 23, 2014, 10:07:08 AM

Quote from: S4VV4S on May 23, 2014, 09:51:34 AM

http://www.coindesk.com/spanish-government-bitcoin-considered-cash-tax-purposes/

I guess that's good news right?

Well I dont think thats a good news. Now what will be the future of taxes?? Bitcoin tx tax??

Whether they are taxing Bitcoin directly or indirectly it does not matter.
Your Bitcoins will still be taxed when converted to FIAT.
Don't forget that even if you don't get taxed for Bitcoins now, you get taxed for everything you buy with FIAT or Bitcoin.
Companies that accept Bitcoin still have to declare tax.....

That being said.
I believe this is great news.

ACCEPTANCE!!!!!!!

Pobre

full member

Activity: 182

Merit: 100

HEy Hey HEY??