Crypto Map
Here’s how today’s crypto taxation laws look like across the globe, from the U.S. to South Korea, Switzerland, Japan, Australia and Malta...
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VAT News
VAT (Value-Added Tax) is a tax assessed to compensate services and infrastructure that were used in production and distribution processes and were provided by the state. The VAT tax raises about a fifth of the total revenue provided by the taxing system in most countries where it is implemented. Currently, 166 countries employ a VAT. The United States replaced the VAT with a sales tax system. In the European Union (EU). the VAT is obligatory by the EU VAT directive and is implemented in every country of European Union. Most countries also use reduced rates for VAT in order to liberate certain industries and encourage their development. The uncertain position of cryptocurrency taxing has led to various tactics in taxation, and some of the countries have decided to tax Bitcoin under VAT regulations. However, this practice is currently rejected by some governments and replaced by a capital gains tax.
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Georgia rules to exempt cryptocurrencies from value-added tax.
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Chilean taxpayers must report their cryptocurrency profits to the Chilean Internal Revenue Service, local media reports.
6620 On October 22, 2015, the European Court of Justice ruled that Bitcoin is a means of payment and its exchange is exempt from VAT in a landmark ruling.
930The most popular Swedish news site, Dn.se, has reported the European Court of Justice as stating, “Bitcoin is a means of payment and that the exchange should therefore be exempted VAT obligations.”
2005The legal adviser to the EU's highest court said that digital currencies like Bitcoin should be exempt from value-added tax, the Factom Foundation has launched a first release candidate, and more news
451A 17-year-old jihadist teenager faces up to 15 years in prison for posts about encryption and Bitcoin, Bitreserve has announced that it is dropping fees for currency conversions, and more news
1581The General Directorate of Taxes (DGT) has announced that virtual currencies such as bitcoin will be exempt from value-added tax (VAT) in Spain
744The Spanish tax authorities have published a statement classifying bitcoin; Some of the UK's top bankers are to discuss bitcoin among a fintech discussion panel and more news
763A reclassification of how Value Added Tax (VAT) is to be applied in the EU will force merchants to log user’s location, and make the user pay VAT twice.
688The nation of Finland has ruled that Bitcoin services will be exempt of Value Added Tax.
977Avalara, a company that offers cloud-based tax-compliance software, has just announced it has added Bitcoin to the roster of currencies its platform can handle, the company announced on its blog.
344More and more countries are trying to impose some sort of regulation on Bitcoin, US, China, India even Italy made digital coins look like hard fiat cash in the sense of law. However, in UK government institutions are not rushing to intervene.
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