New European Legislation Ties Taxes in Online Orders to the Country of Purchase
The European Union introduced legislation in November 2014 that implemented a new Value Added Tax (VAT) to virtual purchases. The legislation took effect on January 1, 2015. It is designed to reduce the ability of companies to avoid taxes, especially large companies such as Amazon.com. Instead of taxing an item based on the country where it was manufactured, or to the location of corporate headquarters, the item is taxed based on the country where the buyer is located, such as in the United States. Rumors on Reddit suggest that anonymity is under attack, and that even Bitcoin itself may be....
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Although it seems to have largely gone unnoticed, the European Union introduced new Value Added Tax (VAT) laws on 1st January this year. As a consequence of this legislation, companies selling electronic goods or services to customers within the EU are now legally required to record the country of residence of their customers, which - according to some - spells bad news for bitcoin. The new legislation was put in place to make sure that VAT is actually paid in countries where the products in question are consumed, as is the purpose of these kinds of taxes. More specifically, the new VAT....
The Nordics remain a cold place for crypto, but Estonia still leads as the public blockchain adopter. Despite the turbulence that broke out in the crypto market this summer, there is an important long-term marker that should be considered in any complex assessment — the combination of adoption and regulation. The latest report by EUBlockchain Observatory, named “EU Blockchain Ecosystem Developments,” tries to measure this combination within the European Union, combining the data on each and every member country from Portugal to Slovakia. As the original report counts more than 200 pages,....
From taxes and legislation to the local startups and professional associations — all you need to know about blockchain and crypto in Western Europe. Despite the turbulence that broke out in the crypto market this summer, there is an important long-term marker that should be considered in any complex assessment — the combination of adoption and regulation. The latest report by EUBlockchain Observatory, named “EU Blockchain Ecosystem Developments,” tries to measure this combination within the European Union, combining the data on each and every member country from Portugal to Slovakia. As....
Lawmakers are reportedly planning to cut taxes on Bitcoin gains in half, possibly as early as 2022. Cryptocurrency investors in Hungary could be getting a major tax break very soon, as lawmakers seek to make the central European country more competitive in the wake of the Covid-19 pandemic.In a video that appeared on Facebook Tuesday, Finance minister Mihály Varga outlined his government’s stimulus program through 2022. As part of the post-Covid-19 relief efforts, lawmakers are considering reducing taxes on cryptocurrency trading to 15% of income, down from the current rate of 30.5%. Such....
Argentina is adding more economic restrictions to overseas purchases. According to the Associated Press, the government of Argentina is getting ready to add more restrictions to online purchases from foreign countries. Argentines are now limited to two purchases per year from outside the country, and they will have to fill out a large amount of extra paperwork if they want to go beyond that limit. Purchases that force an individual to crossover the maximum threshold are now considered imports. Argentines are already required to ask their government for permission before ordering goods from....