Sweden Asks EU to Rule on Bitcoin Taxation
It’s no secret that Swedish politics are becoming Bitcoin-centric. Now, Sweden’s government solicited the European Union to issue authoritative rules on the VAT (value-added tax) treatment to decentralized virtual currencies, such as Litecoin and Bitcoin. Sweden is looking for confirmation, now that the UK altered its position with regards to Bitcoin taxation. Earlier this month, Högsta förvaltningsdomstolen - the Supreme Administrative Court of Sweden - filed a special request asking for a preliminary ruling in front of the European Court of Justice. They wanted to know if Bitcoin....
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Sweden has reportedly asked the European Union to publish rules on appropriate VAT (value-added tax) when ti comes to digital currencies, Tax-News reports. The call for clarity comes following a revised position taken by the United Kingdom back in March. Quoted from Tax-News: To date, there has been a significant divide between countries in their guidance on the taxation of Bitcoin, and uncertainty lingers. A local authority in Poland has said that all transactions related to Bitcoin should be taxable, regardless of the location of the recipient. Poland and Estonia, too, have said any....
Magnus Daar. Magnus Daar Esq. of Nova, a law firm based in Sweden, feels that KNC's actions might hurt Sweden's reputation for other companies who started their business in Sweden. Sweden has been the birthplace of many popular companies, services, and products such as Skype, Spotify, and Minecraft. KNC's business methods of illegally denying refunds to Titan customers, and falsely portraying the KNC Titan in a way that makes it seem profitable, are downright dirty as they are illegal. KNC's negative actions are the exception when it comes to Swedish companies, rather than the rule. Also....
Cryptocurrency trading is taking another pattern and shape in India due to the implementation of taxation laws. As a result, the traders are experiencing a different turn in their transactions lately in the country. The new rule in India for 1% taxation on every transaction has been enforced from July 1. Also, the government has a taxation rule of 30% on crypto income for traders, investors, and other participants in the field. Subsequently, trading volumes have made a drastic drop over the applied law. On average, India’s three prominent crypto exchanges recorded up to 72.5% dip....
Sweden could soon be a big advocate of bitcoin. Sweden: The Potential Bitcoin Economy. In what could easily be the biggest “opening” for digital currency, Sweden is looking to swear off fiat money for good. That means no more paper money, no more coins, virtual means from here on out. This is exactly what Bitcoin and its creators have wanted all along for every country. Bitcoin can aid nations, particularly unbanked ones, and put financial power back in the hands of the people, and now it looks as if Sweden is taking the hint and doing everything bitcoin has wanted for the world. What’s....
It turns out that there is more to Sweden than fjords, Volvo and smorgasbord. By 2030, Sweden could become the first country in the world to become a truly cashless society. Today, 80% of all transactions in Sweden are done electronically, or by debit card. Also read "Sweden and Norway to Bitcoin VAT - Norway to Implement Bitcoin Tax". Bengt Nilervall at the Swedish Federation of Trade, or Svensk Handel says that Sweden and the rest of Scandinavia lead the world in terms of cashless trading. Swedes on average perform an average of 260 transactions each year using their debit and credit....