Norwegian Tax Official: Bitcoins Cannot be Defined as "Money"
Yet another government official has released a statement on bitcoin, and once again the news is mixed. This time, Bloomberg reported that Norway's director general of taxation said bitcoins "don't fall under the usual definition of money or currency". The comments, made in an interview with Christian Holte, have been marked by some as yet another failure to gain legitimacy in the eyes of the authorities. International statements. The comments echo a similar statement from the People's Bank of China, which was followed by New Zealand and Australia. Although all these statements have carried....
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An interview with a Norwegian tax official has brought to light an interesting statement on the digital currency we all know as bitcoin. Hans Christian Holte, director general of taxation in Norway, said in an interview that "Bitcoins don't fall under the usual definition of money or currency." "We've done some assessments on what's the right and sound way to handle this in the tax system." So if bitcoin isn't to be defined as a currency, what will it be defined as? The answer is an asset, making it subject to capital gains assessments by the tax authorities in the country. It's another....
The Norwegian Tax Administration changed its stance and declared Bitcoin transactions exempt from Value Added Tax (VAT) this week. Previously, they were not exempt from VAT, and some claim Bitcoin adoption in the country has been stifled due to the high tax rate. Bitcoin Trade Subject to VAT. In November 2013, the Norwegian Tax Administration issued a....
A Norwegian man who bought $27 worth of bitcoins in 2009 and forgot about them discovered their value had since shot up - to $980,000 at today's price. Kristoffer Koch decided to buy 5,000 bitcoins for only 150 Norwegian kroner ($26.60) in 2009, after discovering bitcoin as part of an encryption thesis he was working on. Koch probably didn't think he would become wealthy as a result, but his 5,000 BTC has turned into a goldmine. It was a wise investment by someone who stumbled across bitcoin before many others did. Koch found that his bitcoins were worth 5 million Norwegian kroner....
Norwegian billionaire Øystein Stray Spetalen, who once called bitcoin “nonsense,” has reportedly capitulated and invested in the cryptocurrency after seeing another billionaire in Norway embracing bitcoin. He has also invested in a local crypto exchange. “When the facts change, I change,” he said. Norwegian Billionaire Gets Into Bitcoin After Seeing Another Making Money With the Cryptocurrency Øystein Stray Spetalen, a Norwegian billionaire, has made a complete reversal in his view of bitcoin, local publication Finansavisen recently reported. Once a....
Norway’s director general of taxation has said that Bitcoins “don’t fall under the usual definition of money or currency.” Instead, the richest country in Scandinavia will consider Bitcoins as assets and thus impose capital gains tax on Norwegian holders. This comes four months after Germany classified Bitcoins as “private money” that are nonetheless taxable. In the meantime, Christian Holte, the above-quoted director general of taxation, said the Norwegian government would coordinate certain legal implications of Bitcoin with other governments. “If there’s a crisis or power outage, you....