Will The UK Exclude Bitcoins From Taxation?
The U. K. currently taxes gains made from Bitcoin, when Bitcoins are exchanged into fiat, as most other countries do. But 'Her Majesty's Revenue and Customs' may be changing the taxation rules regarding Bitcoin, Litecoin, and all other cryptocurrencies. Cryptocurrency is currently referred to as 'money vouchers', but the HMRC wants to change cryptocurrencies to be 'private currency', for taxation purposes. If Bitcoin remained as a 'money voucher', then a tax of 20% VAT will be charged on each and every Bitcoin transaction for U. K residents and businesses. Chaning Bitcoin to a private....
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Yesterday we published the news Will The UK Exclude Bitcoins From Taxation? and it is now clear that United Kingdom is going to completely change their rules on Bitcoin taxation. Richard Asquite from the TMF Group breaks the news and says that the new clarification will give people and businesses using Bitcoins a far more stable future. The action taken by Her Majesty's Revenue an Customs (HMRC) can push other countries, like USA, to create their own clear laws on how to regulate Bitcoin. UK's new classification of Bitcoin including other cryptocurrencies is set to be "private currency".....
For now, the proposal only seems to focus on companies dealing with Bitcoin and other cryptocurrencies. The country of Italy is currently dealing with a looming banking crisis. The majority of its loans are not performing and are borderline junk. Despite those concerns, the topic of Bitcoin and regulation has to be touched upon as well. Local taxation official recently drafted a proposal to tax Bitcoin transactions in a corporate environment. Similarly to most other countries in the world, Italy has no clear legal definition for Bitcoin. It is not an official currency, nor a commodity.....
The advent of Bitcoin and blockchain technology has made government taxation obsolete, given how difficult cryptocurrency can be to identify and trace. Throughout modern history, governments have survived through taxation, or the involuntary acquisition of the product of their citizens’ labor. The advent of government-controlled money made this process vastly simpler. However, with the rise of BitcoinCT r: 8CT r: 8 and other cryptocurrencies based on blockchain technology, state power to tax income is slipping, and may at some point become a thing of the past entirely. At its root,....
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....
The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has defended the apex bank’s decision to exclude cryptocurrency transactions from the banking ecosystem. In his testimony before the Nigerian Senate, Emefiele claimed that the February 5 directive is “in the best interests of Nigerians.” Crypto Not Money Immediately following the announcement of the CBN prohibition, Nigeria’s regulated financial institutions began to sever ties with crypto traders and exchanges. However, following an outcry over the move, some supportive members of the Nigerian....