Denmark Reportedly Decides to Make Bitcoin Gains Tax-Free
While bitcoin enthusiasts in the United States are busy discussing the new IRS guidance on bitcoin taxation, folks in Denmark may just have something of their own to talk (and be happy) about. A report from Denmark's TV2 indicates that the country's tax board has made the determination that taxpayers need not pay for gains incurred upon the buying or selling of digital currency. The report continues, noting that authorities in the country view digital currency as a "private asset" (side note: today's IRS notice classifies digital currency as property). The tax board's decision goes both....
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The Danish tax ministry is reportedly mulling over revising the country’s tax law to deal with the challenges posed by cryptocurrencies. Denmark’s tax authority is concerned about the rising risk of fraud and widespread filing errors involving cryptocurrencies. Denmark to Revamp Tax Law to Deal With Cryptocurrency Denmark is considering revamping its tax code in order to deal with cryptocurrency after discovering that two-thirds of bitcoin and other cryptocurrency transactions were not properly taxed, Bloomberg reported Tuesday. The country’s existing tax code is not....
It seems like the United States is not the only country making important decisions about bitcoin in the middle of its tax season. Shortly after the US Internal Revenue Service (IRS) declared that it would treat digital currencies as property for tax purposes, the Tax Board in Denmark has ruled that gains and losses from casual bitcoin trading are not subject to taxation. Politiken reports that Denmark's top tax authority met today to discuss digital currencies and how to approach their taxation, and the Tax Board concluded that any gains made from bitcoin trading are exempt from being....
On Wednesday morning, the Bitcoin Foundation welcomed the Dansk Bitcoinfonening as their newest affiliate based out of Lyngby, north of Copenhagen, Denmark. This makes Dansk Bitcoinfonening one of several Bitcoin Foundation affiliating operating around the world today, with the other affiliate being based out of Australia, Canada, Germany, Mexico, and the Netherlands. The news comes following the declaration that profit gains/losses stemming from bitcoin trades be deemed tax free by the Tax Board of Denmark in March, with the exemption of businesses. The affiliate will be led by Pascal....
Looks like somebody has finally seen the light as the Tax Board of Denmark saw reason and decided not to impose taxes on any gain or loss due to the transaction of bitcoins. The basic idea behind this decision is that all the transactions made are exclusively up to users, bearing in mind that cryptocurrencies are just strings of numbers, not something physically real (although there are people who would argue against that concept). Therefore, when one initiates the act of sending a bitcoin it is basically the same as sending an e-mail; he or she shouldn’t have to be charged for it. As the....
Denmark's Financial Supervisory Authority (FSA) today issued an official statement on the use of virtual currency in the country - and surprisingly, it's not all bad news. Although the FSA's statement echoed warnings issued by the European Banking Authority (EBA) and red flags from regulators worldwide, it emphasised that cryptocurrencies, including bitcoin, will not be policed by Denmark's financial regulators. The statement highlights that virtual currency isn't covered by Denmark's existing regulatory framework. Thus, cryptocurrencies cannot be subjected to the country's standard....