Denmark Declares Bitcoin Trades are Tax-Free
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....
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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....