Europe Inches Towards a Decision on Bitcoin VAT
A recent legal referral in the EU may be inching the region a little closer to more unity on one small element of bitcoin taxation, but it won't do much to help global confusion on the matter. In June, Sweden asked Europe's highest court, the European Court of Justice (ECJ), whether cryptocurrency exchanges are liable for value-added tax on the fees that they charge for their services. The result could have far-reaching implications for tax in the region. In Europe, there is a directive on VAT that explains how it should be levied. EU directives are powerful documents, designed as....
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Earlier this week, the European Court of Justice decided to exempt bitcoin transactions from Value Added Tax (VAT). In so doing, the court effectively recognized bitcoin as a legitimate means of payment in Europe, putting it in the same realm as other currencies for tax purposes. The ruling comes months after court advocate general Juliane Kokott said the court should refrain from applying tax to bitcoin sales and purchases in an opinion published in July. Europe's highest law court first began looking into bitcoin taxation in June last year after the Swedish tax office challenged a court....
A long-awaited court decision on whether bitcoin exchanges in Europe will be required to pay value-added tax (VAT) on trades is set to be handed down on Thursday. The decision will mark the conclusion of a journey that began with a dispute over whether services that buy and sell bitcoins should be charged VAT. The inquiries were prompted after David Hedqvist, a resident of Sweden, asked for a policy clarification on how bitcoin should be taxed as he prepared to open a bitcoin brokerage. A Swedish court later found that such activities should be exempt from VAT - a decision disputed by the....
CTIF_Blurred. Bitcoin needs legal certainty. Bitcoin's fate in Europe is uncertain. The Wild Wild West days of Bitcoin are coming to an end in Europe. Regulation and taxes are looming and this is not necessarily a bad thing. Here's the catch: Some European countries have not yet decided what to do at a national level, let alone at an EU level. Entrepreneurs and private individuals are left in the dark be it for complying with the law when setting up a business or filing their tax forms. Finland and Norway want to treat Bitcoin as an asset with capital gain tax. Denmark's watchdog....
Bitcoin has plenty of obstacles to weather in the current macro storm as two-year weekly close lows remain inches away. Bitcoin (BTC) starts a new week in a precarious place as global macro instability dictates the mood.After sealing a weekly close just inches above $19,000, the largest cryptocurrency still lacks direction as nerves heighten over the resilience of the global financial system.Last week proved a testing time for risk asset investors, with gloomy economic data flowing from the United States and, moreover, Europe.The Eurozone thus provides the backdrop to the latest concerns....
The decision on how to launch a digital euro could still be a long time coming. Financial authorities in Europe could form an investigation plan for a digital euro as early as next year, according to an executive at the European Central Bank.Holger Neuhaus, head of market innovation and integration division at the ECB, joined the Singapore FinTech Festival 2020 on Dec. 7 to discuss the global development of central bank digital currencies, or CBDCs.During the online discussion, Neuhaus claimed that the ECB expects European financial authorities to assess whether to launch a digital euro....