Spanish Bitcoin Community Celebrates Bitcoin's VAT Exemption
Spain's bitcoin community is celebrating following confirmation that the cryptocurrency is exempt from Value Added Tax (VAT) in the country. Bitcoin had always been exempt from VAT, but a spokesperson from Spain's tax office, Ministerio de Hacienda, told CoinDesk the decision had been clarified following a question from a bitcoin aficionado. The confirmation is based on the interpretation of EU VAT Directive 2006/112/CE, which recognises bitcoin as "financial service". Both bitcoin startups and legal experts in Spain are praising the administration's decision, which provides clarity in an....
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The bill would provide tax exemption on bitcoin transactions for less than $50 or trades netting a gain of less than $50.
The General Directorate of Taxes (DGT), has considered that Bitcoin and other digital currencies will be classified as financial services. Consequently, transactions with Bitcoin are considered exempt from VAT under the Council Directive 2006/112/EC of 28 November 2006 on the common system of Value added Tax approved by the Spanish government. The Spanish DGT concludes that Bitcoin is closely linked to payment instruments, which allows the transfer of money and, as such, this kind of transactions will be VAT exempt. The consultation ends stating that virtual currencies, such as Bitcoin,....
The Spanish treasury ministry has announced it will postpone the establishment of the complete framework for declaring taxes related to cryptocurrency assets until 2023. While the Spanish government has advanced when it comes to cryptocurrency regulation, the specifics of what will be taxed and in which way are still a mystery for traders and holders. The organization is still looking for information to control these tax statements effectively.
Spanish Treasury Ministry Will Begin Formulating Crypto Tax Requirements Next Year
The Spanish Treasury has announced it will hold off....
PRESS RELEASE. CoinEx, a global and professional cryptocurrency exchange service provider, celebrates its third anniversary and announces that it has upgraded and optimized the underlying system as well as the front-end. After months of hard work by the R&D department, CoinEx has completed the system upgrade named “Aegis”. This upgrade significantly improves the performance and security of CoinEx’s underlying platform, enhances the new system’s carrying capacity and matchmaking performance at least tenfold, and effectively optimizes users’ trading experiences....