Bitcoin Goes VAT-free in Switzerland
The Swiss Federal Tax Administration (ESTV) has a great announcement for the cryptocurrency community. Recognizing that Bitcoin is a currency used to purchase items, the administration has decided that no VAT will be applied to Bitcoin in Switzerland. "This is excellent news!" CEO of Bitcoin Suisse AG, Niklas Nikolajsen said, "This is excellent news for Bitcoin in Switzerland as it provides the legal certainty we need to professionally operate our business." Luzius Meisser, President of Bitcoin Association Switzerland, states: "This is the most reasonable way to classify Bitcoins in the....
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Bitcoin Association Switzerland reports that, according to the Swiss Federal Tax Administration, no VAT applies to bitcoin in Switzerland. The transfer of bitcoin doesn't constitute delivery of goods or services, and therefore it's not subject to VAT."This is the most reasonable way to classify bitcoins in the context of VAT, and we are fortunate that the tax administration agrees with our view," says Luzius Meisser, president of Bitcoin Association Switzerland. "Bitcoin is a currency, and thus should also be treated like a currency."In February 2014, a group of three Swiss Bitcoin....
Bitcoin users do not have to pay value added tax (VAT) on bitcoin in Switzerland. The Swiss Tax Administration (ESTV) has announced there will be no VAT on bitcoin transactions, according to Bitcoin Association Switzerland. The news brings hope not only to bitcoin users in Switzerland, but worldwide. Switzerland has a global reputation for financial security. Bitcoin supporters want governments to view bitcoin as a method of payment, not as a delivery of goods or a service subject to a VAT. Bitcoin supporters have noted that it will be difficult for bitcoin to become an accepted currency....
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