Bitcoin Transactions Declared VAT-Exempt in Norway
The Norwegian Tax Administration changed its stance and declared Bitcoin transactions exempt from Value Added Tax (VAT) this week. Previously, they were not exempt from VAT, and some claim Bitcoin adoption in the country has been stifled due to the high tax rate. Bitcoin Trade Subject to VAT. In November 2013, the Norwegian Tax Administration issued a....
Related News
Bitcoin transactions will be exempt from Value Added Tax (VAT), the European Court of Justice (ECJ) has ruled. According to the Financial Times, the ECJ said that bitcoin transactions "are exempt from VAT under the provision concerning transactions relating to currency, bank notes and coins used as legal tender." The ECJ's long-awaited ruling comes after its Advocate General Juliane Kokott urged the court to refrain from applying tax to bitcoin purchases and sales, in an opinion document published in July. The European court first looked into bitcoin taxation in June last year after the....
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,....
A push to prohibit the energy-intensive proof-of-work mining of cryptocurrencies in Norway has been rejected by the majority of lawmakers. The ban had been suggested by the far-left Red Party which also didn’t win backing to raise an electricity tax for crypto miners.
Norway Will Not Ban Bitcoin Mining
The parliament of Norway has considered and voted against a draft law banning the minting of digital currencies based on the proof-of-work concept. The legislation, which was proposed by the communist Red Party in March, was supported only by two other leftist parties, SV....
For the Bitcoin community of Europe, it is the time to rejoice! In a historic ruling, The European Union's Court of Justice has said that the Bitcoin exchanges that transfer conventional currencies such as Euros or Swedish Krona into Bitcoin are exempt from value-added taxes. The story behind the ruling is pretty interesting as well! A Swedish national David Hedqvist applied for operating his online Bitcoin exchange. However, the application ran into trouble after the Swedish Tax Authority declared that VAT (Value-Added Tax) will be imposed on Bitcoin even when The Swedish Revenue Law....
The finance minister of Norway believes that bitcoin may experience “breakthroughs.” He noted that “There is no doubt that there is great interest in cryptocurrency both in Norway and internationally.” Bitcoin May See Breakthroughs, Says Finance Minister of Norway The finance minister of Norway, Jan Tore Sanner, suggested in an interview last week that “cryptocurrencies will at some point move past the volatility for which they’re currently known and experience a period of ‘breakthroughs,'” Bloomberg reported. He was quoted as saying: It is....