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Title: [2015-04-20] Bitcoin is exempt from VAT in Spain! Post by: LiteCoinGuy on April 20, 2015, 02:40:14 PM Bitcoin is exempt from VAT in Spain
The General Directorate of Taxes (hereinafter DGT), an dependant on the Spanish taxing authorities, in a response to a binding consultation submitted on 27 March 2015 [1], has stated that virtual currencies, which works as a mean of payment, shall 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 (hereinafter, the Directive) http://lawandbitcoin.com/en/bitcoin-is-vat-exempt-in-spain/ 8) Title: Re: [2015-04-20] Bitcoin is exempt from VAT in Spain! Post by: Kaneki on April 20, 2015, 04:23:05 PM This is good news, I hope this can boost the confidence of peoples to bitcoin
Title: Re: [2015-04-20] Bitcoin is exempt from VAT in Spain! Post by: Bit_Happy on April 20, 2015, 04:25:18 PM VAT taxes are usually an amazingly high % of the purchase price, so this should provide a huge new incentive for the people of Spain to use Bitcoins. :)
Title: Re: [2015-04-20] Bitcoin is exempt from VAT in Spain! Post by: LiteCoinGuy on April 20, 2015, 04:51:59 PM i hope the whole EU will choose a similar approach.
Title: Re: [2015-04-20] Bitcoin is exempt from VAT in Spain! Post by: srgkrgkj on April 20, 2015, 07:34:13 PM wow this is amazing ! :D unlike other countries like Australia and the US the fact regulations are lax for Bitcoin will surely see it rise :D Institutions will have financial freedom and the space to grow :D
Title: Re: [2015-04-20] Bitcoin is exempt from VAT in Spain! Post by: unamis76 on April 20, 2015, 08:02:29 PM Simply goddamn amazing and fantastic! This is a true victory for Bitcoiners in my opinion, especially Spanish ones... Hope Spain serves as an example for the rest of the EU :)
Title: Re: [2015-04-20] Bitcoin is exempt from VAT in Spain! Post by: 1Referee on April 20, 2015, 08:50:51 PM I hope it will stimulate merchants to get on board and start to give customers the ability to pay with Bitcoin.
Especially now Spain is known as Bitcoin friendly. If this isn't reason enough to accept Bitcoin as a merchant, I don't know what will. Title: Re: [2015-04-20] Bitcoin is exempt from VAT in Spain! Post by: RodeoX on April 20, 2015, 09:00:22 PM A strong U.S. dollar and now this. Maybe my next vacation should be to Espaņa?
Title: Re: [2015-04-20] Bitcoin is exempt from VAT in Spain! Post by: bitbouillion on April 21, 2015, 05:15:52 AM i hope the whole EU will choose a similar approach. Germany made bitcoin transactions VAT exempt already in 2013. I guess in between then and now many other EU countries already did the same. Title: Re: [2015-04-20] Bitcoin is exempt from VAT in Spain! Post by: Grinder on April 21, 2015, 08:25:18 AM This probably only means that when someone sells bitcoins for fiat they don't have to charge VAT. If someone sells goods and gets paid with bitcoins they probably still have to charge VAT.
Title: Re: [2015-04-20] Bitcoin is exempt from VAT in Spain! Post by: bitbouillion on April 21, 2015, 08:29:56 PM Right, you still have to pay VAT on goods and services. In the EU product pricing always includes VAT. Everyone including merchants have to pay VAT in store, even if that is a cross border deal inside the EU, although VAT rates differ between countries. There is no way that you can buy something VAT exempt in a regular store. Only as a non-EU tourist you can claim back VAT on goods taken abroad.
Title: Re: [2015-04-20] Bitcoin is exempt from VAT in Spain! Post by: LiteCoinGuy on April 23, 2015, 04:26:34 PM http://www.coindesk.com/spanish-bitcoin-community-celebrate-bitcoins-vat-exemption/
Title: Re: [2015-04-20] Bitcoin is exempt from VAT in Spain! Post by: Skeksis on April 24, 2015, 08:38:07 AM VAT taxes are usually an amazingly high % of the purchase price, so this should provide a huge new incentive for the people of Spain to use Bitcoins. :) And move to spain. Great weather their too. Maybe many businesses baed in Europe may relocate to take advantage. I'm sure many will now be set up their at least. Title: Re: [2015-04-20] Bitcoin is exempt from VAT in Spain! Post by: Immortal Tech on April 24, 2015, 12:41:25 PM This probably only means that when someone sells bitcoins for fiat they don't have to charge VAT. If someone sells goods and gets paid with bitcoins they probably still have to charge VAT. Yeah. I'm sure as with everything sales and income tax will have to be paid when using bitcoin. Title: Re: [2015-04-20] Bitcoin is exempt from VAT in Spain! Post by: LiteCoinGuy on April 24, 2015, 02:04:21 PM A strong U.S. dollar and now this. Maybe my next vacation should be to Espaņa? make your vacation in Greece, they need more help at the moment :-X |