Bitcoin Forum

Some good news from Germany 🇩🇪:

According to the Ministry of Finance, Germany won’t tax Bitcoin users for using cryptocurrency as a means of payment.

This is a completely different path compared to the U.S.🇺🇸. If an American buys a cup of coffee ☕️ with Bitcoin, it’s technically considered a sale of property and hence is potentially subject to capital gains tax.

Yet, in Germany Bitcoin will be considered as the equivalent to the legal tender for tax purposes when used as a means of payment.

I wonder whether and when other EU countries will follow this..

https://www.coindesk.com/germany-considers-crypto-legal-equivalent-to-fiat-for-tax-purposes/

It's good, every country have their own regulated but may be if crypto currency growing fast. I think in the future they will take taxed from crypto currency.

Don't be too hasty with your conclusions. It may look like good news and of course it could be worse. Germany will charge VAT for small transactions. But holding large amounts of cryptocurrencies and earning big bucks, you could be taxed 50% of the profits made. After the G20 discussion on cryptocurrencies we'll know what decisions are made.

Unfortunately, you did not leave a link to the news. That I found: "All transactions made with the Bitcoin currency a year or more ago in Germany are exempt from the tax to increase the market value of capital. According to the information published on the German news site Die Welt,  Financial expert Frank Scheffler said: "I am glad that some legal certainty and accuracy in the matter of investing in Bitcoin has been achieved.The income of individuals obtained by selling the Bitcoin currency is no longer taxed if the period between the purchase and sale transactions  It takes one year or more ".  It seems to me that these are not very convenient conditions, given the volatility of the bitcoin price.

ok i nerver realized this news is it trusted ?
becourse iam from Germany XD
But most people in Germany dont know bitcoins or even have no bitcoins also the goverment.

found this
https://www.btc-echo.de/bundesfinanzministerium-umsatzsteuerfreiheit-bei-kryptowaehrungen/




regards

I didn't want to post this in press, but I'll link the article in the OP. Let me know what you think!

That’s why i think that it would really vary from country to country what regulations they would impose on the cryptocurrency market in their borders. AND recently with how the news and wverything that has been coming out of Germany I really think that there is a high chance that it can be considered a haven for almost all of the cryptocurrency and not just on bitcoin. The best part is that germany is a major influencer in the european union and with it, it can come that they influence others to bitcoin

Yep I was reading up on this earlier on this thread. So any payments made in cryptocurrency will not be taxable, only crypto to fiat transactions

Yes, that is good news for the crypto market as well as the traders. Major countries in the world are adopting bitcoin and are even favoring. The crypto market is really good for many countries because it gives the country a huge amount of money from investing.
I hope in the future, Bitcoin will be accepted around the world and see it as a service, a legitimate currency.

It makes more sense! Germany is trying to explore and encourage the actual usage of bitcoin as a medium for payment. That's what the basic usage of bitcoin. USA made it look like an investment which is certainly not the main idea behind bitcoin and they are self contradictory. While USA made bitcoin a property which is subject to capital gains tax, Arizona is planning to accept tax payment in bitcoins. So when a person pays tax using bitcoin in Arizona, it will be considered as a property transfer as per the existing USA legislation. No one know how to factor in and bridge that gap in legal structure. So Germany has taken the more sensible way for crypto.

It is also very encouraging news for the crypto community because Germany is the 4th largest economy of the world and an engineering production hub. So when a strong country has taken such decision, I am sure it will influence some more countries to take similar steps, especially is EU and serves as a reference case study for the rest of the world.

good news, I hope step by step bitcoin and cryptocurrency in general will be involved in our regular life

that is another great news for bitcoin and especially for all bitcoin user like me in germany. this is the right way for bitcoin to get accepted more and more in germany.

The number one crypto in Germany is going to be LISK which is headquartered in Berlin. With news like this, and the up coming SDK release next month I bet LISk will go the moon this year! ICOs going to be released on their blockchain in 2018, lots of good things to come. Good time to get in ;)

AFAIK here in Ireland the only tax due on BTC is in the form of
capital gains tax the same as if I get a dividend from Bank Of Ireland
shares or any other investment. The first €1270 is tax free in a single
year.

The news from Germany is good and Germany being the powerhouse
of Europe I would think many other members would follow suit.

As opposed to most developed countries, Germany doesn’t see cryptos as currencies, commodities, or stocks. Instead, Bitcoin and altcoins are considered private money. This distinction is important, since private sales bring tax benefits in Germany.
According to rule 23 EStG, private sales that do not exceed 600 euros are tax exempted. But perhaps even more interesting is the fact that you pay no tax if you hold your Bitcoin, Litecoin, Ethereum, Ripple, or other altcoins, for a period of over one year. No matter how much you make selling your cryptocurrencies, you don’t pay tax on the capital gains if you’ve held them for over one year.

VAT is paid only by legal entities. Do you think that you will be forced to register a legal entity in order to earn 1 bitcoin per year? Lol. Bitcoin will be taxed on capital gains but no one will allow it to be used as a means of payment. This position will be to the governments of all EU countries. If the phenomenon can not be destroyed it must lead and destroy us from within.

Well that would be a good news for german users. I hope it would continue positively. Taxes would really be a burden specially for those who earn bunches of bitcoins. I wish that our country would say no to bitcoin taxes too. It would be a good news and a helpful way for us who wants to have a lighter life to earn better.

i agree with germany ministry.their is no reason to taxes cryptocurrency as payment.the only one that need to be add tax are exchangers.
because exchangers gain so much fiat income from this business.