jamescameron2312
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April 20, 2015, 10:30:29 PM |
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How would they tax on stuff bought and sold with it? what kind of stuff? what is the required price where you start getting taxed? if they buy a smartphone they will get taxed or what?
A company that sells you a smartphone (or anything else) has to pay VAT - with or without Bitcoin. I dont mean about the company but the person buying. Lets say you are spanish and you make 3 BTC with signature campaing or whatever, you withdraw with BTCpoint and want to use this cash to buy an iPhone. Do you have to pay any taxes or something? how much can you withdraw without getting in trouble?
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Snail2
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April 20, 2015, 10:43:28 PM |
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How would they tax on stuff bought and sold with it? what kind of stuff? what is the required price where you start getting taxed? if they buy a smartphone they will get taxed or what?
This is for businesses. Stuff means everything what companies used to sell.
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Kprawn
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April 21, 2015, 06:13:12 AM |
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This might be the solution for Greece... if they reduce the VAT on Bitcoin, instead of zero VAT, it might stimulate foreign investment and tourism in their country. The stronger countries have many options, and you will see over regulation as in the USA, when it comes to making decisions like this. They would rather protect their failing fiat currencies, than investing in alternatives that might save their economies. This is a very cool and bold move from Spain, and I hope it leads the way to more countries following their example. Let the list begin : VAT FREE Bitcoin {VFB's} ================ 1. Spain
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Amph
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April 21, 2015, 07:18:49 AM |
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Wow, nice to hear. Is spain the first country that officially announced this?
Ya, I think Germany was first; it announced that Bitcoin would be treated the same as a foreign currency, which is largely the same rules: Tax on stuff bought and sold with it, but no tax for exchanging it. How would they tax on stuff bought and sold with it? what kind of stuff? what is the required price where you start getting taxed? if they buy a smartphone they will get taxed or what? it change from country to country, but usually for small stuff or no expensive , they can't tax, and they won't because they will lose more money than the one gained from taxation control who evade isn't free like maybe someone think... How would they tax on stuff bought and sold with it? what kind of stuff? what is the required price where you start getting taxed? if they buy a smartphone they will get taxed or what?
A company that sells you a smartphone (or anything else) has to pay VAT - with or without Bitcoin. I dont mean about the company but the person buying. Lets say you are spanish and you make 3 BTC with signature campaing or whatever, you withdraw with BTCpoint and want to use this cash to buy an iPhone. Do you have to pay any taxes or something? how much can you withdraw without getting in trouble? this amount is still low for being taxed, if bitcoin was still at its peak then it could be another story, but right now, you should be safe about taxation
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Lboss
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April 21, 2015, 07:32:52 AM |
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Good news for Spain. I think "Money" or medium of change things shouldnt be obliged to VAT. Countries like Spain can get an advantage by accepting BTC legally, especially when an economic crysis approaching. I don't think they would like that level of liberty for their citizens. Unfortunately most governments want control, and Bitcoin is not something they can control. It's still good news that Bitcoin can bypass the VAT nightmare. In spain they have interesting ways to withdraw money with 0% commission in ATM's through halcash, namely Bit2me and BTCpoint. As I said earlier money buy/sell should always be exempt of VAT. Money can be EUR, USD or gold,silver (not for jewellery purposes) or BTC and alts. When you exchange those among them, there shouldnt be any VAT issue. However, some countries think BTC as goods rather than money. I agree with you about governments' control greed, but VAT exemption for BTC makes easy to buy/sell rather than liberty. And it was a good move because Spain didnt ban it , made it more publicly known thing by exempting VAT.
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thejaytiesto
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April 21, 2015, 10:07:34 PM |
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If the good news keep stacking up on spain I might move there. Perfect climate, nice food, hot girls and relaxed laws on BTC. Seems good to me.
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ArticMine
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Monero Core Team
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April 21, 2015, 10:55:52 PM |
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VAT or GST on crypto currecny makes zero sense since in order for VAT or GST to work the medium of exchange itself must not be subject to the tax. In fact people can in many cases legally evade the VAT or GST by registering for it and then using crypto currency as the medium of exchange in those jurisdictions that attempt to levy VAT or GST on crypto currency. Someone in Australia or Estonia needs to try this. Spain can be added to the list of jurisdictions that have shown some common sense on this issue.
Unfortunately some jurisdictions, notably Australia, have very narrow definitions of money in their legislation which leads them to attempt to levy VAT or GST on crypto currency.
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umair01
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April 22, 2015, 11:16:24 AM |
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This is really good for Spain and to be VAT exempt will allow many people to adapt bitcoins and organizations will also keep an eye to invest more in bitcoins because of the fact that it is VAT exempt, looks like overall a right step taken by Spain on the right direction.
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MR1
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April 23, 2015, 09:14:35 AM |
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After the release of decentralized exchanges, EU based users will not pay VAT on e-coin purchases anymore.
Decentralized platforms will definitely change the game rules!
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defcon23
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April 23, 2015, 05:27:38 PM |
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Guido
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May 01, 2015, 12:53:33 PM |
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If the good news keep stacking up on spain I might move there. Perfect climate, nice food, hot girls and relaxed laws on BTC. Seems good to me.
agreed my friend thinking about it myself stay away from the coastal resorts in south with hordes of bloody english ruining it (I'm English btw )
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I am Bonkers BTW Crypto OG + Digital Artist
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josephliton
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June 17, 2015, 04:51:44 AM |
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However, England and Germany’s tax authorities have also said Bitcoin transactions will not be treated to a VAT, stating that the digital currency is either another form of currency or a financial service. Many major European countries, including France and Sweden, have not made statements about the subject yet.
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