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Author Topic: [2016-09-07] Bitcoin taxation looms over Italy’s horizon  (Read 238 times)
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September 07, 2016, 12:20:33 PM

Italy is considering a proposal that could pave the way for the taxation of bitcoin transaction.

Bitcoin taxation looms over Italy’s horizonSeveral days ago, a local taxation office tabled a proposal introducing bitcoin—which currently has no legal definition in Italy. This proposal has yet to go into effect, but when it does, companies dealing with bitcoin and other digital currencies will be required to pay its dues to the Italian government.

However, it appears that the proposal doesn’t apply to consumers and other people who deals with bitcoin.

Still, this plan goes against the European Union’s stance on bitcoin taxation. In October, the European Court of Justice declared that the exchange of bitcoin and other digital currencies should be treated like traditional money, meaning they should be exempted from value-added tax (VAT).

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September 07, 2016, 04:24:11 PM

When things like this happen, it can only mean one thing. Italy needs cash baaddly!

They are getting as much as they can, wherever they can.
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