Italy Wants to Treat Bitcoin as Currency And Tax It

[OmegaStarScream]

On September 2, Agenzia delle Entrate, the major Italian tax authority, published a new document titled “Bitcoin and digital currencies buying and selling: clarification on the tax treatment” about the fiscal treatment of Bitcoin and how VAT would be applied to digital currency transactions.

The document states:

“Traditional currency intermediary activities made with virtual currencies held by market participants are exempt from VAT, as they are among the transactions related to banknotes and coins.”

Source : https://cointelegraph.com/news/italy-wants-to-treat-bitcoin-as-currency-and-tax-it

I'm not sure If it's something to be happy or sad about ? (treating bitcoin as a real currency and in the same time .. TAX IT) but well I guess that by the end of the day , Bitcoin won't go mainstream unless it is taxable.

[Wind_FURY]

Well what do you expect? Nothing can escape the government's hand in taxing anything. To be honest with everyone, I do not want bitcoin to become mainstream. Experimentation and pushing the technology forward should be the top priority, not making money. So a bitcoin that is not defined by any government entity and free to become what it is meant to be is more valuable to me than BTC going "to the moon".

[VanDeinsberg12]

On September 2, Agenzia delle Entrate, the major Italian tax authority, published a new document titled “Bitcoin and digital currencies buying and selling: clarification on the tax treatment” about the fiscal treatment of Bitcoin and how VAT would be applied to digital currency transactions.

The document states:

“Traditional currency intermediary activities made with virtual currencies held by market participants are exempt from VAT, as they are among the transactions related to banknotes and coins.”

Source : https://cointelegraph.com/news/italy-wants-to-treat-bitcoin-as-currency-and-tax-it

I'm not sure If it's something to be happy or sad about ? (treating bitcoin as a real currency and in the same time .. TAX IT) but well I guess that by the end of the day , Bitcoin won't go mainstream unless it is taxable.

And a new question, does the italy is already having the system for taxing bitcoin? whether if that is possible for to do that? because too many people with a lot of address and i think that will becoming a hard working for italy if they are really for giving a tax for bitcoin in their country.
and italy already see if bitcoin is can be a farm field for them. and especially if they are not making research about bitcoin and just make a bad statement like this.

[TastyChillySauce00]

On September 2, Agenzia delle Entrate, the major Italian tax authority, published a new document titled “Bitcoin and digital currencies buying and selling: clarification on the tax treatment” about the fiscal treatment of Bitcoin and how VAT would be applied to digital currency transactions.

The document states:

“Traditional currency intermediary activities made with virtual currencies held by market participants are exempt from VAT, as they are among the transactions related to banknotes and coins.”

Source : https://cointelegraph.com/news/italy-wants-to-treat-bitcoin-as-currency-and-tax-it

I'm not sure If it's something to be happy or sad about ? (treating bitcoin as a real currency and in the same time .. TAX IT) but well I guess that by the end of the day , Bitcoin won't go mainstream unless it is taxable.

And a new question, does the italy is already having the system for taxing bitcoin? whether if that is possible for to do that? because too many people with a lot of address and i think that will becoming a hard working for italy if they are really for giving a tax for bitcoin in their country.
and italy already see if bitcoin is can be a farm field for them. and especially if they are not making research about bitcoin and just make a bad statement like this.

it's simple,just taxing the merchant that accepting bitcoin payment,then the merchant will automatically charging it from the buyers whether increasing the price of the stuff or whatever it doesn't matter, so indirectly taxing the buyers,but i'd say that taxing directly to someone that using bitcoin is nearly impossible or need to put a lot of effort in it

[randy8777]

it's nothing new really. here in the netherlands i have to pay tax over bitcoin for quite some time now. it doesn't mean i am also doing it since i don't declare my coins and profits made through bitcoin, but officially it should be done.

[pereira4]

Well what do you expect? Nothing can escape the government's hand in taxing anything. To be honest with everyone, I do not want bitcoin to become mainstream. Experimentation and pushing the technology forward should be the top priority, not making money. So a bitcoin that is not defined by any government entity and free to become what it is meant to be is more valuable to me than BTC going "to the moon".

The governments can do nothing about your bitcoins unless you convert them to cash, or unless you acquire them in exchanges which require your personal data.

What can the state do about some guy working for BTC? Nothing, the state will never know that this guy owns X BTC. Of course to buy a car or real state, you will need to tax it since the government will find out you own unreported car and real state.

[mobnepal]

Unless bitcoin were not exchanged using legal local exchange platform there is noway for government to track how much bitcoin you hold. So basically if you remain anonymous and don't expose how much bitcoin you hold and how much you have earned over trading etc than nothing to worry about. In here i think government even don't know bitcoin is in existence like most of the government of developing countries do.

[demonicsheikh]

I think government will face some problem regarding those taxes but yes bitcoin is a currency and yes there should be taxes on it......

[iqlimasyadiqa]

wow. This is very good news. with this, bitcoin is directly accepted by the government italy. This is a positive development.
some of the most important part is the recognition of bitcoin in the financial system in a country.

[demonicsheikh]

wow. This is very good news. with this, bitcoin is directly accepted by the government italy. This is a positive development.
some of the most important part is the recognition of bitcoin in the financial system in a country.

They do recognize it but don't actually wanna implement because of its anonymity

[Mumbeeptind1963]

On September 2, Agenzia delle Entrate, the major Italian tax authority, published a new document titled “Bitcoin and digital currencies buying and selling: clarification on the tax treatment” about the fiscal treatment of Bitcoin and how VAT would be applied to digital currency transactions.

The document states:

“Traditional currency intermediary activities made with virtual currencies held by market participants are exempt from VAT, as they are among the transactions related to banknotes and coins.”

Source : https://cointelegraph.com/news/italy-wants-to-treat-bitcoin-as-currency-and-tax-it

I'm not sure If it's something to be happy or sad about ? (treating bitcoin as a real currency and in the same time .. TAX IT) but well I guess that by the end of the day , Bitcoin won't go mainstream unless it is taxable.

Its okay to treat bitcoin as currency but they will add tax on it? Thats bad idea because we pay in any transaction+ tax so there are many fee, many bitcoin user in italy will be angry to this i think. But How they input tax on it? By registering their names that they using it in their governement? Lol many wouldnt register i think.

[Viyamore]

wow. This is very good news. with this, bitcoin is directly accepted by the government italy. This is a positive development.
some of the most important part is the recognition of bitcoin in the financial system in a country.

Its effect will be good to the market of italy and for the bitcoin especially it will contribute a big factor on the price of bitcoins. But i am thinking what about the users of it on italy if it will finally use on their country .the anonimity of bitcoin will be worthless also they will have tax on bitcoin although it has a good and bad effect on both for them and for us .

[swogerino]

Not reassuring news for the Italians on the forum at all. 

[Pursuer]

I think it is mostly a good thing rather than be a bad thing. because businesses are already paying taxes for their business regardless of anything else. and they will always be resisting accepting bitcoin for as long as it is not a legal regulated currency because they will be scared. so for them the only difference would be that they can accept bitcoin with an ease of mind.

[aesma]

If you buy goods from a legitimate company, they should already be applying VAT, or they would have big problems.

If you're doing business without creating a company, whether using BTC or fiat, you can also have problems.

[Jeremycoin]

So the miner fee is not enough, they think they still need to tax it? Well, I think this is a very bad idea for Bitcoin because it won't be decentralized anymore if they do it.
How would they do it anyway? How can the government know that the transaction is made by an Italian?

[Hazir]

Bitcoin taxation is inevitable if we think about going mainstream. Unless we want bitcoin to remain a technical curiosity used by geeks then we should focus on mainstream.
Crying about bitcoin taxes won't help it - what we need to do is to make sure that bitcoin legislation will be honest, serious, and not skewed and biased against bitcoin itself.

Of course no one can tax bitcoin network - instead every 3rd party company like exchanges, payment processors, vendors will be taxed.

[Aproy]

It will be mean that Italy will approve bitcoin for their government and I think it is much better as with that bitcoin will also get a full support from the governments and the price will increase more higher.

[sempak]

It will be mean that Italy will approve bitcoin for their government and I think it is much better as with that bitcoin will also get a full support from the governments and the price will increase more higher.

absolutely right, we will see that bitcoin is trusted by government field. the government would guarantee bitcoin and then bitcoin will be developed in the community italy.

[Digitalbitcoin]

Its a good sign of stable and decentralized economy. Already Russia also announced as Bitcoin is a payment method for Russian user.

This is just beginning. All developed countries are trying to get into blockchain technology for better governance and administration.