Swedish ASIC miner company kncminer.com

[dan99]

quiet on all front .. well hope for some big news

[1713579093]

1713579093

[1713579093]

1713579093

[Phinnaeus Gage]

My guess is that within 7 days (no later than 10) KNCMiner will start accepting bitcoins from all those that pre-ordered. It has to be eating at Andreas and Sam to see bitcoins flow over to CedarTec supposedly located in some war-torn third-world country, whereas they're supposedly located in home of The Nobel Prize.

Come to think of it, they could have called their products M-80 and Nobel Miner, oppose to Mars and Jupiter, respectively.

[prophetx]

Yea but sweden is going to slap on a crazy VAT tax on all these shipments... its cheaper to go travel to china to pick one up and get a free vacation out of it...

[dan99]

Yea but sweden is going to slap on a crazy VAT tax on all these shipments... its cheaper to go travel to china to pick one up and get a free vacation out of it...

ya, is a possibility if they are smart enough and listen to the voices, no export tax or duties, cheap labor, work 24/7
cheap raw materials and parts...  that is what Avalon and AsicMiner was doing all along. Speed and Timing.

[Bitcoinorama]

Yea but sweden is going to slap on a crazy VAT tax on all these shipments... its cheaper to go travel to china to pick one up and get a free vacation out of it...

ya, is a possibility if they are smart enough and listen to the voices, no export tax or duties, cheap labor, work 24/7
cheap raw materials and parts...  that is what Avalon and AsicMiner was doing all along. Speed and Timing.

Well haha that depends where exactly you are in the world! I would have thought KNC's prices included VAT, it's rare a European company doesn't include it in the price. It's something the US does as sales tax varies state to state, and regardless where you come from, unless you are picking up a product and have 'used it' prior to boarding the plane it's going to flag customs and get charged. For UK and EU customers additional VAT won't be an issue when sold, where as products from outside of the EU including Avalon's are. The UK customs love big ticket items and Avalon aren't sending their products uninsured which always draws attention.

For the UK now it's +20% VAT plus an extra 9% of the cumulative value inc. the VAT for items over £135 plus 8 handling (ransom for the delay) for items imported from outside the EU, hence all the fuss about staying in and out of it for industry etc. The pros for members are freedom of trade and movement, the cons are supporting less productive members.

I was stung early this year with this extra BS 9%, had to ring up and pay and quizzed the customs guy on what it was and he couldn't tell me, he just kept saying it's a duty tax innit - for what? - err well you've gotta have duty tax - yes that's the VAT, what's the 9% for - err well it was from April 2012- no 'for' not 'from' - err duty - no that's VAT - err it's a levy for items over £135. In short our own customs officials don't know, but they kidnap your items and hold them to ransom. The £8 handling is the pisstake, as regardless of paying for expedited shipping your items are confiscated, delayed and they want to charge you for the privilege!

If you're outside the EU you just claim tax exemption and then pay your appropriate country's import duty, you don't pay VAT twice!

[defxor]

it's rare a European company doesn't include it in the price

Marketing directed at consumers (not B2B) without including VAT (known as moms, at 25%) is illegal in Sweden.

http://www.konsumentverket.se/lagar--regler/lagar/prisinformationslagen/

[bitpop]

No doxing me

^^ OMG this made my day ^^

Are you from NW Indiana? I know a guy who looks just like you.

[Bitcoinorama]

it's rare a European company doesn't include it in the price

Marketing directed at consumers (not B2B) without including VAT (known as moms, at 25%) is illegal in Sweden.

http://www.konsumentverket.se/lagar--regler/lagar/prisinformationslagen/

Didn't know that, but how does that effect anything? If you're outside The EU you just claim it back and pay your country's VAT. EU peeps won't pay extra VAT, and is this really a consumer product? Are we not supposedly operating as businesses? We are mining for profit after all...

In any case the price quoted was never $2,695/$7,000 ex. vat

[FlappySocks]

If your going into bitcoin mining seriously, then register yourself for VAT.  You can claim all the VAT back on anything relating to your business.

[Bitcoinorama]

If your going into bitcoin mining seriously, then register yourself for VAT.  You can claim all the VAT back on anything relating to your business.

*VAT exemption.

But how does that work with declaring profits if you don't convert to fiat? Or do you just operate on a loss until such time?

[FlappySocks]

When you move the bitcoins out of your business accounts, to your personal accounts, then declare the fiat value at that time.

If it's a LTD company, then I am not sure, but you should have an accountant to worry about that.

[Bitcoinorama]

When you move the bitcoins out of your business accounts, to your personal accounts, then declare the fiat value at that time.

If it's a LTD company, then I am not sure, but you should have an accountant to worry about that.

But currently as Bitcoins in that entity they are not recognised?

[FlappySocks]

But currently as Bitcoins in that entity they are not recognised?

Doesn't matter. Profit is profit.  You could be bartering for goods. I believe you have to put a fiat value on it. This doesn't relate to VAT though.

[Bitcoinorama]

But currently as Bitcoins in that entity they are not recognised?

Doesn't matter. Profit is profit.  You could be bartering for goods. I believe you have to put a fiat value on it. This doesn't relate to VAT though.

Ok cheers, I'll check it out.

[premo]

is there a specific place wer we can read bwt tax laws n minning ideally regading uk laws in this forum site

[bitpop]

This forum site offers all kinds of infos for your pleasure.

[Bitcoinorama]

For those that were stung in this, please inform yourself on how to best resolve the situation and prevent further abuse;

https://support.google.com/websearch/answer/9110

Best wishes.

[KS]

Damn, I just lost the Google Lottery.

Oh well, there's always next week's. (but seriously, 1500$ min is a bit steep o_O)

j/k

[bitpop]

Damn I just paid $1000 to get my Google lottery delivered.

[prophetx]

So what you are saying is that a US based entity can order from this Swedish company and not pay VAT?  From what I understand it sounds like VAT is built into the price ... and getting a VAT refund sounds like a real pain...

And as far as I am aware there is no import duty in the USA for computers.   http://www.dutycalculator.com/popular-import-items/import-duty-and-taxes-for-laptop-computer/ (pick "server" from the drop down)