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Author Topic: Germany wont’ tax cryptocurencies used to purchases  (Read 186 times)
makishart
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March 03, 2018, 11:02:11 PM
 #21



Bitcoin users will not be taxed using this currency as a means of payment,said by The German Federal Ministry of Finances.

The latest legal guidance document , published on Wednesday (Feb. 28), distinguish Germany from the US where The Internal Revenue Service treats Bitcoin like property for tax purpose, which means that if an American buys a cup of coffee with Bitcoin, it would be considered a property sale and a subject to capital gain tax.

Instead, Germany would consider bitcoin as the equivalent to legal tender for tax purposes when used as a means of payment, according to a new document published recently.

The guidance from The Bundesministerium der Finanzen was based on a European Union Court of Justice ruling on value added taxes.

The court ruling creates a precedent for European Union nation to tax bitcoin while providing exemptions for certain types of transactions.

However, from EU decision, converting bitcoin into a fiat currency or vice versa ia classified as “supply of service”, and therefore any party acting as an intermediary for the exchange will not be taxed.

Payment fee sent to digital wallet providers or other services can also be taxed.

Other aspects of the digital currency ecosystem will not be taxed. Miners receiving block reward will not be taxed, as thier actions are considered to be voluntary.

Similarly, exchange market operators that buy or sell bitcoin under their own name as intermediary will receive tax-exemption. Still, an exchange operating as technical partketplace will not receive any such exemption.


VCXCoinTeam

Is this what has been driving the price of bitcoin up? It looks like German is different with other countries that banned the bitcoin from making any direct transaction with fiat currency.

Great i wonder how european countries will react to this news?should they be starting to study further the blockchain technology and look to the benefits of using cryptocurrencies? we should all hope that most of the countries in EUROPE would start adopting the cryptocurrencies so that we will have a massive adoption as early as this year.
You may forget to read this pharagraph dude.
Quote
However, from EU decision, converting bitcoin into a fiat currency or vice versa ia classified as “supply of service”, and therefore any party acting as an intermediary for the exchange will not be taxed.
The correct thing is about i wonder to know how reach from those countries are banning bitcoin transaction to the fiat directly. US is against it.

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modtakels
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March 03, 2018, 11:09:08 PM
 #22

Good news,how ever if there will still some restriction from coverting bitcoin or cryptocurrencies to fiat directly it will be too hard for most of the users there to cashout their cryptocurrencies?lets just hope that these european countries wont be to strict like the U.S so that we can enjoy our vacation there,generally this is a great news today.

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March 03, 2018, 11:14:31 PM
 #23

However, from EU decision, converting bitcoin into a fiat currency or vice versa ia classified as “supply of service”, and therefore any party acting as an intermediary for the exchange will not be taxed.

What how would people cashout if there will be some restriction converting bitcoin to fiat and vice versa? am i missing out something? i wonder how people  be able to convert their earnings into fiat,but generally this might be a start of massive adoption to the europearn countries,still positive for our community.

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March 03, 2018, 11:14:51 PM
 #24

Really amazing news from Germany, i think this news is very good for all European Union . Now all of them will do the same , hope so. This will means that world start to accept cryptocurency as money. This week was full of good news. Hope next week will be same. Spring already here.  

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March 03, 2018, 11:31:48 PM
 #25

Wow european cryprocurrency enthusiast will enjoy the benefits of the cryptocurrencies without any hassle,this is really indeed a good thing but how these people will cash out when there will be some restriction to convert your bitcoin to fiat and vice versa? im sure most of the european countries will staart joining our community very good news indeed!

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March 04, 2018, 01:05:21 AM
 #26

Time to jump ship and move to Germany I think  Grin UAE plans to become to worlds first crypto friendly ecosystem. I look forward to being apart of a company is chasing UAE money and their clientele (Darico) nonetheless it's good to see Germany moving forward in the right direction.

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March 04, 2018, 08:17:23 AM
 #27

That's definitely a good news and that's how it's supposed to be. I hope that more better news will come so crypto currency adoption will be more massive.

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