Germany wont’ tax cryptocurencies used to purchases

[VCX_Coin]

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

[1714227581]

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[1714227581]

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[Klovezio]

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

Hi, On my mind, over time, all cryptocurrencies will be under the legal regulation by government around the world. Nevertheless, a number of countries have been regulating cryptocurrencies and such a regulation can be called very soft. Germany is also on the way to the recognition of the crypto currency.

[Dluretic]

It is a big trend for the cryptocurrency market to be regulated, because there are still big problems in the current market, but excessive regulation and even banning the trading of bitcoin‘s countries are foolish.

[crimsongoth]

It started to got very good news as hearing such a positive developments about regulations and speech of goverment authorities. These will have efficient on prices of cryptocurrencies and ICO projects.

[RYXES]

Germany are pretty ahead of most countries and are pretty liberal, I understand their policy and have absolutely no qualms about it and it could of been a lot worse.

Good news!

[Marvell1]

Germany are pretty ahead of most countries and are pretty liberal, I understand their policy and have absolutely no qualms about it and it could of been a lot worse.

Good news!

Yes, great news! I believe that such news will affect the growth of crypto very well. Maybe the price of bitcoin started to grow because of this news. I'm glad that more and more countries accept crypto.

[Victor Beckham]

That's the way! This is great news and I hope this will be the beginning on new era how governments accept crypto and how they can regulate it the smart way.

[cryptocrocs]

Good news again,this could be the start why most of the countries will start adopting the cryptocurrencies and the blockchain technology.Putin really is an influencer and he knows that if they dont act now they will be too late to the technology's benefits,this could be the reason why bitcoin's market would pump today,we should see some movements.

[Robin,Hood]

Also no tax for crypto in Slovania or Portugal (taxed if a large sum) and Belarus.

[littlebill16]

This is good news for cryptocurrencies as it's a lessening in tax obligations.

However I do disagree with it. I feel that on point of sale you are in essence converting your cryptocurrency in to fiat and should be taxed on any gains in the value of your holding. This greatly incentivzes people to spend their crypto instead of converting it to fiat and then spending.

[dulari1]

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

crypto is good and german governors understand this issue, it is like that u give me the cup and take me shoes. it is not need for tax in this trade. and their decision is very regard able

but same germany chancellor angela merkel going to discuss on cryptocurrencies in G20 summit with Emmanuel Macron of France .

decision of not to tax is  good , but i hope they will only regulate ponzi schemes working behind cryptocurency mask .

[cryptoprophecy]

Great news! A lot of countries would now think why they should study how these cryptocurrencies could revolutionize the fiat and the banking system.This news could make the bitcoin's price go pump today,hoping that more and more countries will start studying and later on adopting the cryptocurrencies and the blockchain technology.

[RonaldDuncan]

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

that is great news time to pack and move to Germany

[7788bitcoin]

It is a welcoming news and hopefully this will be a trend coming out from Europe , i am not sure how accurate the things stated here are and what are the limits and leverages and how much tax they are going to take and on which aspect,i do know that they wont be taxing for small purchases,how about large purchases.

[patt0]

Those are really good news, and I hope the US government will change they views on bitcoin, and adopt the same taxing rules as Germany. Right now taxing bitcoin as property results in heavy taxes, since they are paying bitcoin taxes plus "normal" taxes, and this would make it hard to consumers and merchants to use bitcoin to buy goods. The way Germany is doing is much better, and actually makes much more sense.

[FinbarAdley]

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

this is great news for the crypto world and Germany is way ahead than other countries in crypto 

[cryptopan]

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.

[cryptodagger]

This a very great news,especially for those people who are residing in germany,they can now really enjoy tha benefits of cryptocurrencies legally.If i would have the chance to go there i will use cryptocurrencie instead of fiat because it will be much easier for me to pay anything using cryptocurrencies lets hope that most of the countries in europe will follow this.

[mautenisis]

This very pleasant news,all of the people who uses cryptocurrencies especially bitcoin would love to hear this,might be the cause why bitcoin's price would pump today,i will start spreading the news thru social media lets hope that more and more countries in the world will start understand why cryptocurrencies arent that bad idea like what other people says.

[vrabac68]

Amazing news to hear.Strange its not big but it will make other countries adapt faster.I can expect more good news in a coming months
Germany and Switzerland are the best