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Author Topic: Germany Won’t Tax Cryptocurrencies Used To Make Purchases  (Read 218 times)
andrei214
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May 01, 2018, 12:58:26 PM
 #41

The German Federal Ministry of Finances considers Bitcoin as tax-exempt so long as it is used as a means of payment, Cointelegraph auf Deutsch reported Thursday, March 1.
The German federal authority published its decision to not subject purchases with Bitcoin and other cryptocurrency to taxes on Feb. 27, citing the European Court’s 2015 decision, which set a precedent for all members of the European Union.
The Court justified its taxing decision by stating that it considers cryptocurrency as a legal means of payment:
So-called virtual currencies (cryptocurrencies such as Bitcoin) are considered equal to the legal means of payment, as long as these so-called virtual currencies have been accepted as alternative and contractual means of payment by the parties involved in the transaction and have no other purpose than being used as a means of payment.”
According to the decision, a conversion from crypto to fiat or vice versa is classified as “other taxable services”. Therefore, a party that is acting as an intermediary for this exchange will not be taxed. Under this provision, operators of crypto exchanges can also get tax exemptions, “if they complete the purchase and sale of Bitcoin as an intermediary on their own behalf.”
The court decision also notes that miner fees will not be taxed, since they are paid on a voluntary basis.
These guidelines distinguish Germany from the US where The Internal Revenue Service (IRS) treats Bitcoin like property, meaning that each purchase using Bitcoin is technically considered to be a sale of property and is, therefore, subject to capital gains tax.
Thats still scary.Even though Germany is a rich country, still tax are a very useful fund for a country specially for the developments. But since they arent threatening people who uses bitcoin for tax evasion, they were in good.

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binghope
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May 01, 2018, 01:08:17 PM
 #42

If so, maybe the Crypto market is going to fade in Germany, in my opinion we should extend our arms to the Crypto market to come to this world, even though they have many disadvantages. Their benefits are great.
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May 01, 2018, 02:34:11 PM
 #43

This is good. A lot of government has been making this leap for bitcoin. This will all the more promote the use of bitcoin as a currency. I hope all other countries are going to follow their lead. Europe has been in the verge of welcoming the cryptocurrency in a way of promoting it to be used by their people. I hope the US will folllow their lead and stop sniffing like a dog just to tax anyone who owns bitcoin or any other crypto.

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May 02, 2018, 12:17:32 PM
 #44

That's good news,similar legislation will be adopted in all EU countries.The Court justified its taxing decision by stating that it considers cryptocurrency as a legal means of payment.But for sure that now we will see an increase in their number.
akopjpuge
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May 02, 2018, 12:19:57 PM
 #45

hope this to be implemented in my country too, as i have hopes that cryptos will be a daily use in our lives. soon countries will embrace fiatless economy
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May 07, 2018, 12:17:45 PM
Last edit: May 07, 2018, 01:02:00 PM by wandino
 #46

That's good news for the investors in Germany.
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