In a February 27 letter issued by the BMF, the BMF considers the equivalent bitcoin a legal currency to be taxable when used as a means of...
In a
February 27 letter issued by the BMF, the BMF considers the equivalent
bitcoin a legal currency to be taxable when used as a means of payment.
Illustration. Source: CoinDesk.
The
United States Internal Revenue Service (IRS) considers bitcoin to be a
taxable asset, meaning that if a US citizen purchases a bitcoin, it is
considered that the person has sold the property (bitcoin) and may
become Taxes on capital gains.BMF issued this guidance based on the judgment of the European Court of Justice (EUCJ) on value added tax (VAT).The
EUCJ's ruling has created a precedent for EU Member States to levy
bitcoin taxes while allowing exceptions for certain types of
transactions.It is noteworthy that the new German guideline documented the virtual currency as a legitimate payment method. "Virtual
currencies are equivalent to legal means of payment, as long as the
virtual currency of those involved in the transaction, acting as an
immediate and contractual means of payment, has been accept".According
to this document, when a buyer and bitcoin payment, a clause in the EU
VAT Directive will be applied at the bitcoin price at the time of the
transaction, as recorded by the seller.However,
according to EU regulations, the nature of the conversion of legal
currency into legal fees or vice versa is classified as "service
provision" and thus one party is involved in the intermediary role This transaction will not be taxed.
Source: Tàng kiếm sơn trang
