VAT news tagged as "Bitcoin"

India

India to levy 18% GST on bitcoin Jul 2018

May 23rd, 2018

India’s Central Board of Indirect Taxes and Customs is considering a proposal to make digital currency trading subject to Goods and Services Tax at 18%. The new liability may fall due from 1 July 2018. In this case, India would be classifying cryptocurrencies, such as bitcoin, as a physical asset rather than as a currency for …


Thailand

Thailand bitcoin VAT exempt

May 18th, 2018

Thailand has made digital currencies, such as bitcoin, VAT exempt. This recognises the cryptocurrency as a ‘private money’ instead of a commodity with its own intrinsic value. This follows the treatment in the European Union and much of the rest of the world. Trading will though remain subject to capital gains or corporate income tax. At …


Poland

Poland 1% bitcoin sales tax

April 14th, 2018

The Polish Finance Ministry has made all bitcoin trades subject to a 1% turnover tax. The tax, Podatek od czynności cywilnoprawnych, is a limited financial transaction tax on certain loans and mortgages. Under EU VAT rules, following an ECJ ruling, cryptocurrencies are treated as a private currency and therefore not subject to VAT on trades. …


Thailand

Thailand levies VAT on bitcoin

March 20th, 2018

Thailand’s Cabinet has moved to levy 7% VAT on digital currency (e.g. bitcoin) transactions. This is aimed at curbing money laundering and tax evasion. The Council of State will have to ratify the widening of the tax net. Over the past three years, the EU, South Korea and Japan have exempted from such consumption taxes. Trading …


India

India considers 18% GST on bitcoin

January 8th, 2018

India has started at the end of last year reviewing the tax and GST implications for cryptocurrencies such as bitcoin. This includes the Income Tax Department reviewing the activities of several bitcoin exchanges. A number of exchanges have since applied from the Authority for Advance Rulings body for clarification of the indirect liabilities of their …


Israel

Israel scraps VAT on Bitcoin

December 10th, 2017

Israel is considering becoming the latest country to exempt sales of bitcoin and other cryptocurrencies from VAT.  Instead, profits from dealing in the digital currencies will be liable to Capital Gains Tax or Corporate Income Tax. Israel has until now categorised digital currencies as a financial asset, and not a currency, thus making trading liable to indirect …


India

India may levy 18% GST on bitcoin

July 16th, 2017

India is considering 18% Goods and Services Tax on crypto-currencies, such as bitcoin. A special task force, studying potential tax and regulatory frameworks for bitcoin purchases and sales, is considering fiscal and supervisory issues.  It has already retracted statements indicating that it would seek a complete ban on virtual currencies – the black market in …


Australia

Australia bitcoin GST exempt Jul 2017

May 9th, 2017

Australia has become one of the last major economies to exempt digital currencies such as bitcoin from indirect tax.  It has announced in today’s federal budget that trading in cryptocurrencies will be exempt from 10% Goods and Services Tax from 1 July 2017. Australia had resisted attempts to make bitcoin GST-free.  Instead, it regarded it …


Japan

Japan exempts bitcoin from Consumption Tax

April 2nd, 2017

The Japanese government has approved the exemption of digital currencies, such as bitcoin, from Consumption Tax. The boost for virtual currencies reflects similar changes in the EU and many on other countries.  The exemption from Japan’s 8% indirect tax regime recognises bitcoin as a private currency used for the exchange of goods or services, and …


Norway

Norway bitcoin VAT exempt

February 12th, 2017

Norway’s Tax Administration has reversed its position on taxing bitcoin sales by making it VAT exempt.  The move brings it into line with the European Union which made the trading of digital currencies exempt from Value Added Tax last year following a European Court of Justice ruling. In 2013, Norway had made crypto-currency trading subject …