VAT news tagged as "Bitcoin"

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 …


Czech Republic

Czech bitcoin VAT fraud measures

February 6th, 2017

The Czech Republic has introduced a number of anti fraud measures on the trading of bitcoins. This includes making the buyer of goods or services with bitcoin liable to VAT due if their vendors fails to pay the VAT over to the tax authorities. The imposition of such a drastic measure may still be challenged …


Israel

Israel levies VAT on bitcoin

January 17th, 2017

The Israeli tax office has confirmed that trading in bitcoin is subject to 17% VAT. The announcement confirms that virtual currencies, such as bitcoin, are to be regarded as tradable assets and therefore subject to direct (income tax and capital gains tax) and indirect taxes (VAT or GST) on transactions. This compares to the EU, …