VAT news tagged as "Tax"

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, …


Australia

Australia to scrap bitcoin GST

March 23rd, 2016

Australia is planning to make the trading of bitcoin and other digital currencies exempt from 10% Goods & Services Tax. The current taxable status of bitcoin is a severe restriction to adoption of the currency in Australia. It affectively adds 10% costs to each trade, with a rapid compounding as the currency is repeatedly traded. …


India

India extra e-retailing VAT

March 20th, 2016

The western Indian state of Gujarat (population 60 million) is imposing additional VAT on goods sold to its citizens online from out-of-state. This will act as an ‘entry VAT’ for online retail across state borders. The aim is to prevent e-retailers from having an unfair price advantage over traditional retailers if they source goods from outside …


Europe

Bitcoin wins EU VAT case

October 22nd, 2015

The European Court of Justice (ECJ), the highest court of appeal for EU matters, has today ruled that trading in digital currencies, such as bitcoin, is VAT exempt.  This is on the basis that they are a method of payment – a private currency similar to national (fiat) currencies – which are VAT exempt under …


Italy

Italy new ‘Google Tax’

September 22nd, 2015

Italy has announced that it will relaunch in 2017 a proposed ‘Google Tax’, which is set to bring it into conflict with the EU.  In 2014, Italy abandoned plans to raise VAT on Italian internet ad’s which are booked in other EU states for tax benefits. New Italian digital VAT The Italian Premier, Matteo Renzi, announced …


Australia

Australia plan to lower GST threshold on foreign e-commerce

July 19th, 2015

Australia is in advanced discussions to significantly lower its AUS$ 1,000 GST exemption on consumer goods bought from foreign websites. Currently, shoppers may make single transactions below the threshold exempt from Australian Goods and Services Tax. The Australian Finance Minister confirmed this week that he was progressing discussions between the Australian states, and was hopeful …


Brazil

Brazil attempts to harmonise services tax

July 15th, 2015

The Brazilian parliament is reviewing a Bill which would harmonise the Imposto Sobre Servicos (ISS) tax on services. This would include placing it at the state, federal level. ISS is a municipal level turnover tax on services. The services subject to the ISS are outlined by the Federal Complementary Law, and listed in detailed by …


Australia

Australia levies 10% GST on Uber taxi drivers

May 20th, 2015

The Australian Tax Office has ruled that Uber drivers are classified as a taxi service, and therefore liable to Goods & Services Tax. This will require any driver earning any income for ride sharing to tax register, and charge 10% Australian GST on their rides.  They will report and pay the tax through filings with the …


Australia

No tax reprieve for bitcoin in Australia

March 6th, 2015

Australia has ruled out the prospect of reforming its punitive Goods & Services Tax regime on the trading of digital currencies such as bitcoin. Currently, Australian GST is levied on bitcoin transactions as a barter deal under terms set by the Australian Taxation Office. This in effect subjects currencies sales and purchases to double taxation …