EU court rules on VAT treatment of bitcoins

EB37 – Thomas Spaas & Siân Jones: Is Bitcoin subject to VAT? (European consumer goods tax) The 2016 Directive on the Treatment of Vouchers under VAT Rules Customs Warehousing [Equoland] Direct Effect [GMAC UK] Portugal - No Tax on Bitcoin

The case was referred to the CJEU by a court in Sweden that was asked by the country’s tax authority to clarify whether Bitcoin was a currency or a commodity. Under tax rules, gains made from currency transactions are exempt from capital gains tax and VAT, while those from other investments are not. The query was raised by a Bitcoin trader in Sweden who intended to exchange Bitcoin for other ... The CJEU added that extending the scope of the exemption in order to cover the circumstances of this case “would be at odds with the purpose of the exemption for financial transactions, which is to alleviate the difficulties connected with determining the tax base and the amount of VAT deductible and to avoid an increase in the cost of consumer credit”. Status to date. In my post ”Happy New Tax Year with Bitcoin and other cryptocurrencies (3)”, I presented the current status of the VAT treatment of Bitcoin and other cryptocurrencies among other things in regards to the gift tax.The Court of Justice of the EU (on 22/10/2015, C-264/14, DStR 2015, 2433) decided that the exchange of Bitcoin into other currencies is covered by the VAT ... "Bitcoin" and VAT - CJEU Case C-264/14 Published on October 23, 2015 October 23, 2015 • 10 Likes • 0 Comments. Therapon Mafkas Follow Executive Director Vell Holdings Ltd. Like 10; Comment 0 ... The CJEU, Europe's highest court, said that although the activity constitutes "the supply of services for consideration" under the VAT Directive, it should be considered exempt from VAT under provisions contained in the legislation. The Directive exempts transactions concerning "currency, bank notes and coins used as legal tender", subject to some exceptions, from VAT.

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EB37 – Thomas Spaas & Siân Jones: Is Bitcoin subject to VAT? (European consumer goods tax)

The case has made it all the way to the Court of Justice of the European Union and may set the precedent for how the sale of Bitcoin will be taxed. For 10% off Inside Bitcoins London on September ... This video is unavailable. Watch Queue Queue. Watch Queue Queue VAT in Europe - The Accountancy Partnership - Duration: 3:38. ... Recent CJEU Case Law on Consumer Matters - Duration: 46:01. European Law 94 views. 46:01. Plot Summary for The Crucible Act I ... The GMAC case shows how the CJEU insists that Member States apply the Directive; if they have created a VAT problem by implementing their own more favourable laws, then – that is their own problem! July saw some positive developments as more of the UK reopened with the support of a VAT cut for the hospitality and leisure industry from 20% to 5%, as well as further details in the Chancellor ...