CJEU ruled Bitcoin exchange services to be VAT exempt

The CJEU has delivered today its judgment in the long-awaited case on whether Bitcoin exchange services are considered to be VAT exempt services. The court has followed the earlier opinion of the Advocate Generale and confirmed that the exchange of Bitcoins into conventional currencies and vice versa in return for a exchange commission falls within the VAT exemption for transactions concerning currency, bank notes and coins used as legal tender provided by the European VAT Directive. Read More »


I was flying to Prague. Next to me in the airplane sat a young couple. We started to talk. They were from the US and travelling through Europe. They were enthusiastic and very happy with their journey. I asked them whether they had already been cheated or robbed. They looked at each other with a smile. Yes, they answered, we have.Read More »

How to become a saver

When my youngest one (7) was born, the ZKB opened an account for him and gave him 20 Francs as a gift. Just like that. Without me having to do anything. I found that nice.

At about the age of 6, money started becoming an issue and in the course of my educational measures, he got a weekly pocket money of 2 Francs. It was funny at the beginning because he used to give the money away to his friends. I thought his generous manner impressive. However, then he noticed that I refused to buy him any sweets, he started to save the money, in order to have some money for “larger” expenses.Read More »

Wie kann man Sparer werden

Als mein Jüngster (7) geboren wurde, hat ihm die ZKB ein Konto eröffnet und 20 Franken geschenkt. Einfach so. Ohne dass ich etwas machen musste. Ich fand das nett.

Etwa im Alter von 6 Jahren begann Geld ein Thema zu werden und in Rahmen meiner erzieherischen Massnahmen bekam er wöchentliches Taschengeld von 2 Franken. Die Anfänge waren lustig, weil er das Geld seinen Freunden weiter zu verschenken pflegte. Ich fand seine grosszügige Ader beeindruckend. Als er merkte, dass ich mich weigere ihm Süssigkeiten zu kaufen, begann er zu sparen, um ein bisschen Geld für “grosse” Ausgaben zu haben.Read More »

Ukraine – profit is an option but cash is a fact

The President of Ukraine signed Law No 5083-VI which introduces a number of amendments to the Tax Code including a provision under which large taxpayers reporting losses will not be entitled to an automatic VAT refund. The change is effective as of 12 August 2012. The automatic VAT refund is not available for large taxpayers reporting tax losses as a result of activities in 2011. Read More »