Blockchains are transparent and decentralised way of recording lists of transactions. Their best-known use is for digital currencies such as Bitcoin. The value of Bitcoin increased remarkably since it was launched and ceiling has not been achieved yet. There are many different ways of using blockchains to create new currencies. Hundreds of such currencies have been created in the past and new coming regulary into the market. Read More »
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 »
Don`t miss the event in Zurich about:
The cryptocurrency «Bitcoin» generated a lot of positive and negative headlines in the media. Kicking off the discussion on the long-term capabilities of digital currencies and their impact.
Find all information about the upcoming event HERE
A proposal has been made by one of one of the US Representatives to introduce a 5-year moratorium period on digital currency regulation in the US. As per the bill submitted by to the Congress, any statutory restrictions or regulations on digital currency should be hold off for five years starting 15th June 2015 in order to use the above period to fully access and examine the potential economic benefits of digital currencies.Read More »
In a recent decision issued for an online Bitcoin trading platform, the Belgian tax authorities have confirmed that the trading of Bitcoins and other virtual currencies is similar to the activity of an intermediary and should therefore fall under the exemption included in the Belgium VAT Code for “negotiation concerning deposits, current accounts, debts, cheques and other negotiable instruments but excluding debt collection” . As a result, the activities should be at this moment treated as exempt from VAT. Read More »
Local Tax Authority in Lodz in Poland announced that the sale of mined bitcoins is subject to 23% VAT. The activity of mining is being seen as service by the local tax authority and for this service the place of service is where the customer is located. Therefore for local sales the VAT apply and has to be charged. For sales to foreign customers it is not needed to charge VAT. Read More »
The Australian tax authority released a number of draft tax determinations and a guidance paper, in which it states that bitcoin and other cryptocurrencies are not money or foreign currency for taxation purposes. It is the view of the Australian Taxation Office that: Read More »
PwC Switzerland ITX
Michaela Merz 