CJEU: bitcoin exchange exempt from VAT - Pinsent Masons

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

In practice, it will be interesting to see how tax authorities handle bitcoin payments for VAT purposes, especially since many jurisdictions require local VAT reporting to be done and VAT invoices to be issued in local currency, leading to questions about the applicable conversion rate. However, this ruling applies to only one aspect of digital business activity. We expect that this CJEU case ... "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 background to the case is that Mr Hedqvist has a business selling bitcoin – or, in the terminology adopted by the CJEU, of exchanging bitcoin for “traditional” currencies. He had received a favourable ruling from the Swedish Revenue Law Commission that these transactions were exempt from VAT, which the Swedish tax authority, the Skatteverket , had appealed against. 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. 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 ...

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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 ... 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 ... The Equoland case concerns Customs Warehousing and some interesting comments from the CJEU about penalties and proportionality which are of more general application. Explaining EU VAT for Business ... Ine Lejeune, Partner, Tax Policy and Liesbeth Vermeire, Managing Associate – Dispute Resolution & Litigation,Law Square, Brussels. / For the premium version,... This video is unavailable. Watch Queue Queue. Watch Queue Queue