Today, the 22nd of October, The European Union's top court ruled that Bitcoin and digital currencies should be exempt from sales taxes within the 28-country block.
Tax evasion is a real threat to the global economy, and the biggest culprits are large corporations abusing loopholes to avoid paying taxes. According to research estimates, a total of US$240 billion worth of taxes is not being paid by corporations all over the world. Such a vast sum of money could do a lot of good all over the world, and it is time these practices come to an end. Also read: Bitcoin in
A recent article from the media site El Universal has incorrectly espoused that Bitcoin is now banned in Mexico per a recent decision by the Mexican Tax Administration Services (SAT). The Mexican SAT, the equivalent of the United States IRS, has not banned Bitcoin. Instead, it has merely clarified that the existing bans on large transactions using cash (heinous in and of themselves), also apply to Bitcoin. Also read: Snoop Dogg Learns One Reason Why
Coinbase is reaching the top. Following a heavy expansion into European territory, the popular Bitcoin firm — which has managed to accumulate over $100 million in four public venture rounds — is now granting its services to users in Canada, the land of maple. Also read: Coinbase Asking for More Information Than Banks? The company explained on its blog: “As part of our effort to make bitcoin easy to use throughout the world, customers in Canada
After ruling Bitcoin as an intangible asset just a year ago, the Australian Senate Economics References Committee now feels that Bitcoin should be treated as a regular currency for Goods and Services Tax purposes. This is due to many emerging enterprises leaving Australia for other countries with more progressive cryptocurrency regimes. Also read: Teaching Encryption Soon Illegal in Australia Bitcoin as an Intangible Asset For a long time, Bitcoin had been exempt from taxation in
Aiming to expand in Asia, particularly in the Southeast, the leading exchange platform of digital currencies in Mexico, meXBT, has bought CoinRepublic, a Singapore-based cryptocurrency brokerage firm. Also read: Revealing Bitcoin’s Legality, the ZapChain Summit Despite the fact that there are a limited number of merchants accepting Bitcoin in Southeast Asia, cryptocurrency companies are entering the region to tap what they believe to be a huge potential. The region’s population is twice as large as that
On July 29, in an exclusive interview with The New York Observer, Republican presidential candidate Rick Perry offered some insight on his views of Bitcoin for the first time. In the interview, Perry was quoted saying he supports “regulatory breathing-room” for the cryptocurrency. Also read: Rand Paul Vouches for Bitcoin at NY Fundraiser Event In a seemingly populist effort to widen his appeal, the former governor of Texas also paid some lip service to the so-called
Getting digital currency integrated in our everyday lives is one hurdle we need to overcome as a community. But, on the other hand, we also need to show there is a definite demand for Bitcoin usage in everyday situations, such as buying food, using public transport, etc. Travellers on ACTION buses in Canberra, Australia had the option of using Bitcoin payments through a third-party application called MyBus 2.0. Unfortunately, due to the lack of interest
Our society is evolving into a cashless economic infrastructure. Several European countries are trying to discourage people from using cash in order to pay for goods and services. That seems only normal, as cash transactions are a hassle when dealing with change amounts. The list of downsides when dealing with cash transactions is rather lengthy, and if Danish government has any say in the matter, Denmark will become completely cash-free in the near future. Also
The world of Bitcoin and digital currency is plagued by regulatory uncertainty across the globe. Several countries are debating on how they should regulate Bitcoin, while other countries are focusing on taxing digital currency. In the United States, regulation depends on which state your business operates in. But the American Bar Association may change all of that in the near future. Also read: Bitcoin Regulation Is Still Far Away For America The Current State of Bitcoin
Australia has been one of the frontrunners in terms of regulating digital currency, which has proven to be a very difficult task if you want to do it properly. At the end of 2014, a decision was made to tax Bitcoin in such a way that a fee would have to be paid when sending funds to pay for goods or services, and another fee would be invoked for providing an intermediary service for customers.
This week on the Bitcoin Taxes series, we will be discussing a quality service that connects professionals in the world of digital currency with clients that have specific needs. The Digital Currency Council (DCC), is a great organization for professionals looking to specialize in a certain area of digital currency and for clients that are seeking specific advice. While it’s probably too late for using the service for reporting this year’s taxable income and capital
At least three states in the US may soon allow bitcoin to be used to pay taxes. The State of New Hampshire, New York and Utah have been considering introducing a bill that would make this possible. Each of these states have come up with their own slightly different versions on why this could be a great option and what would be the benefits.
Bitcoin company Xapo recently released its second comment letter on New York’s revised BitLicense. Additionally, the company has teamed up with other bitcoin industry leaders in submitting a combined comment letter to provide further feedback on the BitLicense proposal. Also Read: Bitwage Partners With Xapo for New Debit Card Service After BitLicense was introduced by the New York Department of Financial Services (NYDFS) last year, Xapo released its first letter providing its comments. The NYDFS released its
Welcome back to Bitcoin Taxes, our special series over Bitcoin taxation with Mr. Daniel Winters. This week, we will be talking about what you should do when you work for Bitcoin rather than fiat currency. As a reminder, be sure to read last week’s article which covered the basics of Bitcoin taxation within the United States if you have not done so already. Each week we will build upon the previous article to cover a
This author’s views do not necessarily reflect those of Bitcoinist.net. In early February, the New York Department of Financial Services (NYDFS) released their revised BitLicense proposal to the public. This revision took place following a 90 day public commenting period for the first BitLicense draft held by the department during the latter part of 2014. Recently, the Department has opened up an additional 30-day commenting period for the revised draft, in which anyone can submit
We are super excited to kick off this new series covering in depth issues with Bitcoin taxes within the United States. Bitcoinist will be partnering with Daniel Winters of Global Tax, LLC to bring you weekly content. This weekly series will run every Thursday up until the tax deadline of April 15th, and after that point, the series will become a bi-weekly publication, as there are still many topics to cover. In addition to the
Daniel Winters of Global Tax, LLC sits down to talk with Scott of Bitcoinist about basic US tax rules for Bitcoin. He is knowledgeable from everything like corporate tax to personal income tax. Daniel has been consulting many people and businesses in the Bitcoin ecosystem as well as recently giving a presentation at the Bitcoin Center in NYC. Daniel was a significant presence at the North American Bitcoin Conference in Miami where we were able to