18 Aug '13, 5pm

Germany recognizes Bitcoin as a “private money,” subject to capital gains tax

In response to a query by a member of parliament, the German Finance Ministry has declared (Google Translate) that it accepts bitcoins as a “unit of account.” The Ministry added that bitcoins are a sort of “private money” and that mining bitcoins constitutes “private money creation.” The Ministry also clarified that if a German taxpayer holds bitcoins for more than a year, then she is exempt from paying the 25 percent capital gains tax. Such a tax would ordinarily be paid after profiting from the sale of a stock, bond, or other security. However, taxpayers are now required to pay taxes on any profits made from Bitcoin transactions that happen within a year. How would the Finance Ministry even know if a taxpayer holds bitcoins? She would be expected to declare them as part of her assets and income as part of her annual tax return. The German lawmaker, Frank Schäffler —a mem...

Full article: http://arstechnica.com/tech-policy/2013/08/germany-recogn...

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Germany: Bitcoin Is "Private Money"

news.slashdot.org 19 Aug '13, 3am

declared Bitcoin as a 'unit of account' , which makes the virtual currency a kind of 'private money' and the process of Bi...

Germany

Germany

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coindesk.com 19 Aug '13, 10am

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dailydot.com 18 Aug '13, 9pm

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bitcoinmagazine.com 19 Aug '13, 7am

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