21 Apr '15, 7pm

Europe’s VAT Landscape Taking Shape as Spain Exempts Bitcoin #Bitcoin #VAT

Europe’s VAT Landscape Taking Shape as Spain Exempts Bitcoin #Bitcoin #VAT

The General Directorate of Taxes (DGT) has announced that virtual currencies such as bitcoin will be exempt from value-added tax (VAT) in Spain, following the leads of the United Kingdom and Germany, who recently stated that they are considering taking bitcoin as a complementary currency. In response to the Binding Consultation V1029-15 submitted on the March 27, 2015, the DGT has announced that virtual currencies that are considered to be a medium of payment will be classified as financial services, rather than simple goods or commodities. Under the “DIRECTIVE 2006/112/EC of November 28, 2006 on the common system of Value added Tax,” bitcoin has been exempted from VAT in Spain. Under article 135.1.d of the Council Directive 2006/112/EC, virtual currencies such as bitcoin, which holds the purpose of allowing the transfer of money and has the features of a means of payment,...

Full article: http://cointelegraph.com/news/114034/europes-vat-landscap...

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Spain Declares Bitcoin VAT Exempt

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