21 Apr '15, 8pm

Spain Declares Bitcoin VAT Exempt

Spain Declares Bitcoin VAT Exempt

Social media Share this article       The General Directorate of Taxes (DGT) , has considered that Bitcoin and other digital currencies will be classified as financial services. Consequently, transactions with Bitcoin are considered exempt from VAT under the Council Directive 2006/112/EC of 28 November 2006 on the common system of Value added Tax approved by the Spanish government. The Spanish DGT concludes that Bitcoin is closely linked to payment instruments, which allows the transfer of money and, as such, this kind of transactions will be VAT exempt. The consultation ends stating that virtual currencies, such as Bitcoin, works as mean of payment and, therefore, it shall be considered as negotiable instruments and, consequently, the VAT exemption 135.1 of the Directive shall apply. The DGT states that “Supplies of goods and services are not subject to transfer tax...

Full article: http://www.newsbtc.com/2015/04/21/spain-declares-bitcoin-...

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