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Poland: Bitcoin Transactions Made Subject to VAT

(June 4, 2014) As reported by numerous websites publishing Bitcoin-related information, on May 27, 2104, the Lodz provincial office of the Polish Tax Administration issued a statement to the effect that the value-added tax on goods and services will be imposed nation-wide on profits received from sales of Bitcoin. (See, e.g., Eric Calouro, Polish Tax […]

Netherlands: Local Court Ruling on Bitcoin Transaction

(June 4, 2014) It was reported on May 19, 2014, that a court in Overijssel, The Netherlands, had issued a decision in a civil suit involving an uncompleted Bitcoin transaction between two parties. The court held, citing a written interpellation of the Minister of Finance by the Dutch parliament, that the virtual currency “is a […]

Netherlands: Central Bank Statement on Virtual Currencies

(June 4, 2014) On May 8, 2014, in an item entitled “Virtual Currencies Are Not a Viable Alternative,” published in its news bulletin, the Bank of the Netherlands (DNB) put forward its stance on the Bitcoin and similar currencies. According to the DNB, “virtual currencies such as bitcoin are unlikely to replace the current financial […]

Estonia: Rules on Taxation of Bitcoin

(Apr. 18, 2014) On March 13, 2014, the Tax and Customs Board of Estonia published on its website a document entitled Taxation of Trade in Bitcoins (Maksustamine Bitcoin’idega Kauplemisel (Mar. 2014)). In this first government statement concerning the official policy in regard to Bitcoin, the Board followed the position of the European Central Bank and […]

Russia: Bitcoin Exchanges Can Be Penalized

(Feb. 6, 2014) On January 27, 2014, the Central Bank of the Russian Federation issued an information letter entitled “On Using Virtual Currencies, Specifically Bitcoin, in Transactions.” (Press Release, Central Bank of the Russian Federation (Jan. 27, 2014).) In the absence of legal acts that would regulate the use of Bitcoins, this statement appears to […]

Norway: Bitcoins Are Capital Property, Not Currency, Says Norwegian Tax Authority

(Dec. 11, 2013) Bitcoins, the online currency, have received much media attention in a short time and become an up-and-coming international means of payment. (Joe Light, Virtual-Currency Craze Spawns Bitcoin Wannabes, THE WALL STREET JOURNAL (Nov. 20, 2013).) Now the Norwegian Tax Administration (NTA) has weighed in on the legal classification of bitcoins by issuing […]