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Australia: Tax Office Releases Guidance Paper and Draft Rulings on Bitcoin

(Aug. 25, 2014) On August 20, 2014, the Australian Taxation Office (ATO) issued a guidance paper, a Goods and Services Tax (GST) Draft Ruling, and four draft taxation determinations on the taxation treatment of Bitcoin and other virtual currencies. The documents were released in time for taxpayers to take them into account in completing their […]

Bahamas: Parliament to Consider VAT Legislation

(Aug. 14, 2014) The Government of the Bahamas proposed new legislation on value-added tax on July 23, 2014; parliament is expected to consider the Value Added Tax Bill 2014 when it reconvenes in late August. (VAT Bill and Regulations (July 23, 2014), Government of Bahamas website [click on “Value Added Tax” and then on “Value […]

Kenya: Court Rules Tax Refunds Must Be Prompt

(Apr. 29, 2014) Kenya’s High Court determined on April 14, 2014, that taxpayers have a right under the Constitution to fair administrative action related to their tax payments. (Catherine Mutava, Kenya: Constitutional Right to Expeditious Settlement of Refund Claims, TAX NEWS SERVICE (Apr. 25, 2014), International Bureau of Fiscal Documentation online subscription database; The Constitution […]

Ukraine: Verkhovna Rada Acts to Save the Economy

(Apr. 25, 2014) On March, 27, 2014, the Verkhovna Rada (Ukraine’s legislature) passed an act entitled the Law on Preventing Financial Catastrophe and Creating Pre-Conditions for Economic Growth in Ukraine (Law of Ukraine No. 1166-VII [in Ukranian] (Mar. 27, 2014), Verkhovna Rada website.) The Law entered into force on April 1, 2014, immediately after its […]

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 […]

Norway: VAT on Electric Car Leasing to Be Eliminated

(Nov. 29, 2013) It was reported on November 18, 2013, that members of the collaborating majority of parties in Norway’s Parliament agreed to eliminate the value-added tax on the leasing of electric cars and their batteries; a VAT of 25% is applied at present. (Eivind Bryne, Norway: Leasing of Electric Cars Zero Rated from 2014 […]