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(Jun 04, 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 Man Says Bitcoin Mining Profits Subject to VAT, NEWSBTC.COM (May 27, 2014); at the time of the writing of this piece, official information on the website of the Polish Tax Administration was not available.) At present, the VAT rate in Poland is 23%. (VAT: Basic Information, Ministry of Finance of Poland website (Sept. 27, 2012).)
Justification for this decision is based on the fact that even though Bitcoin does not have a material form, Bitcoin mining is a service for which a service provider demands a precise fee, and "the sale of the mined cryptocurrency … with the use of Internet and websites will constitue [sic] an activity which is subject to VAT in the territory of Poland." (Jaroslaw Adamowski, Polish Tax Authority: Bitcoin Mining Profit Subject To 23% VAT, COINDESK (May 27, 2014).)
|Author:||Peter Roudik More by this author|
|Topic:||Currency More on this topic|
|Financial services More on this topic|
|Internet More on this topic|
|Taxation More on this topic|
|Jurisdiction:||Poland More about this jurisdiction|
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Last updated: 06/04/2014