Sweden demands EU clarity on Bitcoin tax
Published: 23 Jul 2014 08:13 GMT+02:00
Updated: 23 Jul 2014 08:13 GMT+02:00
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European nations are still scratching their heads when it comes to handling cryptocurrencies such as Bitcoin, with no consensus on whether the digital currency should be taxable.
The UK determined earlier this year that Bitcoin transactions will not be subject to Value Added Tax (VAT), as there is an "insufficient link between any services provided and any consideration received". Meanwhile, countries such as Poland and Estonia decided that any Bitcoin trading exchanges are indeed subject to full taxation.
Sweden got tired of wondering, and in June the country's Supreme Administrative Court (Högsta förvaltningdomstolen) filed a request for answered from the European Court of Justice.
Sweden is now waiting for an EU ruling which will determine once and for all if Bitcoin should be considered as currency, exempt from VAT, or simply a method of payment subject to full fees.