Immediate Supply of Information on VAT (SII) in Spain
By Carlos Frühbeck Olmedo, Ficesa Treuhand, S.A.P.
July 2018 marked a year since the implementation in Spain of the Immediate Supply of Information (SII) on value added tax.
The Taxation of Income from Cryptocurrencies in Various Jurisdictions (Part 14): United States
By Robert Crowley, Prager Metis CPAs
Recently, we have seen a growth in the sale or exchange of cryptocurrency, or the use of cryptocurrency to pay for goods or services. Unfortunately, guidance from the Internal Revenue Service (IRS) pertaining to related US income tax issues has not kept pace with the proliferation of cryptocurrency trading. This article highlights fundamental income US tax compliance issues for investors dealing or transacting in cryptocurrency.
The Taxation of Income from Cryptocurrencies in Various Jurisdictions (Part 13): United Kingdom
By Rikesh Patel, Lawrence Grant, Chartered Accountants
“Cash is king” is one of the key expressions used by clients to express the importance of cash flow for businesses. As the world changes and technology advances, I wonder if in future the expression will change to “crypto is king”.
The Taxation of Income from Cryptocurrencies in Various Jurisdictions (Part 12): The Netherlands
By Marcel M.S. Bollen, Baat accountants & adviseurs
In late 2008 the concept of cryptocurrencies emerged out of nowhere and gained instant popularity. An explanation of the concept of cryptocurrencies can be found in the introduction of this series.
The Taxation of Income from Cryptocurrencies in Various Jurisdictions (Part 10): Spain
By Santiago Lapausa, JC&A Abogados
In the absence of a definition in Spanish law of what is meant by cryptocurrencies, Spain takes the concept from the proposal of EU Directive 2015/849.
The Taxation of Income from Cryptocurrencies in Various Jurisdictions (Part 9): South Africa
By Graeme Saggers and Simphiwe Mili, Nolands
There has been a prominent controversy around the issue of cryptocurrencies in South Africa. On 6 April 2018 the South African Revenue Service (SARS) released a statement presenting the position that they had chosen to adopt on the treatment of cryptocurrencies for the purposes of determining taxable income.
The Taxation of Income from Cryptocurrencies in Various Jurisdictions (Part 8): Mexico
By Prof Sergio Guerrero Rosas, Guerrero y Santana, S.C.
As mentioned in the introduction of this series, in 2008 was created a new form of currency, completely decentralised and open to all, without a central bank to control and manipulate as it happens today, without any group of elite people to make decisions that affect each person who uses his coins. The cryptocurrencies are the invention of technology that we now call “Blockchain” or chain of blocks, and that allows to keep a secure global book of transactions using timestamps, with high power of decentralised computational processing and cryptography.
The Taxation of Income from Cryptocurrencies in Various Jurisdictions (Part 6): Ireland
By Joe McCall, Byrne & McCall
A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. The European Central Bank (ECB) defines a virtual currency as “a digital representation of value, not issued by a central bank, credit institution or e-money institution, which in some circumstances can be used as an alternative to money.”
The Taxation of Income from Cryptocurrencies in Various Jurisdictions (Part 5): India
By Ashishkumar Bairagra, M L Bhuwania and Co LLP
Just like many other countries around the world, India has not introduced specific tax regulations for levying taxes on income from cryptocurrencies. This situation has left taxpayers with the option to decide the nature of income, based on their perception, and offer the income for tax accordingly. Under the (Indian) Income Tax Act, 1961, incomes fall under multiple categories and are taxed based on them, thereby also allowing for deductions or exemptions available for such divisions.
The Taxation of Income from Cryptocurrencies in Various Jurisdictions (Part 4): Germany
By Oliver Biernat, Benefitax GmbH Steuerberatungsgesellschaft Wirtschaftsprüfungsgesellschaft
Trading or private activity?
Anyone who trades bitcoins as a private individual often does not suspect that one can exercise a trade with it. In order to avoid unpleasant surprises such as accusations of tax evasion and to limit possible additional payments, interest and penalties, it is necessary to have a tax expert check this in good time and collect receipts. The border between trade and private activity is blurred. Section 15(2) sentence 1 of the Income Tax Act regulates this:
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- The Taxation of Income from Cryptocurrencies in Various Jurisdictions (Part 3): Brazil
- The Taxation of Income from Cryptocurrencies in Various Jurisdictions (Part 1): Understanding Cryptocurrencies
- The Taxation of Income from Cryptocurrencies in Various Jurisdictions (Part 11): Switzerland
- The Taxation of Income from Cryptocurrencies in Various Jurisdictions (Part 7): Italy
- The Taxation of Income from Cryptocurrencies in Various Jurisdictions (Part 2): Australia
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