cryptocurrency - vatcalc.com

EU DAC8 adopted – Crypto assets tax reporting harmonisation Jan 2026

17 October 2023 in

Crypto-Assets

DAC8 adopted by EU Council Harmonise EU tax reporting by e-money, cryptoassets and cryptocurrency intermediaries The EU Council has today approved the new proposed Directive on Administrative Cooperation mainly covering tax reporting on cryptocurrencies, Non-fungible tokens (NFT's) and other crypto assets (‘DAC8’). This amendment to

Chile VAT on digital currencies

12 August 2023 in

Chile

Internal Revenue Service confirms VAT on cryptocurrencies The Internal Revenue Service of Chile (SII) has confirmed the VAT liabilities on the trading of digital currencies such as bitcoin. Like many jurisdictions, trading of cryptocurrencies are treated as exempt from VAT. These digital currencies are considered an intangible.

Norway exempts digital currency mining

9 August 2023 in

Bitcoin

Joins other countries ruling minding or forging is financial service and therefore exempt from VAT The Norwegian Tax Administration has ruled (Tax Appeals Board Decision No. SKNS1-2023-30) that income for mining or forging digital currencies such as bitcoin are exempt from VAT. This is based

Kenya 3% cryptoassets and 15% content creator taxes

8 May 2023 in

Crypto-Assets

2023 budget to levy taxes on transfers of cryptocurrency and NFT’s plus online content creation The new 2023/24 Kenyan budget proposes two new digital taxes: 3% on the transfer of cryptocurrencies and Non-Fungible Tokens; and 15% on digital content monetization levying – content creators paid

Canada to exempt crypto mining from GST/HST

12 February 2023 in

Canada

Income for mining or forging of digital currencies or NFT’s (cryptoassets) will not be subject to 5% federal GST/HST The Canadian Revenue Agency has proposed exempting income received from creating, or ‘mining’, Cryptocurrencies. This follows EU Cryptocurrency VAT proposals on mining, wallet services and payment

EU VAT liabilities on cryptocurrencies and NFT platforms

1 November 2022 in

Bitcoin

Platforms as undisclosed agents hold VAT bill on certain tokens and NFT's Crypto-assets are similar to digital services for VAT, meaning digital intermediaries and marketplaces are generally liable where they facilitate the sale and control terms, delivery and charging. There is some variation where the

Italy update on VAT and Crypto assets

17 October 2022 in

cryptocurrency

Exemption for tokens and mining from rulings Italy has confirmed that both crypto utility tokens and mining are exempt from VAT. This follows EU VAT Committee crypto asset VAT preliminary review. . Sign-up to our free VAT newsletter . In two rulings, the following guidance

UK VAT on Non-Fungible Tokens

2 October 2022 in

cryptocurrency

Lack of definition puts uncertainty on UK VAT obligations for traders and marketplaces The UK’s HMRC has yet to confirm the Value Added Tax status of Non-Fungible Tokens (NFT’s), blockchain certificates of digital and physical assets. Whilst cryptocurrencies, another type of crypto asset, has been

EU VAT Non-Fungible Tokens (NFT’s) as digital services?

1 October 2022 in

cryptocurrency

Are NFT crypto assets transactions subject to EU digital services VAT rules? Update: the Committee has produced its working paper on EU VAT and NFT’s in March 2023 Non-Fungible Tokens (NFT’s) trading is rising in popularity raising the question is they are liable to

Spain assesses VAT on Non-fungible token as electronic service

23 May 2022 in

Crypto-Assets

NFT classified as digital service and liable to 21% VAT Agencia Estatal de Administración Tributaria, AEAT, has ruled that the supply of Non-fungible token is to be regarded as the supply of an electronic service and subject to the standard rate of 21% The ruling was provided

Tag: cryptocurrency