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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

Germany exempts virtual in-game land sales

4 May 2022 in

Crypto-Assets

Payments for digital properties within online games outside scope of VAT The German Federal Tax Court, BFH, has ruled that sales or leasing for consideration of virtual buildings or land is outside the scope of VAT. The case covered the use of the US-based game,

Ireland confirms VAT obligations on crypto-assets

3 May 2022 in

Bitcoin

VAT liabilities on mining, exchange and consideration role for cryptocurrencies and similar crypto-assets Ireland’s tax authorities, the Revenue, has confirmed the VAT and other tax obligations on virtual digital currencies, including Bitcoin and tokens. An EU review on VAT on crypto-assets is underway. Key points

Tag: cryptocurrency

Norway exempts digital currency mining

Kenya 3% cryptoassets and 15% content creator taxes

Canada to exempt crypto mining from GST/HST

EU VAT liabilities on cryptocurrencies and NFT platforms

Italy update on VAT and Crypto assets

UK VAT on Non-Fungible Tokens

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

Spain assesses VAT on Non-fungible token as electronic service

Germany exempts virtual in-game land sales

Ireland confirms VAT obligations on crypto-assets

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