Ruling clarifies bitcoin taxation across Europe, while ...
Ruling clarifies bitcoin taxation across Europe, while ...
My Crypto taxes in Germany - 2017(18), actual status ...
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My Crypto taxes in Germany - 2017(18), actual status
Ola ppl, yesterday I finally had my "date" with my official tax accountant from a major German tax union in Hessen. He does all my official tax work and is legally responsible for my tax return. Since I had some trades in 2017 with BTC, (and a lot in this year!), I was looking forward to this meeting to get all my crypto-tax questions cleared. The state is as follows: The German Finanzamt doesn't know how to tax crypto, again. There was a EU judgement (case „Hedqvist“, C-264/14) in 2015 which defines Bitcoin and Crypto as currency and therefore can’t be taxed. This view has also been strengthened by the German Federal Financial Supervisory Authority (BaFin) in this year (2018) which has the same view on Crypto. This resulted in the "mess" that we are in (for us in Crypto in Germany it is great actually) tax regarding. To sum it up, this was told to me from my Tax-man, for a private person doing private trades:
I dont need to report anything Crypto related. Not my BTC buys, not my binance trades, no airdrops, no mining, no passive income from holding, nothing.
The German Finanzamt simply doesnt care for cryptos now, the volume and tax amounts are insignificant and it is now defined as currency-type again. If you are not dealing with SIGNIFICANT amounts of €-value in Cryptos, nobody will even ask you about anything. If you are dealing whit amounts which raises the questions of the "Finanzamt" (hence "Significant"), it is about money laundering and the likes of.
The "Finanzamt" has, for now, no LEGAL way of requesting/tracking trades on crypto-exchanges (except for cases when they go to court), since exchanges are not official banks/financial institutions, they have no legal authority over them. In turn, Crypto exchanges have no official/standardized way of reporting taxable trades/buys/etc... like financial institutions have. No one is going to manually track and calculate your trades unless they are said to do it by court (again, example money laundering and such cases)
I can and should keep a record of my trades IF the legal situation changes. It is highly unlikely, but you never know.
I should never invest more than I can afford, and don’t put everything in Crypto
Cheers tl;dr: For now, in Germany are NO TAXES to pay on anything crypto related. Cryptos are defined similar to currency and not taxed. EDIT: I see this is blowing up, I will try to directly talk to the "Finanzamt" about this since the opinions and experiences range from: " You are fucked and going to jail" to "Great, thats it". EDIT 2: German "Finanzamt" doesnt give statments regarding procedures, I shall contact a legal tax adviser or preferably a union. You cant make that shit up. Back to square 1, will make a second meeting with a different adviser to check it explicitly on that matter. What a legal swamp....
Hedqvist plant eine neue Bitcoin-Börse zu eröffnen. Ein schwedisches Gericht urteilte später darüber, dass solche Aktivitäten von der Mehrwertsteuer ausgenommen würden – eine Entscheidung die später von der Skatterverket, der schwedischen Steuerbehörde, angefochten wurde. Letztendlich wurde der Europäische Gerichtshof um Hilfe gebeten. Auch wenn das Gericht noch diese letzte ... The commission found that bitcoin, “is a means of payment used in a similar way to legal means of payment and the transactions that Mr Hedqvist intends to effect must, consequently, be exempt ... There was a EU judgement (case „Hedqvist“, C-264/14) in 2015 which defines Bitcoin and Crypto as currency and therefore can’t be taxed. This view has also been strengthened by the German Federal Financial Supervisory Authority (BaFin) in this year (2018) which has the same view on Crypto. This resulted in the "mess" that we are in (for us in Crypto in Germany it is great actually) tax ... Namely, bitcoin was the subject of a dispute between Skatteverket (Swedish tax authority) and Mr. D. Hedqvist in 2015 and the Supreme Administrative Court of Sweden sent a request for a ... According to the ruling in the Skatteverket v Hedqvist Case C-264/14, the exchange of bitcoin falls within the exemption in Article 135(1)(e) of EU’s VAT Directive, which covers transactions concerning currency, bank notes, and coins used as legal tender. Binance Coin $ 27.56 2.62%. Polkadot $ 4.24 3.72%. Litecoin $ 58.74 7.82%. Cardano $ 0.097488 1.89%. Alle Kurse . Finanzamt Bonn forderte angeblich Umsatzsteuer bei Bitcoin-Veräußerung . Startseite; Aktuelle Artikel im Überblick; Politik; Regulierung; Finanzamt Bonn forderte angeblich Umsatzsteuer bei Bitcoin-Veräußerung . von Tobias Schmidt. Am 9. Februar 2018 30. Juni 2019 · Lesezeit ... In 2013, Swedish software developer David Hedqvist asked the European Union if Bitcoin transactions were exempt from VAT (value added tax) or not. Almost three years later, Europe finally replied and the answer is ‘no’. In other words,
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