[Rushtalk] EU court rules conversion to Bitcoin not subject to sales tax

John A. Quayle blueoval57 at verizon.net
Sat Oct 31 01:43:27 MDT 2015


         Creating money out of thin 
air.......so......if hackers rip you off, what truly have you really lost?!?





At 10:11 AM 10/30/2015, Carl Spitzer wrote:


>
>EU court rules conversion to Bitcoin not subject to sales tax
>
>
>
>Thursday 22 October 2015 at 1:19 PM ET by 
><http://jurist.org/paperchase/2015/10/eu-court-rules-bitcoin-another-form-of-currency.php#>Ashley 
>Hogan
>Bitcoin
> 
>© 
><https://commons.wikimedia.org/wiki/File:Bitcoin_euro.png>WikiMedia 
>(computer network participants and communities.) 
>[JURIST] The 
><http://europa.eu/about-eu/institutions-bodies/court-justice/index_en.htm>Court 
>of Justice of the European Union [official 
>website] 
><http://eur-lex.europa.eu/legal-content/EN/TXT/?qid=1395932669976&uri=CELEX:62014CJ0264>ruled 
>[judgment] Thursday that converting cash into 
><https://bitcoin.org/en/>Bitcoin [corporate 
>website], a virtual currency that is used online 
>and over the Internet, should be exempt from 
><https://www.verksamt.se/web/international/running/vat>value 
>added tax (VAT) [Swedish government 
>backgrounder] within the 28-country bloc. The 
>court found that the conversion should not be 
>charged a sales tax because the transaction 
>involves "the exchange of different means of 
>payment" and does not fall under the VAT 
>directive. Simon Dixon, CEO of 
>Bnktothefuture.com 
><http://www.bloomberg.com/news/articles/2015-10-22/bitcoin-virtual-currency-exchange-is-tax-free-eu-court-says-ig21wzcd>expressed 
>[Bloomberg report] his approval of the decision 
>saying Bitcoin will now be treated as another form of currency.
>
>The creation and use of digital currencies has 
>been a contentious issue across the globe. The 
>virtual currencies, which exist only in 
>electronic format, are generated and stored via 
>computer and traded among holders for goods and 
>services. In 2014 Tokyo-based digital currency 
>exchange <https://www.mtgox.com/>Mt. Gox 
>[corporate website, in Japanese] collapsed after 
>announcing the loss of more than USD $500 
>million worth of bitcoins to hackers. The loss 
>marked the 
><http://www.wsj.com/news/articles/SB10001424052702304819004579489373683252290>impetus 
>[WSJ report] for federal investigators to 
>closely examine digital currencies, which remain 
>largely unregulated by US and international 
>banking and currency laws. The popularity of 
>digital currencies stems from the fact that they 
>can be transferred anonymously, unlike most hard 
>currencies created by governments. Former US 
>Attorney General Eric Holder 
><http://jurist.org/paperchase/2014/04/us-ag-expresses-concern-about-digital-currency-abuse.php>expressed 
>concern [JURIST report] in April 2014 before the 
>US House of Representatives Judiciary Committee 
>with respect to the 
><http://www.cnbc.com/2013/12/24/what-you-need-to-know-about-digital-currencies.html>proliferation 
>of virtual currencies [CNBC backgrounder], 
>which, he asserts, have created new avenues for 
>money laundering, drug trafficking and other illegal activity.
>
>
>
>
>
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