Good news for the crypto-currency folk across the pond. The Court of Justice of the European Union recently ruled the services of a bitcoin exchange are exempt from the value-added tax, according to Chris Bates, Sean Murphy and Judy Harrison of Norton Rose Fulbright.
“The Court was asked to consider how an exchange which sold bitcoin for traditional currencies would be taxed,” explain the authors. They note that previously there was no consistency in the EU on this issue, with bitcoin being subject to a VAT in some member states while not in others. The case was brought by David Hedqvist, who wanted to set up a bitcoin exchange but sought clarity on the VAT issue before doing so. “The importance of this decision to the bitcoin community is well illustrated by the many contributions made to Mr. Hedqvist’s legal costs,” they say.
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