EU Countries Cannot Agree on Cryptocurrency Taxation
March 27, 2018
The EU members haven’t reached agreement so far on the issue of virtual currency taxation which may affect adversely crypto market users in the future.
With the view of lacking guiding principles in the EU the participating countries have shifted to adopting their own standards.
For instance, Germany has announced, cryptocurrencies as investments will be value-added tax free but will be taxable when purchasing goods and services. Mining cryptocurrency will be left tax exempt as well, what is more, Germany will afford tax perks for crypto exchanges while all private individuals engaged into virtual currency trading will be obliged to pay capital gains tax.
Similar measures have been taken by Estonia too. In Slovenia individual traders are tax exempt, while individuals and enterprises have to pay 16-50% tax depending on revenue level.