On 8 May 2019, the German Federal Ministry of Finance (BMF) published a draft law that contains further tax incentives for electro mobility as well as amendments to other tax regulations. The draft law was sent to selected associations such as the Prepaid Verband Deutschland e.V. It contains a new definition to differentiate between income […]
For businesses who voluntarily or as required by law (have to) prepare annual accounts, the question arises as to how Bitcoin and other cryptocurrencies (hereinafter collectively referred to as Bitcoin by way of example) need to be disclosed in the annual accounts, consisting of (commercial) balance sheet, profit and loss account and, if applicable, appendices. […]
The new year has only just entered its third quarter and looking at the price development of Bitcoin and other cryptos compels me to wish all crypto investors a more successful year than the one we had in 2018 – a time when almost all cryptocurrency prices fell. In all likelihood, many of you are […]
UPDATE 23/11/2018: On 23 November 2018, the German Federal Council voted in favour of the “Act on the Avoidance of Value Added Tax Losses in relation to the Trade in Goods on the Internet and on the Amendment of Further Tax Provisions”. The planned amendments I had described in my article have been incorporated into […]
A few days ago – on 21 June – the German Federal Ministry of Finance (BMF) published a draft of the German Annual Tax Act 2018 (JStG 2018). With this draft law, the legislator is tackling “hot topics” for the payment and FinTech industry, such as the value added tax (VAT) treatment of the distribution […]
The example of US tax authorities and Coinbase, which I already mentioned in part 2 of my entry on Bitcoin and other cryptocurrencies shows that foreign tax authorities can also access your data. The exchange of information is regulated as follows. Exchange of information. Spontaneous? Automatically? Based on the International Convention on Mutual Administrative Assistance […]
Status to date In my post ”Happy New Tax Year with Bitcoin and other cryptocurrencies (3)”, I presented the current status of the VAT treatment of Bitcoin and other cryptocurrencies among other things in regards to the gift tax. The Court of Justice of the EU (on 22/10/2015, C-264/14, DStR 2015, 2433) decided that the […]
In the first two parts of my series “Happy New Tax Year with Bitcoin and other cryptocurrencies” I talked about Bitcoin and the German income tax, including the tax implications of swapping Bitcoin into other cryptocurrencies, bets on Bitcoin and the tax implications of other cryptocurrencies. Part 3 now deals with Bitcoin and other cryptocurrencies […]
Still income tax As already mentioned in part 1 of my article on the Taxation of Bitcoin, there are numerous other aspects to consider. In this, part 2, I will consider the ramifications of changing bitcoins into other cryptocurrencies, betting on bitcoins, taxation of other cryptocurrencies, as well as taxation abroad and in Germany. Last but not […]
Part 1 – Bitcoin and the German income tax Incredible price gains, a low interest rate policy and high stock market values: everyone is talking more than ever about bitcoin and cryptocurrencies. If you are one of those people who invested at the right time: Congratulations! This means, however, that you are also probably someone […]