What is the Libra cryptocurrency? Libra is a cryptocurrency which, like other cryptocurrencies, is based on a blockchain technology which is limited to the participants (“permissioned blockchain”). Susanne has already described the structure of the Libra cryptocurrency. As a so-called stablecoin Libra is tied to a basket of currencies. For hedging purposes, investments are made […]
In my blog entry last year, I took a general look at the VAT exemption of so-called white label structures, and in particular at a case that came before the German Federal Fiscal Court (BFH) concerning potentially VAT-exempt services surrounding the operation of cash machines by a company and a bank. The case concerned the […]
The draft law in its current form On 8 May 2019, the German Federal Ministry of Finance (BMF) published a draft Act on the Further Tax Promotion of Electric Mobility and on the Amendment of Further Tax Regulations (the Draft Act). I have already described and explained the planned amendments in detail in my blog […]
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 […]