[Crypto News] Germany makes paying with Bitcoin taxfree
Good morning everyone,
the title basically says it all. I am very happy that the government came up with this. Up until now in Germany was every transaction a taxable event. That meant, every cup of coffee that you bought with bitcoin (i.e. with a Debit Card) had to be taxed.
With this new law there is basically no reason to pay taxes on cryptos at all anymore. Just never convert them to FIAT.
News content for this blog was not planed, but I figured that some news just had to be spread. Especially when they immediately affect me. What they do, since I live in Berlin right now.
Sources:
- https://www.coindesk.com/germany-considers-crypto-legal-equivalent-to-fiat-for-tax-purposes/
- http://www.bundesfinanzministerium.de/Content/DE/Downloads/BMF_Schreiben/Steuerarten/Umsatzsteuer/Umsatzsteuer-Anwendungserlass/2018-02-27-umsatzsteuerliche-behandlung-von-bitcoin-und-anderen-sog-virtuellen-waehrungen.pdf;jsessionid=9EF6E508980D0578D892EBF293C193B4?__blob=publicationFile&v=1
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Let's all move to Germany!
It's not the worst place to live in. And especially in big cities you have crypto meet ups on a regular basis. Like the Monero Meetup every second Tuesday of the Month in Berlin.
Nice. Over here in Belgium we do not really have laws for taxing cryptos yet. But that is not stopping the government from taking 33% if they find out. Pretty disgusting, especially if you know we don't have capital gains taxes on stocks, bonds or foreign currencies.
That is crazy! Sounds like someone should start lobbying for cryptos in Belgium so that teh citizens won't get screwed by the government. It's a perfect example of how no regulations can be worse than a lot of regulations...
In Germany you have high taxes on capital gains, that is why the tax free payment is such a relief for every user.