News From The Crypto Currencies Scene

No VAT Charge for Bitcoin Trading in Belgium for now

No VAT Charge for Bitcoin Trading in Belgium for now

One of the first hurdles with the Bitcoin initially was if profits made by trading the currency should be taxed or not and most countries in the world has settled that matter during the course of this year. Now another issue arrived however and that is if the governments should charge VAT on Bitcoin trading or not, as it is not categorized properly with the European Court of Justice yet.


The Belgian Tax Authority has taken the first step towards regulating the Bitcoin issue, as they have announced that they will not be collecting value added tax from trading until the matter has been settled with the European Court of Justice.


So for now all Bitcoin trading will be exempt under Article 44 in the Belgian VAT law, allowing traders to not pay any sort of tax of profits made from trading cryptocurrencies.


The Belgian tax authority announced at the same time that it would revise its position on the VAT law when the European Union has decided how they are looking to tax it, but that they would not demand any traders to pay back VAT retrospectively.

News by Daniel Allermand
Daniel Allermand - Reporter

Daniel Allermand is a freelance writer, with more than 4 years of experience in the industry as an operator, affiliate and poker player. Daniel has decided it was time to try and bring more coverage about the industry to the general public by writing articles about everything from poker to casino.


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