| Europeans: Go buy some bitcoins. They’re tax free. Virtual currency bitcoin took another step toward legitimacy Thursday, when Europe’s top court ruled that it must be treated like a currency—not a commodity—for tax purposes. The European Union’s Court of Justice ruled that bitcoin exchanges that transfer conventional currencies such as euros or Swedish krona into bitcoin for a fee are exempt from value-added taxes because of EU rules barring such taxes on transfers of “currency, bank notes and coins used as legal tender.”
The ruling is a significant boost for bitcoin in one of the world’s largest trading areas, removing the threat of taxes that would have raised the cost of buying or using the virtual currency in Europe...............................................Full Article: Source
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