Czech bitcoin tax

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Czech bitcoin tax

Czech Republic Introduces Law Regulating (Restricting) Bitcoin

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White papers. The Czech Republic has introduced a number of anti fraud measures on the trading of bitcoins. Need help with your Czech VAT compliance? Find out more. Latest Czech news. VP Global Indirect Tax. An anti-money laundering law prepared by the Finance Ministry requires virtual currency exchanges to determine the identity of customers.

The Finance Ministry determined that it is possible to disguise links to criminal activity using virtual currency and that virtual currency poses the risk of tax fraud.

The law has been endorsed by the House and now heads to the Senate. Cryptocurrency users have called the law a disaster.

The law only applies to financial service providers. Someone who accepts payments in virtual currency only but does not provide other services like virtual wallets is not obligated. The government also plans to amend the value-added tax VAT section making the purchaser of goods or services liable for VAT.

Should a contractor fail to pay the VAT, the tax office could take action. Exchanges must pay state income tax. Revenues from transactions must be valued on a daily basis using the official exchange rate of virtual currencies.

Czech bitcoin VAT fraud measures Licensing On The Way?

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2 Responses

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