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Bulgaria Clarifies Tax Treatment Of Virtual Currencies

By Lorys Charalambous, Tax-News.com, Cyprus

04 April 2014


Bulgaria's tax authority has said that virtual currencies such as Bitcoin are to be treated as financial assets for tax purposes, in a statement issued ahead of this month's 2013 tax-filing deadline.

According to a statement from the country's National Revenue Agency, gains from digital currency trading will be taxed at 10 percent, and taxpayers should enter details on this income minus losses into existing fields in tax returns.

The announcement comes days after the US Internal Revenue Service (IRS), which issued more comprehensive guidance in which it explained that digital currencies should be regarded generally as property for federal tax purposes, and in some cases as a capital asset when sold or exchanged.

TAGS: capital gains tax (CGT) | tax | revenue guidance | financial services | Bulgaria | currency | services

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