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.
To see today's news, click here.
Tax-News Reviews
A review and forecast of Cyprus's international business, legal and investment climate.
A review and forecast of Malta's international business, legal and investment climate.
A review and forecast of Jersey's international business, legal and investment climate.
A review of the latest budget news and government financial statements from around the world.
Stay Updated
Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.
By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.
To manage your mailing list preferences, please click here »
Network Blogs and Features
- Governments Chase The COVID Cash »
- Governments Get Creative Over COVID-19 »
- Governments Taking (In)Direct Tax Action In Response To Pandemic »
- Forming an LLC in California: Step by Step Guide »
- Governments Working Hard On Working Hard »
- Business As Usual? »
- How to change your company secretary in Hong Kong? »
- International Tax Matters Inch Forward »
- COVID-19 Trends Take Shape In The New 'Wild West' »
- keeping calm and carrying on »