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Spain Exempts Bitcoin From VAT

by Ulrika Lomas, Tax-News.com, Brussels

22 April 2015


Spain's General Directorate of Taxes (DGT) has announced that it will treat virtual currencies, such as Bitcoin, as financial services exempt from value-added tax (VAT).

Spain has chosen to take the same position as the UK, and certain other European Union member states, in terms of how to define Bitcoin for tax purposes.

As such, VAT will only apply to supplies of goods and services tax for a consideration of Bitcoin, in the same manner as purchases using fiat currency.

Spain does not however consider virtual currencies to have the same status as fiat currency, deciding that the currencies fall under the heading of "other negotiable instruments."

TAGS: VAT rates | VAT tax authority guidance | tax | value added tax (VAT) | VAT legislation | financial services | tax authority | legislation | Spain | currency | services | VAT goods & services classification | Europe | Tax

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