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Bitcoins were dealt a blow in Norway as the government of Scandinavia’s richest nation said the virtual currency doesn’t qualify as real money. I don't see how
by skylan_q 13y ago
Bitcoins were dealt a blow in Norway as the government of Scandinavia’s richest nation said the virtual currency doesn’t qualify as real money.
I don't see how this is a blow to bitcoin. All this does is leave the door open for people to use bitcoin and escape the tax system without being punished. If the government of Norway didn't accept the physical phenomenon of gravity, would gravity have "failed the test"?
The market is bitcoin's ultimate test. Not the government's recognition of it.
- JumpCrisscross 13y ago>All this does is leave the door open for people to use bitcoin and escape the tax system without being punished. Norway ruled that Bitcoins are an asset subject to capital gains taxation. I'm not sure how that leaves the door open for people to dodge taxes.
- skylan_q 13y agoI'm not sure how that leaves the door open for people to dodge taxes. Sales taxes...
- tedunangst 13y agoThey don't charge sales tax on barter transactions?
- runarb 13y agoYes, one pay vat on barter transactions in Norway[0]. But unsure how this works in practice. There are also some minimum that has to be reached before one has to add vat. 0: http://www.frilansinfo.no/hva-er-en-barteravtale http://www.frilansinfo.no/hva-er-en-barteravtale
- klapinat0r 13y agoAs a private citizen (not a company) you don't dodge sales tax (VAT). It's a refundable tax for companies, not a claimed tax.
- deleted 13y ago[deleted]
- gamblor956 13y agoVAT is a tax paid by the consumer, and which is collected by the final seller (to the end consumer). A business which accepts bitcoins would be required to remit the VAT in an acceptable currency. If the business did not collect VAT from the customer, the payment of VAT would be borne by the business.
- deleted 13y ago[deleted]