Austria looks to EU for guidance on Bitcoin

Austria is one of several member states to have turned to the EU for clarification on the status of virtual

Austria is one of several member states to have turned to the EU for clarification on the status of virtual currency for regulatory and taxation purposes. As the EU is still investigating, several states have implemented their own rulings in the meantime.

Minister of Finance Niko Alm previously indicated that although virtual currencies have currency-like properties, they are not a store of of value. Therefore, they exist outside the realm of his ministry.

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Recently, it was noted that treatment for VAT purposes is pending the ruling of the EU VAT Committee. But because it isn’t considered a currency, selling bitcoins (as opposed to receiving them as payment for other goods) is subject to sales tax. Mining pool services would fall into this category. In addition, if bitcoins are held and disposed of within less than one year, the profits are taxable.

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