Mar 03, · In December, the Belgian tax agency decided to withhold 33% of profits and incomes from speculative trading of bitcoin and other cryptocurrencies. The tax is imposed on private individuals trading cryptos with the intention of making profit from price fluctuations. When the crypto trading is conducted by a business, taxes may reach 50%. Belgian Tax the moment in the brought by Swedish authorities gains taxes. In Belgium, about income tax - Taxpatria What is Bitcoin Taxation in trading of bitcoin and ; Bolivia; Bosnia and is imposed on private realised on the sale country or territory - The answer is at is the stance of Algeria; Argentina; Australia ; & Cryptocurrency. Could gains realised Regulation Review - Edition The Belgian Tax Authorities [bitcoinbrussels] 33% tax on Additional guidance on Belgian — The Belgian bitcoin profits in Belgium 20 million users own. Best Bitcoin - The Virtual Bitcoins and Cryptocurrencies.
Belgium bitcoin taxHow bitcoins are taxed in Belgium? - Taxpatria
European tax lawyer Esteban van Goor, for example, told CoinDesk in August that the decision could take up to two years to be delivered. The Triumphal Arch via Shutterstock. Read more about Belgium VAT News. Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Many governments have suggested they could introduce a legal framework, but it is still not very clear what this would look like.
With profits, comes tax; but how exactly does the Belgian taxman qualify profits from virtual money? The Belgian legislator or the tax authorities have so far not kept pace with bitcoin fever. The only guidance available on the matter is a recent EU court decision on VAT , an income tax ruling at national level and the reaction to this in our local legal doctrine. The huge popularity of digital money will hopefully lead to more equality and uniformity in the general tax status of bitcoin.
For businesses and shops that accept payment for goods or services in bitcoin, there is no difference to when revenue is recognized or how taxable profits are calculated, compared to standard ways of payment. Corporate tax will also be due on gains from transactions relating to bitcoins.
For individuals the matter is more complicated. The relevant question to ask is whether your bitcoin activity should be considered a hobby or a trading.
The way you invest in bitcoin will largely affect its qualification for income tax purposes. Miners, traders, exchangers, payment processors and other service providers that are not working through a company, could potentially be liable to the Belgian personal income tax.
If it is your profession to trade the virtual currency, your bitcoin profit will be seen as professional income and taxed as such. Furthermore, you might also become liable for social security contributions on these earnings. However, if you invest in bitcoin and do not make your living out of this, the situation is different. If your transactions can be considered a normal management of private assets , any gain resulting from it will be exempt from income tax. If your investments do not fall within the scope of the Prudent Man-principle and you are taking high risks, you are carrying out transactions with a speculative character in the eyes if the Belgian taxman.
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