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Bitcoin in the Israel will be taxed

Bitcoin Israil News

Between Bitcoin and Israel finally it came clear. The tax authorities of the country recently announced that Bitcoin and other crypto currencies are treated as assets and are subject to the taxation.

The fact that the legal status of Bitcoin in many countries of the world is in a gray area. But the Israeli authorities to clarify its position on cryptocurrency, people are now able to manage their tax returns, respectively.

The first explanation for cryptocurrency were given in April 2014. Then Israel Tax Service did not give any specific recommendations, and due to the high anonymity cryptocurrency decided that operations with them can not be controlled, and therefore tax them. As a result, the decision was postponed to "better times", which is now come. However, users cryptocurrency it is hardly necessary to taste: the new tax regime appears to be quite tough and will require significant expenditures by law-abiding citizens.

When selling Bitcoins, individuals will have to pay capital gains tax, which is 25%. In this case, you will need to prove the cost of purchasing cryptocurrency, otherwise you'll have to pay tax on the full amount of the sale.

And finally, trading and mining cryptocurrency considered as doing business, which means that companies operating in these areas, will have to pay income tax, as well as to take VAT customers (VAT) at the rate of 17%.

Internal Revenue Service recognizes the difficulties that will arise in cryptocurrency users, but can not depart from the letter of the law. This means that the Israeli bitkoynerov before full freedom, times are tough.

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