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Top EU Court Declares Virtual Currency Exchanges VAT-Free

© Flickr / AntanaBitcoin coins photo
Bitcoin coins photo - Sputnik International
The highest EU court ruled Thursday that virtual currencies, such as Bitcoin, can be exchanged for traditional currencies across the European Union without incurring consumption taxes, according to the court’s statement.

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MOSCOW (Sputnik) The European Court of Justice decided that transactions should be exempt from value added tax (VAT) under the provision concerning transactions related to "currency, bank notes and coins used as legal tender."

The judgment came in response to a case prompted by a Swedish national seeking guidance from the Swedish tax authority, before opening an online Bitcoin exchange business. The tax authority argued that virtual currencies should be subject to consumption taxes.

Bitcoin is one of the most popular cryptocurrencies or peer-to-peer payment systems, which have no material form and allow users to make payments for good and services online.

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