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Israel Confirms It Will Tax Bitcoin as Property

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Israel Confirms It Will Tax Bitcoin as Property

Postby MrFredPFL » Mon Feb 19, 2018 8:23 pm

Story :

Israel's government confirmed Monday that it would treat bitcoin and other cryptocurrencies as a kind of property for tax purposes.

The notice confirms past indications that the Tax Authority will regard cryptocurrencies as "a property, not a currency", making it therefore taxable as such. The Authority's position was first detailed in a draft circular issued in January of this year.

The circular explains that profits from cryptocurrencies will be subject to capital gains tax at rates between twenty percent and twenty-five percent, while individuals mining or trading cryptocurrencies in connection with businesses must pay a seventeen percent value-added tax (VAT) in addition to capital gains tax.

That latter aspect - excluding broad swaths of investors from potential VAT charges - is in line with a trend seen in recent years since the issue gained prominence. The Israeli government started exploring the taxation of cryptocurrencies as early as 2013.

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