Re: [ANN] Auroracoin - A new chapter in the history of Iceland!
In Iceland Bitcoin and Auroracoin are considered to be commodities like gold and silver, which can act like a currency but are not currency!
Has there been a statement on VAT?
You know, every time I see "ISK" mentioned it
brings back memories of the days I spent on EVE online...
Regarding the VAT issue. The Icelandic tax that handles VAT in Iceland has these rules on their website: https://www.rsk.is/atvinnurekstur/virdisaukaskattur/skattskylda-og-skattprosentur/nr/100 use google translate.
The most interesting and clear thing on the site is the text in the beginning explaining that you have to pay VAT for all sales of commodities, products or services when it's part of your commercial business.
Then they declare what is not a commodity: "Stocks, bonds or other such business papers, such as coins and stamps, when its used as a means of payment but not for collecting or as printed commodity"
From this I gather you don't have to pay VAT when you buy/sell Auroracoin for the purpose of using it as a means of payment.
But you have to pay VAT of the things you buy using Auroracoin, i.e. you buy a "hot dog", for 1 AUR and the seller of the "hot dog" has to pay VAT just like if you bought it with ISK.
Regarding the ISK.... more people (340.000) use ISK in EVE online than use ISK in Iceland (320.000).