Quote from: mmitech on December 24, 2013, 02:13:40 PM

Quote from: gotmilk_ on December 24, 2013, 01:35:30 PM

Slovenia releases a statement Wink

Actually good news.

http://www.reddit.com/r/Bitcoin/comments/1tlr02/slovenia_releases_a_statement_about_taxing_of/

Also offical statement (in Slovene).
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this is something new, although i called DURS Kranj sometime ago (when the price was at 100 and I wanted cash some of my profits) and the lady already knew about bitcoin, in fact when I told her that the price was around 100 she was really surprised she told me that she remember when it was $1 and she asked me why the price went up.

long story short at the time she said there is no regulation around Bitcoin from Slovene government and she told me if I cash out I wont pay any taxes I just have to prove the source of my funds, then I asked her what if I did mine some of my bitcoins she asked me what was mining and I explained to her how the bitcoins are generated so she replied with a very interesting answer.

this was the answer:
a- "so miners are doing an effort and they get Bitcoins as compensation for their work, which they can sell for cash to cover their bills and take some profit" this from a legal point of view is undeclared work wich is illegal and the miners have to pay a fine for it and pay taxes for the income.

b- you invest some cash into Bitcoin (buy) than you daily trade or simple hold and after sometime you make a profit that you would like to cash out in this case you do not have to pay taxes because in a similar case when buying Dollars with euros or euros with Yuan or gold for Euros .... if the price of dollars against Euros goes up and you decide to convert back to euros you do not have to pay taxes for the profit you made.

c- if you are a merchant accepting bitcoin as a payment method, you will be taxed the same way as you do with fiat, the taxes would be based on bitcoin price at the time of the deal/service.

Slovenia for the first time have a clear statement about bitcoin, this is a real open minded statement from the government and I understand it as an endorsement and I think it helps the bitcoin economy.

+1

Great policy. Retail sales are taxable (easy to enforce), mining profits are taxable (big mining groups will *want* to play by the rules), but capital gains are not taxable (would have been difficult to enforce: calculate my "profit/loss" each time I buy a beer using BitPay!?).