April 21, 2024

England publishes tax rules for cryptocurrency enterprises

England publishes tax rules for cryptocurrency enterprises

HM Customs and Excise (HMRC) last week published a new set of rules forcryptocurrency business.

The document contains information on howdifferent tax categories will apply to bitcoin and cryptocurrency transactions. According to the law, all activities related to the exchange of cryptocurrency and its extraction will be subject to a certain tax.

The document states:

The amount of tax a company must pay will depend on its income, expenses and net profit.

The document also states that cryptocurrencies likeBitcoins are not classified as money, stocks or marketable securities. Therefore, cryptocurrency transactions will not be subject to securities and money laws.

Based on materialsbitcoinist.com