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  Bitcoin boom: 720 million euros additional tax revenue in 2017 | Bit Updates
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Bitcoin boom: 720 million euros additional tax revenue in 2017

Sunday, January 28th, 2018 | bitcoin updates

Read article: According to conservative estimates of the Blockchain Center of the Frankfurt School (FS) of Finance & Management, the German state for 2017 additional taxes in the amount of 726 million euros trade in cryptocurrencies. This represents about one percent of the total income tax revenue from the year 2016. From the large media attention of the Bitcoin will benefit in the next few months, the tax authorities. According to a current estimate, at least € 726 million in additional tax revenues are to be taken for the previous year. The basis for this estimate is the amount of all Blockchain-based assets in the amount of around EUR 460 billion in 2017. The share of German investors is expected to be around 3.5%. Add to this the conservative assumption that only 15% of the increase in value represents realized taxable income. This results in 2.42 billion euros, which must also be taxed by the investors. With an average income tax rate of 30%, this translates into approximately 726 million euros in additional tax revenues, as calculated by the FS Blockchain Center. Anyone who successfully traded crypto currencies before the turn of the year has to be very cautious at the latest at the next tax return. Those who do not fully declare their income can make themselves liable to prosecution because of the enormous fluctuations and thus the large profits. According to the authors, the German state is also responsible for the present state of affairs. This is now required, in a timely manner "to create a clear framework for the taxation of cryptographic currency gains." The problem: As regards the tax treatment, there is still no final legal classification of Blockchain-based assets. For many taxpayers this would create considerable uncertainty. With a share of income tax revenue of around one percent in 2016, there is no doubt that there is an "urgent need for action", as Klaus Himmer and Philipp Sandner warningly state in their study.BTC-ECHOAbout Lars SobirajLars Sobiraj began in 2000 as a career changer for various computer magazines to be active. In 2006, gulli.com added new priorities: network policy and copyright. After leading the editorial team until October 2012, he now works freelance for various online magazines and of course for his own project, Tarnkappe.info. In addition, Lars Sobiraj teaches students on Sustainable Marketing & Leadership (M.A.) at Cologne University of Applied Sciences Fresenius how to use the Internet and social networks. Some time ago there was a growing interest in cryptocurrency, which fortunately works without the control of central banks. He would like to do his part to ensure that Bitcoin & Co. are not only of interest to pure speculators, but also to the woman and the man next door. All contributions by Lars Sobiraj


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