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Cryptocurrencies in Public and Private Law edited by Fox, David; Green, Sarah

10 Taxation of Cryptocurrencies

Anne Fairpo

From: Cryptocurrencies in Public and Private Law

Edited By: David Fox, Sarah Green

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2015. All Rights Reserved.date: 17 September 2019

Subject(s):
Electronic money — Currency

This chapter examines the tax approaches taken by different jurisdictions with regard to cryptocurrencies and the implications of those approaches. It first considers the imposition of direct taxes and value-added taxes on cryptocurrencies before discussing a range of international taxation policies that view cryptocurrencies as property, focusing on countries such as Australia, Singapore, France, Israel, United States and the United Kingdom. It then looks at jurisdictions that regard cryptocurrencies as foreign currencies, including Australia and Switzerland, and concludes with an analysis of four main principles on which tax systems should be based: equality, efficiency, certainty and administrative convenience. The chapter argues that tax laws are not always equal, certain and administratively efficient, in part because tax authorities continue to treat cryptocurrencies as predominantly a payment mechanism rather than an investment vehicle.

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