Exploratory study on accounting and taxation of virtual currencies by Romanian companies
As virtual currencies became more common and utilized by various users, companies or individuals, the question about if and how to tax for them could no longer be ignored. The rise and fall of Bitcoin in the last year, the increasing number of Initial Coin Offerings and the growing number of virtual...
| Format: | Article |
|---|---|
| Language: | English |
| Published: |
Chamber of Financial Auditors of Romania
2018-02-01
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| Series: | Audit Financiar |
| Subjects: | |
| Online Access: |
http://revista.cafr.ro/temp/Article_9574.pdf
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| _version_ | 1818109836939755520 |
|---|---|
| collection | DOAJ |
| description | As virtual currencies became more common and utilized
by various users, companies or individuals, the question
about if and how to tax for them could no longer be
ignored. The rise and fall of Bitcoin in the last year, the
increasing number of Initial Coin Offerings and the
growing number of virtual currencies being launched
recently, made everyone alert to the topic. This is why,
lately, more and more regulators chose to come up with
clarifications about how to account (and tax) for virtual
currencies. Romania, unfortunately, is not one of those
countries that chose to adapt their legislation to take into
account virtual coins. Ambiguity governs the use of
virtual currencies, their nature and the rules to account
for transactions involving virtual currencies.
In this paper, we analyze the difficulties faced by the
corporate entities which use virtual currencies in their
activity and so have to pay corporate tax. |
| first_indexed | 2024-12-11T02:37:35Z |
| format | Article |
| id | doaj.art-f5e2b43a22774cdfa4ee2a418f7e9d35 |
| institution | Directory Open Access Journal |
| issn | 1844-8801 |
| language | English |
| last_indexed | 2024-12-11T02:37:35Z |
| publishDate | 2018-02-01 |
| publisher | Chamber of Financial Auditors of Romania |
| record_format | Article |
| series | Audit Financiar |
| spelling | doaj.art-f5e2b43a22774cdfa4ee2a418f7e9d352022-12-22T01:23:42ZengChamber of Financial Auditors of RomaniaAudit Financiar1844-88012018-02-011615023924810.20869/AUDITF/2018/150/2399574Exploratory study on accounting and taxation of virtual currencies by Romanian companiesAs virtual currencies became more common and utilized by various users, companies or individuals, the question about if and how to tax for them could no longer be ignored. The rise and fall of Bitcoin in the last year, the increasing number of Initial Coin Offerings and the growing number of virtual currencies being launched recently, made everyone alert to the topic. This is why, lately, more and more regulators chose to come up with clarifications about how to account (and tax) for virtual currencies. Romania, unfortunately, is not one of those countries that chose to adapt their legislation to take into account virtual coins. Ambiguity governs the use of virtual currencies, their nature and the rules to account for transactions involving virtual currencies. In this paper, we analyze the difficulties faced by the corporate entities which use virtual currencies in their activity and so have to pay corporate tax. http://revista.cafr.ro/temp/Article_9574.pdf virtual currencybitcoinaccounting and reportingtaxation |
| spellingShingle | Exploratory study on accounting and taxation of virtual currencies by Romanian companies Audit Financiar virtual currency bitcoin accounting and reporting taxation |
| title | Exploratory study on accounting and taxation of virtual currencies by Romanian companies |
| title_full | Exploratory study on accounting and taxation of virtual currencies by Romanian companies |
| title_fullStr | Exploratory study on accounting and taxation of virtual currencies by Romanian companies |
| title_full_unstemmed | Exploratory study on accounting and taxation of virtual currencies by Romanian companies |
| title_short | Exploratory study on accounting and taxation of virtual currencies by Romanian companies |
| title_sort | exploratory study on accounting and taxation of virtual currencies by romanian companies |
| topic | virtual currency bitcoin accounting and reporting taxation |
| url |
http://revista.cafr.ro/temp/Article_9574.pdf
|