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HMRC reviews Bitcoin taxation rate

Accountancy Age

THE RATE at which Bitcoin purchases are taxed is under review by HM Revenue & Customs, amid fears that the virtual currency may be used as part of tax evasion and money laundering. Traders have raised concerns that the 20% VAT rate attached to the online currency made their businesses uncompetitive on a global level, and encouraged them to consider more favourable jurisdictions, the Financial Times reports. In the last year,…

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