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Exploratory study on accounting and taxation of virtual currencies by Romanian companies

Author

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  • Mirela PAUNESCU

    (Bucharest University of Economic Studies)

Abstract

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.

Suggested Citation

  • Mirela PAUNESCU, 2018. "Exploratory study on accounting and taxation of virtual currencies by Romanian companies," The Audit Financiar journal, Chamber of Financial Auditors of Romania, vol. 16(150), pages 239-239.
    • Handle: RePEc:aud:audfin:v:16:y:2018:i:150:p:239
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    References listed on IDEAS

    as
    1. Costel Istrate, 2015. "The Persistence of the Accounting Policies After the Transition to IFRS of the Romanian Listed Companies," Journal of Accounting and Management Information Systems, Faculty of Accounting and Management Information Systems, The Bucharest University of Economic Studies, vol. 14(4), pages 599-626, December.
    2. Cătălin Nicolae Albu & Nadia Albu, 2017. "The Role and Current Status of IFRS in the Completion of National Accounting Rules – Evidence from Romania," Accounting in Europe, Taylor & Francis Journals, vol. 14(1-2), pages 177-186, May.
    3. Albu, Cătălin Nicolae & Albu, Nadia & Alexander, David, 2014. "When global accounting standards meet the local context—Insights from an emerging economy," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 25(6), pages 489-510.
    4. Costel ISTRATE, 2012. "Impact of IFRS on Romanian Accounting and Tax Rules for Fixed Tangibles Assets," Journal of Accounting and Management Information Systems, Faculty of Accounting and Management Information Systems, The Bucharest University of Economic Studies, vol. 11(2), pages 243-263, June.
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    More about this item

    Keywords

    virtual currency; Bitcoin; accounting and reporting; taxation;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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