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Title: Bitcoin and tax in your countries Post by: Daniel91 on November 10, 2019, 01:46:12 PM I would like to hear about the situation with bitcoin and taxes in your countries.
I think it would be interesting to hear different experiences and compare results across countries. Of course, I understand that in some countries you can't declare bitcoin tax. I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax. I will start first. In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax. In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment). If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax. Can you share situation in your country? Title: Re: Bitcoin and tax in your countries Post by: Lucius on November 10, 2019, 02:03:09 PM I will just say that anyone who pays crypto tax in Croatia (currently and in the past) actually donates state money. And why do I say that? Well, because you have the ability to change crypto (in FIAT) to a certain value per transaction (1000 Euros - daily) without ID, and also to buy/sell gold with crypto in a same way. You also have physical and online stores that accept crypto, which is also a perfectly legal way to avoid paying taxes (or at least it can get you save some time on keeping FIFO records) but you still pay very high VAT.
To be clear, I'm not for tax avoidance - but if there are legal possibilities for me not to pay that tax, then, of course, I will use them while they are available to me. Title: Re: Bitcoin and tax in your countries Post by: agentx44 on November 10, 2019, 06:52:20 PM I would like to hear about the situation with bitcoin and taxes in your countries. Here in our country, the tax has been going up and down for the past few years because of the unstableness of the government. There was once recent issue that involves stealing the money of the people by those who are in authority. It was also evident here that not all of our tax goes to beneficial stuffs for everyone, some officials steal it and take it as an easy money. When it comes to bitcoin, the government is now silent about the use of it after what happened before where bitcoin was considered as a scam by those who are less knowledgeable about crypto.I think it would be interesting to hear different experiences and compare results across countries. Of course, I understand that in some countries you can't declare bitcoin tax. I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax. I will start first. In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax. In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment). If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax. Can you share situation in your country? Title: Re: Bitcoin and tax in your countries Post by: hello_good_sir on November 10, 2019, 08:51:43 PM I think Croatia is actually doing a decent job then, it's definitely promoting a lot of long-term investments, even though I think the 2-year mark is a bit too much (1 year seems more realistic), I understand it and respect those rules.
In Australia, there are a lot more complex rules regarding crypto-currencies, but the most painful part is that if you buy BTC for 5,000, then sell it for 20,000, you will need to pay tax on the 15,000, no matter what happens. From a website's guide, you will also need to pay capital taxes if you perform any of these actions with crypto-currencies Quote Sell or gift cryptocurrency Trade or exchange cryptocurrency for another crypto or fiat currency Convert your cryptocurrency to fiat currency (eg Australian dollars) Use it to obtain goods or services Here's the actual link - very interesting read. https://www.finder.com.au/cryptocurrency-tax-guide#:~:targetText=Cryptocurrency%20transactions%20are%20exempt%20from,acquired%20for%20less%20than%20%2410%2C000. Title: Re: Bitcoin and tax in your countries Post by: Asmonist on November 10, 2019, 10:13:18 PM I think those platforms or bitcoin exchangers were tax here. There are exchanges that has charges so more or less they also tax us everytime we exchange bitcoin to local currency. Thus, these platforms may have legal papers to operate then the government must already knew it. They do business with bitcoin and local currency and opened bank accounts. These are capable of taxes.
Title: Re: Bitcoin and tax in your countries Post by: boltz on November 10, 2019, 10:15:02 PM Well here in my country ( Romania ) the bitcoin adoption is really good I can tell that as you can buy Bitcoin from every local grocey shop on the ATM's which is a great option implemented by www.bitcoinromania.ro (http://www.bitcoinromania.ro) . We also have a partnership with Smith&Smith so you can buy and sell Bitcoin and Ethereum immediately after you make a simple account on them which takes 5 minutes and in 10 minutes you can already pick up your cash after selling crypto.
Taxes have been officially announced in this spring for my country and since then I avoid cashing out when I don't need urgent money and I think most of the holders are doing the same. Title: Re: Bitcoin and tax in your countries Post by: Immakillya on November 10, 2019, 10:35:06 PM Here in the Philippines, there's no such law about imposing cryptocurrency taxation unless you declare it as income. The tax you are going to pay is the taxable income. The government is not strict on implementing taxation unless they found out that you earn from it.
Title: Re: Bitcoin and tax in your countries Post by: LTU_btc on November 10, 2019, 10:49:45 PM I'm from Lithuania and here you have to pay 15% tax from your profits if it exceeds €2500/year. For example if you bought BTC at €7000 and sold at €10 000, you have to pay 15% from €3000 - it would be €450 in such case.
I will just say that anyone who pays crypto tax in Croatia (currently and in the past) actually donates state money. And why do I say that? Well, because you have the ability to change crypto (in FIAT) to a certain value per transaction (1000 Euros - daily) without ID, and also to buy/sell gold with crypto in a same way. You also have physical and online stores that accept crypto, which is also a perfectly legal way to avoid paying taxes (or at least it can get you save some time on keeping FIFO records) but you still pay very high VAT. Yeah, but it's not always possible to avoid taxes. If you cash out crypto and want to buy something big (car, house or something similar), tax is something what you can't avoid. Otherwise you will face some legal problems in such cases.To be clear, I'm not for tax avoidance - but if there are legal possibilities for me not to pay that tax, then, of course, I will use them while they are available to me. Title: Re: Bitcoin and tax in your countries Post by: goaldigger on November 10, 2019, 10:56:25 PM Here in the Philippines, there's no such law about imposing cryptocurrency taxation unless you declare it as income. The tax you are going to pay is the taxable income. The government is not strict on implementing taxation unless they found out that you earn from it. Its really good here in our place and I hope that it will remain forever, a tax free investment is always good for us. The law doesn’t required us to pay any taxes, our country also support cryptocurrency and many exchange are planning to do business here. The fees with the exchange are the only tax we are paying and the rest is free of tax.Title: Re: Bitcoin and tax in your countries Post by: Cryptomiles1 on November 10, 2019, 10:57:19 PM I would like to hear about the situation with bitcoin and taxes in your countries. I think it would be interesting to hear different experiences and compare results across countries. Of course, I understand that in some countries you can't declare bitcoin tax. I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax. I will start first. In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax. In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment). If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax. Can you share situation in your country? So far in my country were btc is not legally proven and acceptable as other countries does. No tax and you can invest in any platform without paying tax to government. But any other investment out of digital money required tax as the income is being generated. Title: Re: Bitcoin and tax in your countries Post by: kawetsriyanto on November 10, 2019, 11:11:05 PM Here in the Philippines, there's no such law about imposing cryptocurrency taxation unless you declare it as income. The tax you are going to pay is the taxable income. Nice regulation from the government, mate. It is quite the same as my country, there is no specific law about crypto taxation. We just need to pay income tax, including the income got from crypto business. However, as the crypto asset has been officially allowed in our country, I guess there will be a deeper assessment related to taxes in the future. Title: Re: Bitcoin and tax in your countries Post by: diahsw on November 10, 2019, 11:35:41 PM waaw 12% is pretty big .. !! in my country there is no such regulation, even bitcoin still feels strange to be heard, especially to impose a bitcoin tax, maybe for the next few years our country could have followed that rule, but who knows when it will start .. !!
Title: Re: Bitcoin and tax in your countries Post by: samcrypto on November 10, 2019, 11:46:02 PM Right now there is no regulations about tax on bitcoin income, maybe out government is not that strict and didn’t care if we earn a lot of money from bitcoin. Your tax percentage is pretty high, I’m so lucky with my country because its tax free but politics here is not that good. There are also some countries who don’t impose any taxes yet it will be hard to transact bitcoin, so it is still good mate to you that bitcoin is legal on your place.
Title: Re: Bitcoin and tax in your countries Post by: malevolent on November 10, 2019, 11:54:15 PM In Poland there is a 19% tax on profits made from selling, that includes buying goods or services, but it does not include cryptocurrency-to-cryptocurrency transfers. It used to be more complicated in the past.
I will just say that anyone who pays crypto tax in Croatia (currently and in the past) actually donates state money. And why do I say that? Well, because you have the ability to change crypto (in FIAT) to a certain value per transaction (1000 Euros - daily) without ID, and also to buy/sell gold with crypto in a same way. You also have physical and online stores that accept crypto, which is also a perfectly legal way to avoid paying taxes (or at least it can get you save some time on keeping FIFO records) but you still pay very high VAT. To be clear, I'm not for tax avoidance - but if there are legal possibilities for me not to pay that tax, then, of course, I will use them while they are available to me. That's all nice and fine until you want to buy real estate or a car, unless Croatia is different in this regard, which I doubt. Title: Re: Bitcoin and tax in your countries Post by: Wintersoldier on November 11, 2019, 02:24:27 AM In my country, the Philippines, cryptocurrency is legal that the taxes are fully regulated through our local exchange which is the coins.ph. In terms of us having a transaction on E-Commerce, we can pay using bitcoin in Lazada, and the tax will be through the value of our fiats. They are not limiting us through the use of crypto, thus, we are free to encourage our colleagues to know cryptocurrency more, and some ways on how to earn it through working or investing their fiat to bitcoins.
Title: Re: Bitcoin and tax in your countries Post by: Edraket31 on November 11, 2019, 03:34:19 AM In my country, the Philippines, cryptocurrency is legal that the taxes are fully regulated through our local exchange which is the coins.ph. In terms of us having a transaction on E-Commerce, we can pay using bitcoin in Lazada, and the tax will be through the value of our fiats. They are not limiting us through the use of crypto, thus, we are free to encourage our colleagues to know cryptocurrency more, and some ways on how to earn it through working or investing their fiat to bitcoins. Good thing, that here in our country they don't strict their people in using crypto, they don't even require and making demand that we need to pay taxes with our income from crypto as there is no law yet regarding this matter. So, for now we are enjoying the benefits of it as we can cash out our fund without any thinking of tax, it just depends on the person if they will declare it in their income tax or not. Title: Re: Bitcoin and tax in your countries Post by: gabmen on November 11, 2019, 03:46:50 AM Not taxed yet here. I think as long as any government doesn't recognize bitcoin entirely, it would be difficult to tax it. Plus the fact that it'll be hard to monitor transactions that are anonymous. For that to work, there has to be a common ground and that can't be achieved unless crypto is generally accepted like a common commodity.
Title: Re: Bitcoin and tax in your countries Post by: maxreish on November 11, 2019, 04:13:23 AM For now, our country is very open about cryptocurrency like bitcoin. Though some of the countries requires a tax for crypto earnings, ours not yet implemented that. They are very optimistic about this and since we're still few that are patronizing bitcoin, our governments not need to add up tax, yet.
But local crypto exchanges from our country that had a permit and licenses from the BSP requires them to pay taxes. Title: Re: Bitcoin and tax in your countries Post by: crossabdd on November 11, 2019, 04:26:01 AM there is no bitcoin tax in my country, maybe the only one who pays taxes is the exchange of bitcoin (cryptocurrency only). Until now the crypto currency in my country is still controversial, bitcoin has been accepted, but there are no clear rules about someone who has bitcoin.
Title: Re: Bitcoin and tax in your countries Post by: Eclipse26 on November 11, 2019, 04:32:36 AM As of now, there's no tax in cryptocurrency being implemented here in my country which is the Philippines. Though we are not really exempted from taxes since we cannot escape from tax. It only depends on how we use it. When you sell things even with the use of bitcoin, you still pay taxes especially when you have a bigger business. Buying things with bitcoin seems like we don't pay tax but actually there's a VAT in everything we buy. So basically we're still paying taxes but the government here was not actually strict with cryptocurrency so there are no many regulations.
Title: Re: Bitcoin and tax in your countries Post by: Kakmakr on November 11, 2019, 06:21:25 AM In my country you only start paying taxes when you convert your bitcoins to fiat currencies. You only pay taxes on the portion of the profit that you made. You subtract the price that you bought it for, from the selling price and then you pay capital gains on the profit that you made.
You also pay VAT on any transaction you make with the bitcoins, so you do not pay any extra taxes if you prefer to use it as a currency. I think out tax laws are one of the most progressive strategies to tax Bitcoin and this should be the norm all over the world. ;) I only pay tax on the bitcoins I sold at the end of the financial year, when I have to submit my tax return. >:( Title: Re: Bitcoin and tax in your countries Post by: Murat on November 11, 2019, 07:22:44 AM I don't mention the name of my country but i'm going to share with you about my country's stand regarding this issue, in recent time our ICT, Economic and planning ministry discuss about Bitcoin and its consequence, I hope that our ICT minister is looking forward to declaring towards Blockchain and cryptocurrency, He smiles about this question and his expression was very satisfied, even he recently visited an international IT fair's stale which is based on Blockchain platform, I think we are getting a good and positive result about this issue very soon, I am with Tax, I believe that Bitcoin Tax would be a good source of revenue for the Government because a huge portion of people are already got involved in this platform.
Title: Re: Bitcoin and tax in your countries Post by: imutlinda on November 11, 2019, 07:37:57 AM for in my country bitcoin user tax is not charged but when making an exchange to FIAT I get a tax which in my opinion is not large. because in my country bitcoin hasn't got full permission so it's still tax free
Title: Re: Bitcoin and tax in your countries Post by: bounceback on November 11, 2019, 09:44:41 AM Can you share situation in your country? actually in my country the government has now made tax laws for bitcoin users or other virtual currency users have been taxed, because the popularity of cryptocurrency has increased even though the government of my country has not ratified bitcoin as a legal payment tool, but they only ask for tax from every the owner of a digital currency exchange company is only 10%. Title: Re: Bitcoin and tax in your countries Post by: Inkdatar on November 11, 2019, 10:09:44 AM for in my country bitcoin user tax is not charged but when making an exchange to FIAT I get a tax which in my opinion is not large. because in my country bitcoin hasn't got full permission so it's still tax free Actually the same in my country the government doesn't impose tax to the user. Bitcoin is legal in our country though every transactions when converting to fiat there is a few fee deducted, it is less amount which considerable. So we're still grateful since most of us here did not require to pay tax. Title: Re: Bitcoin and tax in your countries Post by: Astvile on November 11, 2019, 10:23:36 AM Here in Philippines there is no law that declare taxes from cryptocurrency incomes, we are just paying income tax from salary on work and more government related but in cryptocurrency theres no such tax.
Adoption is also good since we can freely spend and cashout our bitcoin in many remittance and bank options and buy prepaid load with bitcoins. Title: Re: Bitcoin and tax in your countries Post by: bitcampaign on November 11, 2019, 10:39:43 AM in my country not yet implemented the bitcoin tax, but if indeed the government in my country wants tax from the bitcoin that I have or from community friends in my country, we will support it if indeed it is to increase state revenue and develop development in my country, at least the government also want to participate in promoting bitcoin to make it look fairer
Title: Re: Bitcoin and tax in your countries Post by: Shasha80 on November 11, 2019, 11:02:32 AM In my country bitcoin is only allowed as a digital asset, if it is still prohibited as a means of payment. Bitcoin still can't be used
for shopping in stores or market places. If you want to shop for daily needs with bitcoin can't be directly yet, the bitcoin we have must first convert to fiat. If the tax problem, in my country it is charged if the bitcoins that we have in local exchanges are converted to fiat and then transferred to a bank. Besides it is still exempt from tax. Title: Re: Bitcoin and tax in your countries Post by: Google+ on November 11, 2019, 11:10:29 AM According to the information that I know about bitcoin at this time in my country there is no tax set because at this time the rules for using bitcoin are still unclear meaning that the use of bitcoin and storing bitcoin in large amounts is still very safe, and I don't think bitcoin can be worn either taxes from the government because bitcoin is a digital currency that can never be controlled by the government.
Title: Re: Bitcoin and tax in your countries Post by: dimox on November 11, 2019, 11:12:42 AM in my country, we will get charge about 0.5% from our crypto salary. you get this number if your income doesnt exceed 4.5 billion. if more than 4.5b, you will get more than 0.5%. thats huge number, because income from crypto is big too
Title: Re: Bitcoin and tax in your countries Post by: yoseph on November 11, 2019, 11:13:36 AM Here in Philippines there is no law that declare taxes from cryptocurrency incomes, we are just paying income tax from salary on work and more government related but in cryptocurrency theres no such tax. Whiles some countries pay taxes whenever they decide to convert their cryptocurrencies to FIAT, in my country we do pay nothing of that sort and it's free and there are no charges involved because the government is yet to make any rules regarding cryptos but from the way they have been taxing everything including airtime it's just a matter of time before it comes to cryptocurrencies. Adoption is also good since we can freely spend and cashout our bitcoin in many remittance and bank options and buy prepaid load with bitcoins. Title: Re: Bitcoin and tax in your countries Post by: teosanru on November 11, 2019, 11:18:30 AM I would like to hear about the situation with bitcoin and taxes in your countries. In my country India, there is no special provision regarding taxation on bitcoin. It's taxed based on the source of how you have earned bitcoins. If you are earning it as a remittance on account of your business then you are eligible to claim expenses done in this regards and file it under Profits from gains of Business and considering that you are and Individual you will be taxed at Individual slab rates which are:I think it would be interesting to hear different experiences and compare results across countries. Of course, I understand that in some countries you can't declare bitcoin tax. I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax. I will start first. In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax. In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment). If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax. Can you share situation in your country?
Title: Re: Bitcoin and tax in your countries Post by: Gotumoot on November 11, 2019, 11:29:44 AM Implementing the law to tax bitcoin holders in our country is simple. It's not a direct hit with bitcoin because they also don't know who holds bitcoin in our country. We incur tax on bitcoin by converting it into fiat currency and of course the money we make is that we buy everyday necessities and there are reduced taxes. We will only be taxed if we declare our bitcoin hold and this is unlikely to happen because I would not say so. And if they were going to prove that I bought the cheap stuff because of bitcoin I could just as easily lie because I have a business to tell.
Title: Re: Bitcoin and tax in your countries Post by: k@suy on November 11, 2019, 11:32:49 AM Here in Philippines there is no law that declare taxes from cryptocurrency incomes, we are just paying income tax from salary on work and more government related but in cryptocurrency theres no such tax. Yeah thats right. I think it will be legalize sooner because one of our senator here in our country have some meetings with cryptocurrency investors, traders months ago. Once that it has been legal they will put taxes on it and it will be regulated here, there are so much scams here in us that using bitcoin to gain people in their group to collect their money.Adoption is also good since we can freely spend and cashout our bitcoin in many remittance and bank options and buy prepaid load with bitcoins. Title: Re: Bitcoin and tax in your countries Post by: suvo05 on November 11, 2019, 11:37:11 AM The crypto-coins does not have any special taxes in my country. It has the same tax as it is for normal currency. One crypto trader/ earner should give the exact amount of case which he make profit of by calculating that in fiat. For holding there is no specific rule. The reserve bank is still trying to implement new tax system and gov is trying to regulate it.
Title: Re: Bitcoin and tax in your countries Post by: Lucius on November 11, 2019, 11:54:36 AM That's all nice and fine until you want to buy real estate or a car, unless Croatia is different in this regard, which I doubt. I was referring more to some smaller amounts that would not in any way attract the attention of the tax administration, or cause good neighbors to report me for a new car for which I cannot prove the origin of the money. For those who have large amounts of Bitcoins and want to change it to FIAT tax filing is the surest way to do that. Everyone is subject to property checks, and if the property does not match the income, the state initiates the legal procedure to fine such a person. The old saying goes that two things cannot be escaped in life, one is death and the other is paying taxes. Title: Re: Bitcoin and tax in your countries Post by: DdmrDdmr on November 11, 2019, 11:54:58 AM There was a similar thread on the topic not long ago (on Legal (https://bitcointalk.org/index.php?board=74.0)). There I stated the following on cryptocurrency taxes in Spain, and it kind of sums-up the situation there:
<…> In my country for example the applied tax rate is generally between 19% and 23% (depending on the amount you converted to FIAT), but the status of applying tax is rather incipient, and there seem to be no clear guidelines that apply to all possible scenarios. Theoretically, having obtained BTC in each one of these scenarios may have a different tax solution: - Profit made on trading. - Profit made on mining. - Profit made on purchase+hold+sell. - Profit made on campaigns. The tax range and required documentation to keep varies in each of these scenarios, and it may well depend of the specific tax inspector you are talking to. This year, the tax office has emailed 14.700 people warning them that their crypto gains must be declared. Those people seem to be a subset (not all) of the ones that dealt with an exchange, and they did not necessarily convert to FIAT in order to receive the warning (theoretically, trading is also taxed, even if you don’t convert to FIAT – based on the value gained as a result). Theoretically, if you do not convert back to FIAT you don’t have to pay taxes (yet), but the increments in position due to trading is, theoretically, subject to taxation too.<…> <…>The thing to take into consideration is that many people are likely holders, and have not converted to FIAT yet, thus more or less postponing the tax procedure. Traders are another matter (as I stated, in theory they should declare for increased values of portfolio due to trading, even if they do not convert to FIAT – similar to dealing with shares). In summary, it's not a very favourable legislation, and not clear enough on the procedure, bearing in mind the possible scenarios that can lead one to having some crypto. Title: Re: Bitcoin and tax in your countries Post by: arimamib on November 11, 2019, 11:57:14 AM I personally get tax if doing transactions with bitcoin outside of it I do not get tax. especially when making a exchange to FIAT, I have to pay taxes in a fairly small amount and not burdensome
Title: Re: Bitcoin and tax in your countries Post by: Meowth05 on November 11, 2019, 12:01:17 PM for in my country bitcoin user tax is not charged but when making an exchange to FIAT I get a tax which in my opinion is not large. because in my country bitcoin hasn't got full permission so it's still tax free Actually the same in my country the government doesn't impose tax to the user. Bitcoin is legal in our country though every transactions when converting to fiat there is a few fee deducted, it is less amount which considerable. So we're still grateful since most of us here did not require to pay tax. Title: Re: Bitcoin and tax in your countries Post by: iamaruf on November 11, 2019, 12:05:49 PM In our country btc is illegal. So there is no tension for tax.we are tensed how to safe from govt.if govt ask for tax i am not going to pay.because i am holding my coin in wallet not in exchanger. So Govt cannot figure out my total balance.
BTW, how government will charge for tax? Because they don't know about your fund. Title: Re: Bitcoin and tax in your countries Post by: Coyster on November 11, 2019, 12:26:14 PM In my country, I'd have loved to call her name, but for some reasons, I won't, there is zero tax on cryptocurrency, my country is not the most developed in the world(underdeveloped), and it's so easy for the citizens to evade taxes as the country doesn't have any effective tax scheme as of yet, and even the little they get from taxes, goes into the pockets of the politicians, I hope I never get to pay taxes for cryptocurrency.
For now cryptocurrency isn't so popular in our area, people are hearing about it definitely, but I doubt if they are getting into it, the last time I checked the percentage of citizens in my country into crypto, it was a very low percentage, maybe, just maybe if it gets more popular, this corrupt government of ours would impose taxes, to embezzle more money for themselves. Title: Re: Bitcoin and tax in your countries Post by: bitzizzix on November 11, 2019, 12:27:19 PM Yes, in the country where I live there is also no tax deduction from the government and there is only a slight reduction when exchanging bitcoin to fiat currency where my country lives, and the reduction is in accordance with the amount to be received.
and in my opinion it's only a very small reduction and for me it's not a problem. Title: Re: Bitcoin and tax in your countries Post by: dimonstration on November 11, 2019, 12:33:47 PM Yes, in the country where I live there is also no tax deduction from the government and there is only a slight reduction when exchanging bitcoin to fiat currency where my country lives, and the reduction is in accordance with the amount to be received. and in my opinion it's only a very small reduction and for me it's not a problem. No tax in my country yet too, the mobile app registered in our SEC may already put tax in transaction fee or in converting our crypto or fiat. The government have no say yet on holding. It will only depend on withdrawals were made. Thanks to instapay option in our country only minimal fee were deducted if depositing in bank from our wallets. I hope it will stay these way and will not implement taxes which might be impossible in the near future when big adoption happens. Title: Re: Bitcoin and tax in your countries Post by: bitcoinposts on November 11, 2019, 01:57:01 PM In india we cant do any bank transactions in cryptocurrencies it is completely banned so we cant pay tax to government
Title: Re: Bitcoin and tax in your countries Post by: Daniel91 on November 11, 2019, 02:03:46 PM I think you should pay btc tax only if you receive btc as salary. In almost every country in the world, taxes are paid on any income, with certain exceptions such as long-term investments etc Crypto is still in the gray zone in most countries and it's not regulated. Someone may say that it is best not to pay taxes, but what if the value of btc start to go up and reach $ 100 000 level in the coming years and you buy a new house or car? How will you justify this to the authorities if you have not previously declared your crypto earnings and paid taxes? I think that we are lucky in Croatia because our government really accept crypto and even state owned Croatian post started pilot project with one private company and they are offering crypto exchange in post offices in Zadar and soon probably in whole Croatia. Can you believe it? Without clear tax regulation something like this will not be possible. So, legal regulation is really very important but it comes with price. Title: Re: Bitcoin and tax in your countries Post by: DabsPoorVersion on November 11, 2019, 02:10:16 PM Yes, in the country where I live there is also no tax deduction from the government and there is only a slight reduction when exchanging bitcoin to fiat currency where my country lives, and the reduction is in accordance with the amount to be received. and in my opinion it's only a very small reduction and for me it's not a problem. No tax in my country yet too, the mobile app registered in our SEC may already put tax in transaction fee or in converting our crypto or fiat. The government have no say yet on holding. It will only depend on withdrawals were made. Thanks to instapay option in our country only minimal fee were deducted if depositing in bank from our wallets. I hope it will stay these way and will not implement taxes which might be impossible in the near future when big adoption happens. In india we cant do any bank transactions in cryptocurrencies it is completely banned so we cant pay tax to government Well, it is banned in the first place so they can't regulate tax on cryptocurrency. Title: Re: Bitcoin and tax in your countries Post by: mobnepal on November 11, 2019, 02:11:29 PM My native country : Banned (you don't have to pay taxes on crypto, rather if you just trade your crypto within country for fiat you will get caught)
Where I am : Very open towards crypto but need to pay crypto taxes same as income tax, which is pretty straight forward but we end up paying more than what in other countries people have to pay for cryptocurrency profit. In india we cant do any bank transactions in cryptocurrencies it is completely banned so we cant pay tax to government I think there are few pending bills regarding complete ban of crypto in India. From what I know, India haven't banned the use of crypto but yes bank can't provide financial support to crypto related businesses.Title: Re: Bitcoin and tax in your countries Post by: btcto200k on November 11, 2019, 02:27:45 PM Well, my country still doesn't accept crypto. So i am all good. Tax free ;) ;) ;) ;)
Title: Re: Bitcoin and tax in your countries Post by: Zeke_23 on November 11, 2019, 02:51:49 PM ~ I never knew you can pay Bitcoin in Lazada. I never really shopped there a lot but I am checking it out when it comes to buying an item that I can't find near my area. I also used PayMaya back in the day when I really need some temporary virtual debit card so that I can buy online without going through much paperworks just to approve my request of getting a debit/credit card. Well anyways, if I can recall it correctly, those taxes put up into VAT or Value-Added Tax. They don't accept bitcoin as payment. And I don't hear any news or updates that they started accepting bitcoin as payment. See the below photo as reference. https://i.imgur.com/LFjA6zn.png Title: Re: Bitcoin and tax in your countries Post by: Yatsan on November 11, 2019, 03:49:18 PM ~ I never knew you can pay Bitcoin in Lazada. I never really shopped there a lot but I am checking it out when it comes to buying an item that I can't find near my area. I also used PayMaya back in the day when I really need some temporary virtual debit card so that I can buy online without going through much paperworks just to approve my request of getting a debit/credit card. Well anyways, if I can recall it correctly, those taxes put up into VAT or Value-Added Tax. They don't accept bitcoin as payment. And I don't hear any news or updates that they started accepting bitcoin as payment. There's no bitcoin payment in Lazada, but what I think Wintersoldier meant to say is shopee, since they are almost the same. That's what I guess, haha. Shopee is the biggest online shopping app that is accepting bitcoin here in the Philippines (That's what I know, please correct me if I am wrong). Here in our country Philippines, There's no tax for the user of the bitcoin or any other cryptocurrency. But for the establishments and businesses that are using bitcoin as a mode of payment, they have to pay their taxes accumulated with bitcoin, same on the local exchanges of cryptocurrency here. Title: Re: Bitcoin and tax in your countries Post by: Asuspawer09 on November 11, 2019, 04:18:17 PM I would like to hear about the situation with bitcoin and taxes in your countries. Here in our country, the tax has been going up and down for the past few years because of the unstableness of the government. There was once recent issue that involves stealing the money of the people by those who are in authority. It was also evident here that not all of our tax goes to beneficial stuffs for everyone, some officials steal it and take it as an easy money. When it comes to bitcoin, the government is now silent about the use of it after what happened before where bitcoin was considered as a scam by those who are less knowledgeable about crypto.I think it would be interesting to hear different experiences and compare results across countries. Of course, I understand that in some countries you can't declare bitcoin tax. I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax. I will start first. In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax. In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment). If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax. Can you share situation in your country? Title: Re: Bitcoin and tax in your countries Post by: webtricks on November 11, 2019, 06:40:51 PM ~~ In my country India, there is no special provision regarding taxation on bitcoin. It's taxed based on the source of how you have earned bitcoins. If you are earning it as a remittance on account of your business then you are eligible to claim expenses done in this regards and file it under Profits from gains of Business and considering that you are and Individual you will be taxed at Individual slab rates which are:
Note: The rates you stated above are for the financial year 2018-19. As from 2019-20 onwards, second tax slab i.e. 250000-500000 is exempted too. Hence you don't have to pay taxes if your income is less than 500K INR. Also if anyone wondering in which denomination he wrote the value then it is INR. 1 USD = 71.5 INR so you can make your maths accordingly. In india we cant do any bank transactions in cryptocurrencies it is completely banned so we cant pay tax to government Either you don't have slightest of the idea how taxation in India works or you have been guided wrongly. First thing, taxation supersedes criminal law. This means no matter your income is earned from ethical source or unethical, income tax department view all of it as same and tax accordingly. Secondly, doing bank transactions involving cryptocurrencies are not banned in India. The only thing that is actually banned in India is doing exchange business. So no one can provide intermediary services for buying/selling in BTC/INR pair. But you can always use P2P networks and no one will question you. Now coming to taxation of Bitcoin. You have to pay taxes. If you are not paying taxes, you are jeopardizing your situation and may land in problems soon. If you looking for how to pay taxes on Bitcoin incomes in India, here are two threads which explain it in details: https://bitcointalk.org/index.php?topic=5145589.0 https://bitcointalk.org/index.php?topic=5142949.0 Title: Re: Bitcoin and tax in your countries Post by: Daniel91 on November 11, 2019, 07:27:04 PM I would like to hear about the situation with bitcoin and taxes in your countries. Here in our country, the tax has been going up and down for the past few years because of the unstableness of the government. There was once recent issue that involves stealing the money of the people by those who are in authority. It was also evident here that not all of our tax goes to beneficial stuffs for everyone, some officials steal it and take it as an easy money. When it comes to bitcoin, the government is now silent about the use of it after what happened before where bitcoin was considered as a scam by those who are less knowledgeable about crypto.I think it would be interesting to hear different experiences and compare results across countries. Of course, I understand that in some countries you can't declare bitcoin tax. I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax. I will start first. In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax. In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment). If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax. Can you share situation in your country? Of course that we in Croatia don't pay any tax on BTC transactions :) No way that any government can control it. After all, bitcoin is not official money in our country. We pay tax in the moment when we exchange btc funds to fiat and withdraw to our bank account. If we can prove with FIFO records that we have held these funds for at least 2 years then we do not pay taxes. I hope it's more clear now. Title: Re: Bitcoin and tax in your countries Post by: Shenzou on November 11, 2019, 08:42:57 PM I feel that even in most of the countries that bitcoin presents an occurring or well established thing people don't pay taxes, i mean even if governments were to issue taxes on crypto earning they would not be able to control or track who are where the transactions are going because they don't own the blockchain network and they have no control over it, i know that exchanges and any sort of leagal company or service providers that deal with crypto has to pay taxes in some way to the government in some countries.
Title: Re: Bitcoin and tax in your countries Post by: Duzter on November 11, 2019, 09:04:30 PM In my country the users of bitcoin is very low compared to other countries. Slowly this is getting its importance through the young generation, and the country has been researching how to make each and every transaction visible to the government. This is completely impossible, and the same is making government keep on analyzing how to tax bitcoin users.
Title: Re: Bitcoin and tax in your countries Post by: Aikidoka on November 11, 2019, 10:47:36 PM In my country, we don't even have to pay tax for bitcoin cause we usually buy bitcoin through people who had it, using fiat. Moreover, bitcoin is not well developed yet in my place, it should be more known by this time but sadly not. I'm always trying to get bitcoin with the cheapest price from many sellers here in my country otherwise I just buy from the internet.
Title: Re: Bitcoin and tax in your countries Post by: cutesgirl on November 11, 2019, 11:29:15 PM In my country the users of bitcoin is very low compared to other countries. Slowly this is getting its importance through the young generation, and the country has been researching how to make each and every transaction visible to the government. This is completely impossible, and the same is making government keep on analyzing how to tax bitcoin users. Many country only available using bitcoin as trading and investing assets, not possible using bitcoin as currency digital transaction payment and today bitcoin in my country still not must paying tax, bitcoin become illegal transaction currency payment and impossible can get tax from bitcoin transaction, I like bitcoin become illegal because we not have pay tax.Title: Re: Bitcoin and tax in your countries Post by: darkangel11 on November 12, 2019, 01:31:14 AM In Poland there is a 19% tax on profits made from selling, that includes buying goods or services, but it does not include cryptocurrency-to-cryptocurrency transfers. It used to be more complicated in the past. I will just say that anyone who pays crypto tax in Croatia (currently and in the past) actually donates state money. And why do I say that? Well, because you have the ability to change crypto (in FIAT) to a certain value per transaction (1000 Euros - daily) without ID, and also to buy/sell gold with crypto in a same way. You also have physical and online stores that accept crypto, which is also a perfectly legal way to avoid paying taxes (or at least it can get you save some time on keeping FIFO records) but you still pay very high VAT. To be clear, I'm not for tax avoidance - but if there are legal possibilities for me not to pay that tax, then, of course, I will use them while they are available to me. That's all nice and fine until you want to buy real estate or a car, unless Croatia is different in this regard, which I doubt. It's steal great that in most countries you can buy little things like gift cards without having to pay tax. The money you're saving this way will not be life changing but every small amount helps. I have been taking advantage of the german law for a long time now. As long as you are able to prove that you held for more than a year you don't pay any income tax. It's also easy to withdraw small amounts like €1k even if you did not held for a year. If you guys decide to buy a house tax free, maybe it would be a good idea to move somewhere else, get a residency for a year or two and come back with the money. It won't be worth it for someone with 100k EUR but if you are ready to convert a million or more, your Polish tax is going to cost you almost 200k EUR. You can buy a nice house for 200k. Would you be willing to donate it to your government? I sure wouldn't. Title: Re: Bitcoin and tax in your countries Post by: malevolent on November 12, 2019, 01:47:56 AM It's steal great that in most countries you can buy little things like gift cards without having to pay tax. The money you're saving this way will not be life changing but every small amount helps. I have been taking advantage of the german law for a long time now. As long as you are able to prove that you held for more than a year you don't pay any income tax. It's also easy to withdraw small amounts like €1k even if you did not held for a year. If you guys decide to buy a house tax free, maybe it would be a good idea to move somewhere else, get a residency for a year or two and come back with the money. It won't be worth it for someone with 100k EUR but if you are ready to convert a million or more, your Polish tax is going to cost you almost 200k EUR. You can buy a nice house for 200k. Would you be willing to donate it to your government? I sure wouldn't. I'm not sure if that would work for bitcoins acquired before moving abroad. And higher costs of living abroad while leading similar lifestyle would have to be subtracted from 190k not that one still wouldn't save a lot of money if it was possible. Title: Re: Bitcoin and tax in your countries Post by: Free1bitco.in on November 12, 2019, 07:08:29 AM unfortunately, so far my country has not imposed a tax on cryptocurrency assets because even though this is a digital investment, the government is not involved in it. In fact, the government only emphasizes that all losses that occur have nothing to do with them because they think that it is a risky investment because of the fluctuation.
although there is no tax in this case. the government still allows the use of bitcoin, or another cryptocurrency as an investment, and other reasons why my country does not take taxes with crypto because the government is aware that not many people use crypto in the country I live in. Title: Re: Bitcoin and tax in your countries Post by: AGroose on November 12, 2019, 08:06:13 AM In my country, this is still completely uncertain. The authorities cannot decide to prohibit or allow. But in general, you can use cryptocurrencies.
I am from Russia Title: Re: Bitcoin and tax in your countries Post by: d3nz on November 12, 2019, 08:09:31 AM Here in our country, there is no tax and open for cryptocurrency and we can even use it for paying services like bills, mobile load, and remittance also we have a bank here does support the cryptocurrency and even teaching what is a blockchain.
And have a lot of exchanges for cryptocurrency and registered on SEC which is very great knowing it is a legit company. Title: Re: Bitcoin and tax in your countries Post by: bagalkot on November 12, 2019, 08:14:20 AM I would like to hear about the situation with bitcoin and taxes in your countries. I think it would be interesting to hear different experiences and compare results across countries. Of course, I understand that in some countries you can't declare bitcoin tax. I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax. I will start first. In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax. In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment). If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax. Can you share situation in your country? I am from India and here cryptocurrency is totally ban. In any way of usage is punishable and even they have declare the punishment but still it is not got amended in the parliament. So their is not tax or any usage of bitcoins in our country. As per government law what we are doing right now is illegal and if caught we all will be punished. Title: Re: Bitcoin and tax in your countries Post by: kaya11 on November 12, 2019, 09:17:24 AM In the Philippines were I currently live in doesn't collect taxes on crypto at all, I don't know if this continues on or it will be changed when the price of bitcoin will rise maybe. As of now Filipinos are enjoying bitcoin as much as they could. If you are a tourist and wants to use bitcoin as a payment you could hard see any store accepting it, maybe another reason the government did not put taxes is because there are only few users, and those users are not businesses and for self purposes only.
Title: Re: Bitcoin and tax in your countries Post by: fullhdpixel on November 12, 2019, 10:20:55 AM My country is not really looking into the area of cryptocurrency yet and I think it is not that much popular for the government to keep an eye it, I mean not popular to the government but the number of users of cryptocurrency is still quite high, just that we don’t make noise about it unlike the government, and since it has not affected their own government in any way, they are not so much paying attention to it.
I don’t know of the future, but for now, no government of mine is interested in cryptocurrency tax, but I believe that in future when cryptocurrency will become so popular, they will look into it which I don’t think I will ever pay it since I will be operating with a decentralized coin and also a decentralized exchange that makes my transaction untraceable. Title: Re: Bitcoin and tax in your countries Post by: Wintersoldier on November 12, 2019, 10:39:02 AM In the Philippines were I currently live in doesn't collect taxes on crypto at all, I don't know if this continues on or it will be changed when the price of bitcoin will rise maybe. As of now Filipinos are enjoying bitcoin as much as they could. If you are a tourist and wants to use bitcoin as a payment you could hard see any store accepting it, maybe another reason the government did not put taxes is because there are only few users, and those users are not businesses and for self purposes only. I see I am also residing in the Philippines but the taxes based on my experiences are utilized through our local exchange the Coins.ph since if we are to cash in and cash out our funds, we are already paying with tax automatically allocated from the local exchange. But we cannot notice it as we view these as transaction fees from bitcoin blockchain and the network. Title: Re: Bitcoin and tax in your countries Post by: Yamifoud on November 12, 2019, 12:00:57 PM In the Philippines were I currently live in doesn't collect taxes on crypto at all, I don't know if this continues on or it will be changed when the price of bitcoin will rise maybe. As of now Filipinos are enjoying bitcoin as much as they could. If you are a tourist and wants to use bitcoin as a payment you could hard see any store accepting it, maybe another reason the government did not put taxes is because there are only few users, and those users are not businesses and for self purposes only. I see I am also residing in the Philippines but the taxes based on my experiences are utilized through our local exchange the Coins.ph since if we are to cash in and cash out our funds, we are already paying with tax automatically allocated from the local exchange. But we cannot notice it as we view these as transaction fees from bitcoin blockchain and the network. Maybe we are lucky in our country that authorities never force us to pay taxes for our crypto assets. But possible that the government will pursue for that in the coming days when more establishments will accept this thing. Title: Re: Bitcoin and tax in your countries Post by: angrybirdy on November 12, 2019, 02:09:44 PM There's no bitcoin payment in Lazada, but what I think Wintersoldier meant to say is shopee, since they are almost the same. That's what I guess, haha. Shopee is the biggest online shopping app that is accepting bitcoin here in the Philippines (That's what I know, please correct me if I am wrong). I've visited shopee, and have checked to see if they are really accepting bitcoin as payment. The answer is NO. shopee do not accept bitcoin as payment, the same goes with lazada. They only accept COD, Bank transfer, Online banking, remittance/payment center, etc. Title: Re: Bitcoin and tax in your countries Post by: NavI_027 on November 12, 2019, 02:39:24 PM In the Philippines were I currently live in doesn't collect taxes on crypto at all, I don't know if this continues on or it will be changed when the price of bitcoin will rise maybe. As of now Filipinos are enjoying bitcoin as much as they could. If you are a tourist and wants to use bitcoin as a payment you could hard see any store accepting it, maybe another reason the government did not put taxes is because there are only few users, and those users are not businesses and for self purposes only. Shhh, be quiet now. Maybe someone on BSP lurking inside here, might get an idea and finally put taxes oin our crypto income ;D. But kidding aside, having no taxes is not purely considered a good thing based on my perspective. Yeah! It was good in a sense that we can enjoy all of our income with no deductions but in the bad side, like what you've said, this implicates that our community is not lively — so small that we can't even get the attention of our own government. I mean, there's no significant improvement, we are low key and very far from mainstream :(. Title: Re: Bitcoin and tax in your countries Post by: seoincorporation on November 12, 2019, 03:26:31 PM Same in México, we don't have to pay tax at all because there is not a good law about it. We got 2 months ago the Fintech law who was about business that use cryptos, but it was about how to hold them and how to get a good KYC, not about tax. But i don't think bitcoin will keep working without local tax in the next years, gobs will fix that.
Title: Re: Bitcoin and tax in your countries Post by: sapnu on November 12, 2019, 07:50:08 PM unfortunately, so far my country has not imposed a tax on cryptocurrency assets because even though this is a digital investment, the government is not involved in it. In fact, the government only emphasizes that all losses that occur have nothing to do with them because they think that it is a risky investment because of the fluctuation. In my country, there are banks that are accepting bitcoin but not all of them, I think the government does not really know well the feature of bitcoin and how to earn this. But there are some applications that we are using that are converting Bitcoin to Fiat, and in order to have this money physically, we are going to cash it out in a particular bank. The government is not really giving taxes in any of my profit but I think the idea was, the bank are already giving taxes and the bank is giving the taxes to the government. although there is no tax in this case. the government still allows the use of bitcoin, or another cryptocurrency as an investment, and other reasons why my country does not take taxes with crypto because the government is aware that not many people use crypto in the country I live in. Title: Re: Bitcoin and tax in your countries Post by: Ayiranorea on November 12, 2019, 08:38:43 PM Same in México, we don't have to pay tax at all because there is not a good law about it. We got 2 months ago the Fintech law who was about business that use cryptos, but it was about how to hold them and how to get a good KYC, not about tax. But i don't think bitcoin will keep working without local tax in the next years, gobs will fix that. Almost every country were in the urge of framing laws to enhance the effective use of bitcoin and other cryptocurrencies without much complications. Very few government act immediately and make necessary changes to the law, so that the government too can profit out of the same. Also I haven't come across any of the countries that have perfect fintech law for taxing cryptocurrencies. Few have added it to the taxable assets like gold and however perfect is the KYC it is hard to tax precisely.Title: Re: Bitcoin and tax in your countries Post by: dimox on November 12, 2019, 09:28:21 PM unfortunately, so far my country has not imposed a tax on cryptocurrency assets because even though this is a digital investment, the government is not involved in it. In fact, the government only emphasizes that all losses that occur have nothing to do with them because they think that it is a risky investment because of the fluctuation. In my country, there are banks that are accepting bitcoin but not all of them, I think the government does not really know well the feature of bitcoin and how to earn this. But there are some applications that we are using that are converting Bitcoin to Fiat, and in order to have this money physically, we are going to cash it out in a particular bank. The government is not really giving taxes in any of my profit but I think the idea was, the bank are already giving taxes and the bank is giving the taxes to the government. although there is no tax in this case. the government still allows the use of bitcoin, or another cryptocurrency as an investment, and other reasons why my country does not take taxes with crypto because the government is aware that not many people use crypto in the country I live in. Title: Re: Bitcoin and tax in your countries Post by: FaithInCrypto on November 12, 2019, 09:50:46 PM Since Bitcoin made its name popular here in my country at the end of 2017, I haven't heard it being taxed as a source of income alone. But someone who are registered professionals and business owners has to abide government rules which are paying their own taxes for services rendered. Traders and the like are professionals so have to pay taxes even if they trade BTC or fiat. That's the only knowledge I know about Bitcoin and taxes here in our country.
Title: Re: Bitcoin and tax in your countries Post by: XKeyHiScore on November 13, 2019, 12:11:14 AM I'm not sure if that would work for bitcoins acquired before moving abroad. The law is usually clear on that for each country and it's easy to find out. There are basically two things to consider. 1. Does the country have a tax at the end of the fiscal year even on unrealized gains? The US has it. Most EU countries don't. If the EU country we're talking about doesn't have it, nothing to pay here atm. 2. Does the country have an exit tax? For example France used to have an "exit tax" where you had to pay something crazy like 30% of everything you had before becoming fiscal resident of another country. In that case you'd have to pay 30% of your BTC's value when you left. AFAICT the french state semi-recently suppressed that exit tax. Other countries, more rarely, have an exit tax on unrealized gains: Spain for example. If you have spend more than x out of the last y years as a spanish fiscal resident (I think it's 10 out of the last 15 years) and then decide to leave Spain, you must pay an "exit tax", but "only" on your unrealized gains. So if you leave, you're legally supposed to pay a tax on your BTC before selling them on greener pastures. Now to answer your question: people would need to check for the country concerned but many EU countries have no tax on unrealized gains and also no exit tax (besides Spain I don't even know if there's still any EU country with an exit tax now that France suppressed it). So without these two taxes you're totally free to go spend, legally, 183 days a year in a EU country which has a low tax on trading / low tax on Bitcoin profits, sell your coins there, enjoy your money, and come back after x years to your home country. (the rule for fiscal residency in the EU is basically: "if you spend physically more than 183 days per year in a country you're supposed to be registered there and to be a fiscal resident of that country"). This is not just fully legal: it's what the law mandates you to do (to become fiscal resident of the country you spend more than 183 days in). It's also why when you go to "unregister" at the town hall / IRS / VAT services in your old country the public servants can be a bit inquisitive: they want to know you're really leaving and not playing games. In my case they asked for my new address. They hate it that they know they won't be able to tax you anymore. The legal system is not "your local IRS always win no matter what". There are laws and the IRS and judges cannot overrule these laws. People are free to vote with their feet and their money. In monopoly there's the "get out of jail free" card. In real life there's the "get out of of ultra-taxative country" card : ) P.S: Some countries shall give you fiscal residency even if you spend less than 183 days there, but it doesn't change the fact that should you spend more than 183 days in any EU country, you're supposed to be fiscal resident there. For example if you do 91 days in Andorra (which can give fiscal residency after 90 days per year instead of 183) but 200 days in France and 70 days left and right, France isn't going to fancy very much if you try to explain them that you're a fiscal resident of Andorra. Title: Re: Bitcoin and tax in your countries Post by: darkangel11 on November 13, 2019, 10:38:22 PM Well explained.
I made some brief research since we were talking about 19% in Poland and it seems they introduced exit tax a year ago. There are various articles with different opinions about this but it looks like the tax is aimed at companies. A private resident who did not register a cryptocurrency business will be more or less immune to this as there's no obligation to report unrealized investments and they wouldn't know if you own cryptocurrency or not as long as you hold it. Assets owned by a company are easy to track so they're trying to target them instead of small fry investors. Background: The government of Poland introduced new welfare last year and was trying to increase taxes to pay for it. This naturally made companies leave the country with their biggest cryptocurrency exchange leading the way, so they introduced exit tax to get at least some money out of it. Socialist states always lose in the long run. Title: Re: Bitcoin and tax in your countries Post by: rodel caling on November 13, 2019, 11:59:19 PM To be honest can't force people to believe my thoughts or it or not share the truth about the bitcoin herein my country I use bitcoin with freedom in my country with taxes I made transaction with out hassle converting butcoin into fiat vice versa using my local online wallet through bank transfer and I pay transaction fee not included the taxes.
Title: Re: Bitcoin and tax in your countries Post by: alani123 on November 14, 2019, 12:31:37 AM Bitcoin in Greece doesn't have that strict of a regulatory framework right now. Profits are taxed as with assets with 10%, but other than that authorities have not given very specific instructions and there isn't even any indication that lawmakers will take specific steps to regulate BTC and crypto. The lack of reassurance on the other hand has also deterred exchanges from starting operations withing Greece. Malta and Cyprus are taking the lead in terms of where companies are setting their legal base.
Title: Re: Bitcoin and tax in your countries Post by: Eugenar on November 14, 2019, 12:43:33 AM In my country, one thing I've noticed when buying bitcoin especially from the convenience store is that, if I buy 0.00022BTC, the local exchange is not taxing my transactions through the 7/11, but if it exceeds in that price, I am paying the tax, so what I am doing is cashing in bitcoin with 0.00022BTC to multiple conveniences store so I can save more money and skip the tax. Though, if there is a lot of customers, it is quite embarrassing if If I cash-in to the same convenience store.
Title: Re: Bitcoin and tax in your countries Post by: flexomob on July 10, 2020, 08:55:24 PM In my country, there are no taxes for crypto too. I think as long as it's not an official currency that's ok. I wonder if cryptocurrency becomes legal in all the countries if it will be possible to use itemized deductions (https://findigits.com/understanding-itemized-deductions-for-beginners) to lower the taxable income. Accountant and crypto trader thoughts. I already do this when it comes to my business and paying taxes, but crypto is different and I'm intrigued whether this will be possible or not. Well, as for me, we're not far from the disclosure, so we'll see in the near future.
Title: Re: Bitcoin and tax in your countries Post by: Emmychris on July 11, 2020, 03:37:00 AM Well in my country there is no taxation on bitcoin, and bitcoin hasn't been legalized and also there is no restriction of crypto in my country, so I think since it hasn't been legalized there wouldn't be intention of the government applying tax on bitcoin.
Title: Re: Bitcoin and tax in your countries Post by: Janation on July 11, 2020, 03:46:45 AM Well in my country there is no taxation on bitcoin, and bitcoin hasn't been legalized and also there is no restriction of crypto in my country, so I think since it hasn't been legalized there wouldn't be intention of the government applying tax on bitcoin. I thought at first that they didn't legalize Bitcoin in our country but they already did. The best thing here is that they are not also taxing Bitcoin and other cryptocurrencies as well. But I guess if they required to tax Bitcoin I wouldn't be against that. In the other thread, our country SEC warned our people about scams so if this continues, they might either ban it so I'll just accept them taxing than banning it. Title: Re: Bitcoin and tax in your countries Post by: Lorence.xD on July 11, 2020, 04:23:13 AM In my country, the legality of bitcoin is hanging in a balance, the government does not care as long as they got our tax. The apps in my country does the tax deduction for the crypto that I have earned, most of the time they deduct it when we convert it into physical cash.
Title: Re: Bitcoin and tax in your countries Post by: Swordsoffreedom on July 11, 2020, 03:06:40 PM Actually, it is not possible to cut fees if I send BTC from my wallet to another person's wallet. But I agree with you. if any government required to tax Bitcoin, I would welcome it. because if we give them tax, they will not think about banning Bitcoin in future. They will take better steps for our improvement, so that we will be beneficial more. so i think if government want to tax on Bitcoin, that will be good for us. At present the government of my country has no worries about Bitcoin. I hope in future they will be work about it.
Title: Re: Bitcoin and tax in your countries Post by: Pogi2000 on August 20, 2020, 12:42:04 PM Here in the Philippines, there's no such law about imposing cryptocurrency taxation unless you declare it as income. The tax you are going to pay is the taxable income. The government is not strict on implementing taxation unless they found out that you earn from it. Yeah, I think that as of now the government here in the Philippines do not recognize Bitcoin as a taxable goods but I think that they should start studying the bitcoin in order to cope up with other countries that statrting to recognize bitcoin. I think that in the near future bitcoin can help our country in order to minimize our debt and grow our economy. Title: Re: Bitcoin and tax in your countries Post by: Findingnemo on August 21, 2020, 01:28:01 PM Here in the Philippines, there's no such law about imposing cryptocurrency taxation unless you declare it as income. The tax you are going to pay is the taxable income. The government is not strict on implementing taxation unless they found out that you earn from it. Yeah, I think that as of now the government here in the Philippines do not recognize Bitcoin as a taxable goods but I think that they should start studying the bitcoin in order to cope up with other countries that statrting to recognize bitcoin. I think that in the near future bitcoin can help our country in order to minimize our debt and grow our economy. Title: Re: Bitcoin and tax in your countries Post by: javainn on August 21, 2020, 01:41:30 PM my country does not impose any taxes on bitcoin.
our country only imposes a ban on direct transactions using bitcoin "for example: buying coffee with bitcoin" is prohibited. but if you only trade bitcoin it is not prohibited and not taxed. this is a story about taxes in my country Title: Re: Bitcoin and tax in your countries Post by: Eureka_07 on September 14, 2020, 06:00:23 AM <snip> Eh? Is it necessary to report even our salaries on signature campaigns? I doubt that. We don't need to pay taxes for our bitcoin holdings or even for payments that we are getting from campaigns. Because there is no law regarding bitcoin taxiation in our country, no need to comply for that now. I'm not into crypto taxiation, but it's fine by me if it will be implemented in the future. Title: Re: Bitcoin and tax in your countries Post by: Daniel91 on September 14, 2020, 06:00:51 AM In my country, Croatia, we have to pay taxes on crypto earnings in the moment when we exchange our crypto funds to fiat.
Tax is only 12 % but if we have kept crypto funds in our wallet for at least 2 years, and we can prove it, we are exempt from paying taxes. It's very fair rule. Title: Re: Bitcoin and tax in your countries Post by: Cryptoreflector_666 on September 14, 2020, 07:18:38 AM In my country, Croatia, we have to pay taxes on crypto earnings in the moment when we exchange our crypto funds to fiat. Tax is only 12 % but if we have kept crypto funds in our wallet for at least 2 years, and we can prove it, we are exempt from paying taxes. It's very fair rule. And what explains the point that if you store more than two years of cryptocurrency in your wallet, you are exempt from taxation? Are there any limits on money withdrawal? So you can put a few million dollars in your wallet and wait a few years, and then withdraw them without interest and everything will be fine. The scheme is too suspiciously simple. Title: Re: Bitcoin and tax in your countries Post by: Chrystora123 on September 14, 2020, 07:49:29 AM for every cryptocurrency transaction in my country that is still not taxed, my country is still in (gray) setting rules for cryptocurrency holders.. In 2017 there was an issue that Bitcoin would be banned in my country but until now this strict rule has never been enforced at all on the grounds that they still want to learn about the benefits of cryptocurrency in the future..
Title: Re: Bitcoin and tax in your countries Post by: Anna138 on September 14, 2020, 07:57:05 AM for every cryptocurrency transaction in my country that is still not taxed, my country is still in (gray) setting rules for cryptocurrency holders.. In 2017 there was an issue that Bitcoin would be banned in my country but until now this strict rule has never been enforced at all on the grounds that they still want to learn about the benefits of cryptocurrency in the future.. What country are you from? Probably from Austria, since we have a similar situation with bitcoin. The majority of the country's population successfully uses all the privileges of bitcoin, but this is not legally stipulated yet. Perhaps in the near future, the government will somehow settle bitcoin officially, but there are no prerequisites for this yet. Title: Re: Bitcoin and tax in your countries Post by: Daniel91 on September 14, 2020, 06:00:53 PM In my country, Croatia, we have to pay taxes on crypto earnings in the moment when we exchange our crypto funds to fiat. Tax is only 12 % but if we have kept crypto funds in our wallet for at least 2 years, and we can prove it, we are exempt from paying taxes. It's very fair rule. And what explains the point that if you store more than two years of cryptocurrency in your wallet, you are exempt from taxation? Are there any limits on money withdrawal? So you can put a few million dollars in your wallet and wait a few years, and then withdraw them without interest and everything will be fine. The scheme is too suspiciously simple. Of course, I’m not a tax expert but from what I understand, the tax office views bitcoin as a type of investment, similar to investing in stocks. In fact, the tax office views it as a risky investment and applies the same rule as investing in stocks and that is a tax exemption if certain legal conditions are met. The money you invest in bitcoin or crypto must first come from some other source, another income that has already been taxed, right? Title: Re: Bitcoin and tax in your countries Post by: Findingnemo on September 15, 2020, 04:39:42 AM <snip> Eh? Is it necessary to report even our salaries on signature campaigns? I doubt that. We don't need to pay taxes for our bitcoin holdings or even for payments that we are getting from campaigns. Because there is no law regarding bitcoin taxiation in our country, no need to comply for that now. I'm not into crypto taxiation, but it's fine by me if it will be implemented in the future. Title: Re: Bitcoin and tax in your countries Post by: Daniel91 on September 15, 2020, 05:59:52 AM <snip> Eh? Is it necessary to report even our salaries on signature campaigns? I doubt that. We don't need to pay taxes for our bitcoin holdings or even for payments that we are getting from campaigns. Because there is no law regarding bitcoin taxiation in our country, no need to comply for that now. I'm not into crypto taxiation, but it's fine by me if it will be implemented in the future. I don't think so. As I understand, I only need to report my crypto earnings to the tax office when I exchange my crypto funds to fiat, not before. Of course, other countries can have different rules. Title: Re: Bitcoin and tax in your countries Post by: Findingnemo on September 15, 2020, 06:03:12 AM <snip> Eh? Is it necessary to report even our salaries on signature campaigns? I doubt that. We don't need to pay taxes for our bitcoin holdings or even for payments that we are getting from campaigns. Because there is no law regarding bitcoin taxiation in our country, no need to comply for that now. I'm not into crypto taxiation, but it's fine by me if it will be implemented in the future. I don't think so. As I understand, I only need to report my crypto earnings to the tax office when I exchange my crypto funds to fiat, not before. Of course, other countries can have different rules. Title: Re: Bitcoin and tax in your countries Post by: shoreno on September 15, 2020, 06:28:20 AM for every cryptocurrency transaction in my country that is still not taxed, my country is still in (gray) setting rules for cryptocurrency holders.. In 2017 there was an issue that Bitcoin would be banned in my country but until now this strict rule has never been enforced at all on the grounds that they still want to learn about the benefits of cryptocurrency in the future.. What country are you from? Probably from Austria, since we have a similar situation with bitcoin. The majority of the country's population successfully uses all the privileges of bitcoin, but this is not legally stipulated yet. Perhaps in the near future, the government will somehow settle bitcoin officially, but there are no prerequisites for this yet. Title: Re: Bitcoin and tax in your countries Post by: Assface16678 on September 15, 2020, 08:28:01 AM I'm glad that my country is already accepting the use of bitcoin.
My country developed the use of the coins.ph which is a wallet that supports the use of the bitcoin., ethereum, ripple, and bitcoin cash. Also, you can pay the bills with the use of this wallet In terms of transaction fees or taxes, it is less than three dollars. Also, they have three options those are my estimation sometimes it depends on the market movement of the coin too. 1. 0.5$~ 2.1.5$~ 3.2.5$~ Title: Re: Bitcoin and tax in your countries Post by: Malam90 on September 25, 2020, 12:36:43 PM In my country, Bitcoin and crypto trade or use is illegal which is Bangladesh. So, there is no fees and taxes on Bitcoin transaction as i can send and receive money where Govt has no control but huge transaction may cause problem. I hope my country will think to legalize crypto soon if most of the countries will accept crypto as legal currency.
Title: Re: Bitcoin and tax in your countries Post by: Xembin on September 25, 2020, 01:03:18 PM For now notthing like bitcoin tax in my country.
But since my country discover that other countries Bitcoin users are paying tax to their government, they are now trying to declear the tax payment in my country. Title: Re: Bitcoin and tax in your countries Post by: yazher on September 25, 2020, 01:44:49 PM One of the luckiest countries that don't implement a tax on Bitcoin is our country. It doesn't overwhelm us with some high payment tax if we want to use BTC rather it only gives us some advice that crypto investment is not reliable. whatever they say about it, as long as they won't put any unnecessary tax about it. We can see some countries instead of giving their full support to bitcoin, they increase the tax on it. They didn't follow these lists of countries that don't tax bitcoin gains.
https://news.bitcoin.com/eight-countries-that-dont-tax-your-bitcoin-gains/ Title: Re: Bitcoin and tax in your countries Post by: MCobian on September 25, 2020, 02:27:49 PM My country does not impose taxes on Bitcoin, therefore I am free to trade Bitcoin without having to think about taxes.
Maybe because the government in my country prohibits Bitcoin from being used as a means of payment, so it does not impose taxes on Bitcoin. Hopefully the government in my country doesn't change its decision. Because if the government imposes a tax, it's quite burdensome for me as a trader. Title: Re: Bitcoin and tax in your countries Post by: AicecreaME on September 25, 2020, 02:34:18 PM Since the Government here in our country got aware about Bitcoin and other cryptocurrencies by scam (sadly), luckily up to now, they hasn't still put tax on cryptocurrency, instead the central bank here are planning to support it by adapting it in their services. There is this saying that goes "If you can't beat them, join them", with that being said, banks could never lay their hands on Bitcoin since it's decentralized.
Maybe that's why instead of fantasizing it to become theirs, that's what they did. Title: Re: Bitcoin and tax in your countries Post by: wanted sliter on September 26, 2020, 03:02:47 AM In our country, they do not yet recognize crypto as a currency. So there are no crypto taxes. They prohibit payments with cryptocurrencies and are not responsible for any cryptocurrency transactions. We can still own the cryptocurrency.
Any crowdfunding activities in our country must go through the government. ICO projects can only be held outside of our country. Title: Re: Bitcoin and tax in your countries Post by: imstillthebest on September 26, 2020, 03:32:22 AM In our country, they do not yet recognize crypto as a currency. So there are no crypto taxes. They prohibit payments with cryptocurrencies and are not responsible for any cryptocurrency transactions. We can still own the cryptocurrency. Any crowdfunding activities in our country must go through the government. ICO projects can only be held outside of our country. i dont like the other rules on your country except to the last which crowdfunding thru government , this is different from the traditional crowdfunding but i like this because this means only legit ico are qualified but its also wierd at the same time because the ico cant run in the same country . that means no local supporters can invest on it ? if i remember there were ico that restricts certain countries but i guess that they dont restrict thier own country on the list . Title: Re: Bitcoin and tax in your countries Post by: TIDOVEE on September 26, 2020, 03:46:44 AM My country government is yet to have time for bitcoin let alone tax, our government must have been hearing bitcoin but they have not really known how well it could pay and since the bear market everything is calm no noise around bitcoin, probably after/by this next bull, they will open their eyes to it but I hope it won't be abnormally like allowing the corps take over forceful payment, as long as the fund is coming in, I don't mind paying the tax.
Title: Re: Bitcoin and tax in your countries Post by: Janation on September 26, 2020, 05:37:37 AM in my country bitcoin is not tax, the exchange of bitcoin for paper money is not tax, maybe in the future it will change because more and more people use bitcoin as a medium of exchange, maybe the government will make a decision to tax but that's not necessarily correct. I think it is on the exchanges. Since Bitcoin and other cryptocurrencies are not that popular in most of the countries, exchanges are the ones that gain most profit in the transactions happening when it comes to converting crypto to fiat. Maybe they have this tax for these kinds of exchanges where the currencies they are using can't be taxes like virtual currencies in games. Title: Re: Bitcoin and tax in your countries Post by: Sapphire915 on September 26, 2020, 05:47:35 AM I would like to hear about the situation with bitcoin and taxes in your countries. I think it would be interesting to hear different experiences and compare results across countries. Of course, I understand that in some countries you can't declare bitcoin tax. I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax. I will start first. In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax. In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment). If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax. Can you share situation in your country? So far in my country were btc is not legally proven and acceptable as other countries does. No tax and you can invest in any platform without paying tax to government. But any other investment out of digital money required tax as the income is being generated. Same here in my Country. We dont need to worry about this crypto taxation as for this moment because the Government didn't legalized it, yet. So I can say that we are greatfully enjoying our Crypto income and investment, unless we invested outside the digital world and we converted the crypto currency into fiat, just then we need to pay tax. Title: Re: Bitcoin and tax in your countries Post by: Daniel91 on September 26, 2020, 09:13:56 AM I would like to hear about the situation with bitcoin and taxes in your countries. I think it would be interesting to hear different experiences and compare results across countries. Of course, I understand that in some countries you can't declare bitcoin tax. I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax. I will start first. In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax. In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment). If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax. Can you share situation in your country? So far in my country were btc is not legally proven and acceptable as other countries does. No tax and you can invest in any platform without paying tax to government. But any other investment out of digital money required tax as the income is being generated. Same here in my Country. We dont need to worry about this crypto taxation as for this moment because the Government didn't legalized it, yet. So I can say that we are greatfully enjoying our Crypto income and investment, unless we invested outside the digital world and we converted the crypto currency into fiat, just then we need to pay tax. I think that’s actually logical and normal :D I think a similar rule applies to almost all countries because they can't tax what is not officially recognized as money. Of course, when the money arrives in your bank account, it's a completely different story. I think I read somewhere that the EU government has given similar instructions to member states. Title: Re: Bitcoin and tax in your countries Post by: worldofcoins on September 26, 2020, 11:11:49 AM In my country, Bitcoin and crypto trade or use is illegal which is Bangladesh. So, there is no fees and taxes on Bitcoin transaction as i can send and receive money where Govt has no control but huge transaction may cause problem. I hope my country will think to legalize crypto soon if most of the countries will accept crypto as legal currency. Our government doesn't expect us to cover any charges, our nation additionally upholds cryptographic money and many trades are wanting to work together here. The expenses with the trade are the main duty we are paying and the rest is liberated from charge. I do trade with no charges, invest, buy, and sell bitcoin. Title: Re: Bitcoin and tax in your countries Post by: carlisle1 on September 26, 2020, 11:17:40 AM In my country, Bitcoin and crypto trade or use is illegal which is Bangladesh. So, there is no fees and taxes on Bitcoin transaction as i can send and receive money where Govt has no control but huge transaction may cause problem. I hope my country will think to legalize crypto soon if most of the countries will accept crypto as legal currency. Hope that this will never happen to my country that Bitcoin and crypto being banned and treated as illegal currency.our government is neutral in regards to Crypto usage,just be aware of the risk and the scams. this is why we are not paying for taxes in our crypto activities. My country government is yet to have time for bitcoin let alone tax, our government must have been hearing bitcoin but they have not really known how well it could pay and since the bear market everything is calm no noise around bitcoin, probably after/by this next bull, they will open their eyes to it but I hope it won't be abnormally like allowing the corps take over forceful payment, as long as the fund is coming in, I don't mind paying the tax. or maybe your government is secretly supporting Bitcoin and crypto?or maybe some politicians had investment inside crypto.Title: Re: Bitcoin and tax in your countries Post by: lepbagong on September 26, 2020, 12:23:25 PM Even though there is no direct prohibition, in my country trading using bitcoin is strictly prohibited, but if you want to exchange it for fiat, there are no restrictions at all. It is clear that there is no income for the state for every transaction that occurs when bitcoin is used even though this is one of the potential state revenues. but since it is working on the regulations it may take some time for that.
Title: Re: Bitcoin and tax in your countries Post by: Mr.sprin on September 26, 2020, 12:59:34 PM Even though there is no direct prohibition, in my country trading using bitcoin is strictly prohibited, but if you want to exchange it for fiat, there are no restrictions at all. It is clear that there is no income for the state for every transaction that occurs when bitcoin is used even though this is one of the potential state revenues. but since it is working on the regulations it may take some time for that. Yes, I agree, there is no input for the country for each bitcoin transaction. This is where the problem is why the state does not legalize bitcoin, an advantage for the tax state. Bitcoin is legalized so every transaction will be taxed.Title: Re: Bitcoin and tax in your countries Post by: k@suy on September 26, 2020, 01:09:37 PM Even though there is no direct prohibition, in my country trading using bitcoin is strictly prohibited, but if you want to exchange it for fiat, there are no restrictions at all. It is clear that there is no income for the state for every transaction that occurs when bitcoin is used even though this is one of the potential state revenues. but since it is working on the regulations it may take some time for that. There is no tax in some country when you are exchanging crypto currency into fiat because those transactions are no longer under the government. And those transactions with tax are the transactions under the government only or under their republic and transactions that need their approval before it will be process.Title: Re: Bitcoin and tax in your countries Post by: wanted sliter on September 27, 2020, 08:27:48 AM In our country, they do not yet recognize crypto as a currency. So there are no crypto taxes. They prohibit payments with cryptocurrencies and are not responsible for any cryptocurrency transactions. We can still own the cryptocurrency. Any crowdfunding activities in our country must go through the government. ICO projects can only be held outside of our country. i dont like the other rules on your country except to the last which crowdfunding thru government , this is different from the traditional crowdfunding but i like this because this means only legit ico are qualified but its also wierd at the same time because the ico cant run in the same country . that means no local supporters can invest on it ? if i remember there were ico that restricts certain countries but i guess that they dont restrict thier own country on the list . The government just forbids raising funds and making payments in my country, everything outside is not banned. Title: Re: Bitcoin and tax in your countries Post by: Arcas on September 27, 2020, 09:32:50 AM The moment the government in a country recognized bitcoin as legal tender and money, things would become a lot easier. not for those who own the bitcoins, but then there is more clarity. By the way, the whole idea of bitcoin is gone, which wants to offer as much transparency in its transactions and anonymity as possible. However, this can also differ enormously from one country to another.
Title: Re: Bitcoin and tax in your countries Post by: ashler on January 05, 2021, 12:39:28 AM Slovakia must be one of the countries with the highest taxes in the world for crypto. It works like this:
- If your yearly income is up to EUR 36,000 then you pay 19% on your crypto profits - If your yearly income is greater than the above, you pay 25% on your crypto profits. ON TOP OF THE ABOVE, you pay 14% from the remaining money on health insurance (don't ask my why). Example: you bought 10 BTC for 1,000 EUR each and you sell all of them for 25,000 EUR - therefore you have a profit of 240,000 EUR. This means you will pay: 25% of 240,000 = 60,000 EUR (tax) 14% of 180,000 = 25,200 EUR (health insurance) Total paid in 'health insurance' and taxes: 85,200 EUR Final profit: 154,800 EUR Is there any worst country than Slovakia when it comes to crypto taxation? :( https://translate.google.com/translate?sl=sk&tl=en&u=https://www.mojedane.sk/kryptomeny_danove_priznanie/ Title: Re: Bitcoin and tax in your countries Post by: Mr.sprin on January 05, 2021, 05:52:57 AM Bitcoin transactions in my country are not taxed because bitcoin in my country is not authorized by the government.
in my country bitcoin is only transactions in the digital world, not exchanging goods or bartering in my country bitcoin is only as virtual currency and stored in the wallet only. Title: Re: Bitcoin and tax in your countries Post by: johnnathanexo on January 05, 2021, 08:18:36 AM There are no taxes on buying crypto in my country, or even holding it for as long as anyone want. If the holder is conducting a trade then Income Tax will be applied to the trading profits.
Title: Re: Bitcoin and tax in your countries Post by: milani on January 05, 2021, 08:59:22 PM I would like to hear about the situation with bitcoin and taxes in your countries. I think it would be interesting to hear different experiences and compare results across countries. Of course, I understand that in some countries you can't declare bitcoin tax. I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax. I will start first. In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax. In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment). If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax. Can you share situation in your country? In Ukraine not so long ago yhe draft law has been adopted about the cryptocurrency and regulations in the direction of taxes and so on. In this draft bill, a virtual asset is defined as a collection of data in electronic form, which has a value and exists in the system of circulation of virtual assets. And people must declare their crypto assets in their every year declarations. But there are lots of aspects that are not fully finalized. Title: Re: Bitcoin and tax in your countries Post by: hulla on January 05, 2021, 10:52:21 PM I would like to hear about the situation with bitcoin and taxes in your countries. I think it would be interesting to hear different experiences and compare results across countries. Of course, I understand that in some countries you can't declare bitcoin tax. I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax. I will start first. In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax. In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment). If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax. Can you share situation in your country? In Ukraine not so long ago yhe draft law has been adopted about the cryptocurrency and regulations in the direction of taxes and so on. In this draft bill, a virtual asset is defined as a collection of data in electronic form, which has a value and exists in the system of circulation of virtual assets. And people must declare their crypto assets in their every year declarations. But there are lots of aspects that are not fully finalized. Title: Re: Bitcoin and tax in your countries Post by: acener on January 06, 2021, 12:25:36 AM To be honest I don't know about it up till now,
But due to my curiousity created by this thread this is what I found out, Taxation of cryptocurrecies in the Philippines how are virtual currencies regulated (https://philippines.bc.events/news/taxation-of-cryptocurrencies-in-the-philippines-how-are-virtual-currencies-regulated-93106). I don't have any update if they finally going to implement the tax but 30% is huge tax. Title: Re: Bitcoin and tax in your countries Post by: Twentyonepaylots on January 06, 2021, 02:04:01 AM Here in the Philippines the most prominent wallet is Coins, where thwy charge a hell of a lot for transactions that go as high as $20 above. We are hoping for a change here as this wouldn't slide especially with the current setup of things. Besides that, the government is alsp planning to impose taxations on cryptocurrency earnings, which for me is fine but the admin here is riddled with corrupt officials so basically 30% of my hard-earned cash is gonna go to a random politician because of this law
To be honest I don't know about it up till now, The issue is still in the talks here and is luckily postponed due to major issues in the way our government handles national problems, particularly on the police and armed forces sector. So it is still yet to be implemented. But due to my curiousity created by this thread this is what I found out, Taxation of cryptocurrecies in the Philippines how are virtual currencies regulated (https://philippines.bc.events/news/taxation-of-cryptocurrencies-in-the-philippines-how-are-virtual-currencies-regulated-93106). I don't have any update if they finally going to implement the tax but 30% is huge tax. Title: Re: Bitcoin and tax in your countries Post by: Tokenista on March 29, 2021, 01:32:35 AM Well, seems like PUTI looks a little bit promising and can live to compete with the others altcoin. Then what about your another token, PUCO? PUCO token should also be like the current PUTI token, or you prefer to raise only one of them, well it will have other story. Also maybe you want to make PUTI bigger first, than after that PUCO token turn will arrive. TRON/Polonidex is afraid to touch this because of the Bitcoin foundation issue, but that is simply a delay. As we ultimately are the ones suing them, they pretend its over. What we are doing now is creating the PUTI Market, then soon we will start accepting BLURT for PUTI, and HIVE. And we will start accepting PUTI to pay for Soap. Then we will start accepting PUTI, BLURT, STEEM and HIVE for PUCO, and PUCO for Soap, while PUCO gets paid out for Social Media Bounties. Then and ETH Clone and a HIVE Token, and then several more after that. But we will do person to person, token to token trades, and Pegged Tokens on Tokens between platforms. Then Polonidex will list us on their own, I won't need the self listing feature they are refusing to use properly. The next month a lot is going to happen. Because of the Corona Virus a lot of stuff was postponed, we weren't even on WiFi most of the time but we are now getting everything moving. We are going to have the Etsy shop up soon, so PUTI, BLURT, STEEM and HIVE for Soap, Oils, etc, will be available within a few weeks. We are also suing Facebook for attacking my Wife's business, likey to use as the model for their failing idea Libra, which is being renamed "Diem" and stealing my Wife's brand. And we will have a few more Tokens and our own Blockchain soon, including some Pegged Tokens for cross chain trades. Our Organization, the Shaivite Temple, is also: 1. Federally 501(c)(3) Tax Exempt and we have a Federal Ruling Letter 2. Exempt from paying Social Security Taxes as a Religious Organization 3. Any Minister doing work related to the Religious Mission, and are part of the Ministry/Order, are exempt from Taxes for earnings in that capacity Title: Re: Bitcoin and tax in your countries Post by: xSkylarx on March 29, 2021, 03:24:44 AM Here in the Philippines, there is no law yet that imposes tax on digital currencies because it is not that popular yet. Once you declare that your source of income is from trading cryptocurrencies, they will disable our local bitcoin wallet then they will investigate it thoroughly the source of those cryptos because they think that it is from money laundering. Bitcoin cannot be taxed as long as you don't declare it as an asset of yours. Thanks to some rich people here that do p2p exchange, we can conveniently cashout our money without hassle.
Title: Re: Bitcoin and tax in your countries Post by: Om.monata on March 29, 2021, 08:36:40 AM I would like to hear about the situation with bitcoin and taxes in your countries. in my country there are no tax rules or anything for bitcoin owners, it's just that in my country it has a rule to use bitcoin only for money exchange transactions not to be used as a direct sale and purchase transaction. so that's the rule in my country until recentlyI think it would be interesting to hear different experiences and compare results across countries. Of course, I understand that in some countries you can't declare bitcoin tax. I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax. I will start first. In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax. In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment). If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax. Can you share situation in your country? Title: Re: Bitcoin and tax in your countries Post by: Daniel91 on March 29, 2021, 09:39:40 AM I would like to hear about the situation with bitcoin and taxes in your countries. I think it would be interesting to hear different experiences and compare results across countries. Of course, I understand that in some countries you can't declare bitcoin tax. I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax. I will start first. In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax. In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment). If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax. Can you share situation in your country? In Ukraine not so long ago yhe draft law has been adopted about the cryptocurrency and regulations in the direction of taxes and so on. In this draft bill, a virtual asset is defined as a collection of data in electronic form, which has a value and exists in the system of circulation of virtual assets. And people must declare their crypto assets in their every year declarations. But there are lots of aspects that are not fully finalized. The EU is always trying to regulate everything and this often ends up with too much bureaucracy and unnecessary rules ;D As far as I remember, the EU court has somehow legalized bitcoin and now it remains for EU member states to agree on practical details and rules for crypto. It seems that step by step all countries are adopting more and more rules about crypto and are slowly regulating this area which is actually good for users who will be able to more easily legalize their crypto earnings. Title: Re: Bitcoin and tax in your countries Post by: hulla on March 29, 2021, 11:38:04 AM I would like to hear about the situation with bitcoin and taxes in your countries. I think it would be interesting to hear different experiences and compare results across countries. Of course, I understand that in some countries you can't declare bitcoin tax. I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax. I will start first. In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax. In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment). If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax. Can you share situation in your country? In Ukraine not so long ago yhe draft law has been adopted about the cryptocurrency and regulations in the direction of taxes and so on. In this draft bill, a virtual asset is defined as a collection of data in electronic form, which has a value and exists in the system of circulation of virtual assets. And people must declare their crypto assets in their every year declarations. But there are lots of aspects that are not fully finalized. The EU is always trying to regulate everything and this often ends up with too much bureaucracy and unnecessary rules ;D As far as I remember, the EU court has somehow legalized bitcoin and now it remains for EU member states to agree on practical details and rules for crypto. It seems that step by step all countries are adopting more and more rules about crypto and are slowly regulating this area which is actually good for users who will be able to more easily legalize their crypto earnings. Title: Re: Bitcoin and tax in your countries Post by: electronicash on March 29, 2021, 11:40:41 AM I would like to hear about the situation with bitcoin and taxes in your countries. I think it would be interesting to hear different experiences and compare results across countries. Of course, I understand that in some countries you can't declare bitcoin tax. I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax. I will start first. In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax. In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment). If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax. Can you share situation in your country? In Ukraine not so long ago yhe draft law has been adopted about the cryptocurrency and regulations in the direction of taxes and so on. In this draft bill, a virtual asset is defined as a collection of data in electronic form, which has a value and exists in the system of circulation of virtual assets. And people must declare their crypto assets in their every year declarations. But there are lots of aspects that are not fully finalized. The EU is always trying to regulate everything and this often ends up with too much bureaucracy and unnecessary rules ;D As far as I remember, the EU court has somehow legalized bitcoin and now it remains for EU member states to agree on practical details and rules for crypto. It seems that step by step all countries are adopting more and more rules about crypto and are slowly regulating this area which is actually good for users who will be able to more easily legalize their crypto earnings. EU countries had long been making laws about crypto so its not surprising. but why do you bitcoin holder for 2 years in Croatia have to pay 12% when you are not gaining from it? as if they've determined already that when you hold BTC for 2 years you already have withdrawn some cash thru the investment. if i am a holder for long term in this country i would rather not make my btc known. my country doesn't yet have laws about it. hope they'd not make soon. Title: Re: Bitcoin and tax in your countries Post by: kayiboyu on March 29, 2021, 12:11:07 PM There is no tax law about Bitcoin in my country yet but the government made a statement like they are going to make things prepared until the end of this year. I have no idea about what kind of a regulation it will be now. I hope the tax rates would be at sensible rates not to cause eyebrows to raise.
Title: Re: Bitcoin and tax in your countries Post by: Darkelf11 on March 29, 2021, 12:16:06 PM The bitcoin itself doesn't have any tax other than its transaction fee if you want to transfer it then but the problem is now the centralized exchange or wallet created in my country they don't give a fair rate to the market instead they are doing a different market price which is not quite fair the price of the bitcoin is too much different like imagine you send a worth 100 USD and then the only thing you've got is only 75 USD approximately we don't have any choice instead.
Title: Re: Bitcoin and tax in your countries Post by: hulla on March 29, 2021, 12:29:29 PM I would like to hear about the situation with bitcoin and taxes in your countries. I think it would be interesting to hear different experiences and compare results across countries. Of course, I understand that in some countries you can't declare bitcoin tax. I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax. I will start first. In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax. In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment). If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax. Can you share situation in your country? In Ukraine not so long ago yhe draft law has been adopted about the cryptocurrency and regulations in the direction of taxes and so on. In this draft bill, a virtual asset is defined as a collection of data in electronic form, which has a value and exists in the system of circulation of virtual assets. And people must declare their crypto assets in their every year declarations. But there are lots of aspects that are not fully finalized. The EU is always trying to regulate everything and this often ends up with too much bureaucracy and unnecessary rules ;D As far as I remember, the EU court has somehow legalized bitcoin and now it remains for EU member states to agree on practical details and rules for crypto. It seems that step by step all countries are adopting more and more rules about crypto and are slowly regulating this area which is actually good for users who will be able to more easily legalize their crypto earnings. EU countries had long been making laws about crypto so its not surprising. but why do you bitcoin holder for 2 years in Croatia have to pay 12% when you are not gaining from it? as if they've determined already that when you hold BTC for 2 years you already have withdrawn some cash thru the investment. if i am a holder for long term in this country i would rather not make my btc known. my country doesn't yet have laws about it. hope they'd not make soon. That's my believe. Title: Re: Bitcoin and tax in your countries Post by: suzanne5223 on March 29, 2021, 12:46:17 PM I would like to hear about the situation with bitcoin and taxes in your countries. I think it would be interesting to hear different experiences and compare results across countries. Of course, I understand that in some countries you can't declare bitcoin tax. I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax. I will start first. In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax. In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment). If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax. Can you share situation in your country? In Ukraine not so long ago yhe draft law has been adopted about the cryptocurrency and regulations in the direction of taxes and so on. In this draft bill, a virtual asset is defined as a collection of data in electronic form, which has a value and exists in the system of circulation of virtual assets. And people must declare their crypto assets in their every year declarations. But there are lots of aspects that are not fully finalized. The EU is always trying to regulate everything and this often ends up with too much bureaucracy and unnecessary rules ;D As far as I remember, the EU court has somehow legalized bitcoin and now it remains for EU member states to agree on practical details and rules for crypto. It seems that step by step all countries are adopting more and more rules about crypto and are slowly regulating this area which is actually good for users who will be able to more easily legalize their crypto earnings. EU countries had long been making laws about crypto so its not surprising. but why do you bitcoin holder for 2 years in Croatia have to pay 12% when you are not gaining from it? as if they've determined already that when you hold BTC for 2 years you already have withdrawn some cash thru the investment. if i am a holder for long term in this country i would rather not make my btc known. my country doesn't yet have laws about it. hope they'd not make soon. Title: Re: Bitcoin and tax in your countries Post by: Question123 on March 29, 2021, 01:04:51 PM In my country the government have no tax in the bitcoin holder ,trader and investors and which is good to us and the government are not against to this not just like the other who is not supported the crypto but it sadly they ban the crypto and made mis information to their people. I think we still have tax the fee that we pay in the wallet we use when we cashout our money and the company pay the tax to the government.
Title: Re: Bitcoin and tax in your countries Post by: Daniel91 on March 29, 2021, 01:25:55 PM I would like to hear about the situation with bitcoin and taxes in your countries. I think it would be interesting to hear different experiences and compare results across countries. Of course, I understand that in some countries you can't declare bitcoin tax. I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax. I will start first. In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax. In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment). If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax. Can you share situation in your country? In Ukraine not so long ago yhe draft law has been adopted about the cryptocurrency and regulations in the direction of taxes and so on. In this draft bill, a virtual asset is defined as a collection of data in electronic form, which has a value and exists in the system of circulation of virtual assets. And people must declare their crypto assets in their every year declarations. But there are lots of aspects that are not fully finalized. The EU is always trying to regulate everything and this often ends up with too much bureaucracy and unnecessary rules ;D As far as I remember, the EU court has somehow legalized bitcoin and now it remains for EU member states to agree on practical details and rules for crypto. It seems that step by step all countries are adopting more and more rules about crypto and are slowly regulating this area which is actually good for users who will be able to more easily legalize their crypto earnings. EU countries had long been making laws about crypto so its not surprising. but why do you bitcoin holder for 2 years in Croatia have to pay 12% when you are not gaining from it? as if they've determined already that when you hold BTC for 2 years you already have withdrawn some cash thru the investment. if i am a holder for long term in this country i would rather not make my btc known. my country doesn't yet have laws about it. hope they'd not make soon. OK, a little clarification seems to be needed here. According to recent information we received from the tax office, the tax is no longer 12% but only 10% plus surtax. The exchange of one cryptocurrency for another is not a ''tax event' and is not taxed. The tax is paid only when changing the crypto currency to fiat and only on the profit from trading. So, if with FIFO evidence you can prove that you invested in crypto 1 btc and earned 4 btc, and now you have 5 btc, then the tax is paid only on 4 btc, on the amount you earned. It's latest update from tax office in Croatia, with more clarification for us. Title: Re: Bitcoin and tax in your countries Post by: suzanne5223 on March 29, 2021, 01:58:49 PM I would like to hear about the situation with bitcoin and taxes in your countries. I think it would be interesting to hear different experiences and compare results across countries. Of course, I understand that in some countries you can't declare bitcoin tax. I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax. I will start first. In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax. In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment). If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax. Can you share situation in your country? In Ukraine not so long ago yhe draft law has been adopted about the cryptocurrency and regulations in the direction of taxes and so on. In this draft bill, a virtual asset is defined as a collection of data in electronic form, which has a value and exists in the system of circulation of virtual assets. And people must declare their crypto assets in their every year declarations. But there are lots of aspects that are not fully finalized. The EU is always trying to regulate everything and this often ends up with too much bureaucracy and unnecessary rules ;D As far as I remember, the EU court has somehow legalized bitcoin and now it remains for EU member states to agree on practical details and rules for crypto. It seems that step by step all countries are adopting more and more rules about crypto and are slowly regulating this area which is actually good for users who will be able to more easily legalize their crypto earnings. EU countries had long been making laws about crypto so its not surprising. but why do you bitcoin holder for 2 years in Croatia have to pay 12% when you are not gaining from it? as if they've determined already that when you hold BTC for 2 years you already have withdrawn some cash thru the investment. if i am a holder for long term in this country i would rather not make my btc known. my country doesn't yet have laws about it. hope they'd not make soon. OK, a little clarification seems to be needed here. According to recent information we received from the tax office, the tax is no longer 12% but only 10% plus surtax. The exchange of one cryptocurrency for another is not a ''tax event' and is not taxed. The tax is paid only when changing the crypto currency to fiat and only on the profit from trading. So, if with FIFO evidence you can prove that you invested in crypto 1 btc and earned 4 btc, and now you have 5 btc, then the tax is paid only on 4 btc, on the amount you earned. It's latest update from tax office in Croatia, with more clarification for us. Title: Re: Bitcoin and tax in your countries Post by: Daniel91 on March 29, 2021, 02:52:44 PM I would like to hear about the situation with bitcoin and taxes in your countries. I think it would be interesting to hear different experiences and compare results across countries. Of course, I understand that in some countries you can't declare bitcoin tax. I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax. I will start first. In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax. In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment). If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax. Can you share situation in your country? In Ukraine not so long ago yhe draft law has been adopted about the cryptocurrency and regulations in the direction of taxes and so on. In this draft bill, a virtual asset is defined as a collection of data in electronic form, which has a value and exists in the system of circulation of virtual assets. And people must declare their crypto assets in their every year declarations. But there are lots of aspects that are not fully finalized. The EU is always trying to regulate everything and this often ends up with too much bureaucracy and unnecessary rules ;D As far as I remember, the EU court has somehow legalized bitcoin and now it remains for EU member states to agree on practical details and rules for crypto. It seems that step by step all countries are adopting more and more rules about crypto and are slowly regulating this area which is actually good for users who will be able to more easily legalize their crypto earnings. EU countries had long been making laws about crypto so its not surprising. but why do you bitcoin holder for 2 years in Croatia have to pay 12% when you are not gaining from it? as if they've determined already that when you hold BTC for 2 years you already have withdrawn some cash thru the investment. if i am a holder for long term in this country i would rather not make my btc known. my country doesn't yet have laws about it. hope they'd not make soon. OK, a little clarification seems to be needed here. According to recent information we received from the tax office, the tax is no longer 12% but only 10% plus surtax. The exchange of one cryptocurrency for another is not a ''tax event' and is not taxed. The tax is paid only when changing the crypto currency to fiat and only on the profit from trading. So, if with FIFO evidence you can prove that you invested in crypto 1 btc and earned 4 btc, and now you have 5 btc, then the tax is paid only on 4 btc, on the amount you earned. It's latest update from tax office in Croatia, with more clarification for us. I hope you all understand that I'm not a tax expert and just pass on the information I find on the public website of the Croatian Tax Office. For answers to specific questions you should talk to a tax advisor, bookkeeping service or tax officer (advice for any user here regardless of the country in which you live). I plan to do that, but only at the moment when I withdraw my crypto funds to my bank account, considering that new clarifications and interpretations of the tax office are constantly coming, I guess based on new questions and situations from tax practice. As far as I understand from the official opinions of the Croatian tax office (until now), if a user can prove with FIFO records that he kept his crypto funds in a digital wallet for at least 2 years, then he is exempt from paying taxes (The rules are exactly the same for those who invest in the stock market, stocks, bonds, investment funds etc). Title: Re: Bitcoin and tax in your countries Post by: malikg18 on March 30, 2021, 03:48:10 AM Bitcoin is not regularized in my country so there is no tax system about it .If Govt regularize it then they can collect massive amount of tax.People are working in Crypto hiddenly .If it opens then it will be very helpful for tax collection for the country.
Title: Re: Bitcoin and tax in your countries Post by: bitterguy28 on March 30, 2021, 04:12:56 AM We are lucky that There is no taxation in Bitcoin in My country though In some goods for Mining there is a tax increase specially now that the Mining is in demand as the crypto is really having a great days.
Bitcoin is not regularized in my country so there is no tax system about it .If Govt regularize it then they can collect massive amount of tax.People are working in Crypto hiddenly .If it opens then it will be very helpful for tax collection for the country. Same here , we are both having that government regulations and lucky that we are tax free.Title: Re: Bitcoin and tax in your countries Post by: Tokenista on April 22, 2021, 01:19:09 PM Info on Taxes
I want to write a little about Taxes, because there will be questions and issues that arise as we begin the Punic Wax Network and we will likely need and FAQ, but this is also useful for Bitcoiners or any Coiners. I run a Tax Exempt Religious Organization, we have a Federal Employer ID Number (FEIN), and a Ruling Letter, as well as an IRS approval to not withhold Social Security Taxes to pay Employees, further we can bring other organizations under us. We also will have any Employees and those Spreading the Religion file for their Self-Employment Religious Tax Exemption (IRS form 4367 or 4361). But, That does not make everything Tax Exempt, so I am going to get into a little about Religious Taxes, intertwined with Crypto Taxes. The Reverend or Minister will often build his house on a Church Property because Religious Organizations are exempt from Property Taxes, but if the Minister or Reverend, etc, buys a House not on Church Property, a Property not used for Religious purposes, it is not exempt. You could have a House with a Bible study Room, or Altar, or otherwise intended for Religious use, and then you start getting into Grey Areas. In the Religious Land Use and Institutionalized Persons Act (RLUIPA) we see that Religion can build structures outside of Home Owners Association (HOA) regulations, etc. So, a good Rule of Thumb would be that if you have a Religious Land Use instance that is constant, then you would probably qualify as a Tax Exempt property of the Church. You can then see this same type of Qualifier for Taxes. If you are Earning and Spending Crypto in a Capacity in which you are creating Religious Materials (Literature, Art, etc) you are likely qualified to get Tax Exemption on your earnings. Cryptocurrency can be seen in the Work of Art part of Tax Law. If you write a Song, someone else can own it, you can Buy it or Sell it, it may be valued at $5,000,000 but you only pay Taxes when you sell or earn. Cryptocurrency is a line of Code, like a Video Game Token, it only has the Value we give it collectively based on our appreciation of the unerrorability of the Blockchain technology, but as far as the Tax Code, it is like a Music Book, or a Song on the Radio. The Government gets their part, when you Earn. When you have Income. The IRS has said a few different things regarding Bitcoin, and if you want to be real safe you can pay Capital Gains Taxes on your Bitcoin, or other Currencies Explicity mentioned by the IRS, but most Altcoins and really an Altcoin you make yourself is not something to worry about, and the IRS is just writing Rules in place of a True Rule created by the Court. Because there just has not been a Case where like someone like me was involved. And most cases are about people paying 0 Taxes. Spend Coins on a Car to Drive to Friends Houses and the Bar = Pay Taxes at Cashout Spend Coins on a Car used for Religious Business Materials Transportation for Production and Shipping = No Taxes Earn Coins Day Trading Currencies and cashing out to your personal Bank Account, used by yourself for Entertainment spending, Vacationing, etc = Pay Taxes at Cashout Earn Coins writing Religious Literature to then spend feeding those who keep the Religion alive and spread it throughout the World = No Taxes |
