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Title: TAX of BTC in your country Post by: bikerleszno on December 20, 2013, 09:45:41 PM Hello guys !
Please write down where do you live and how is about taxes and law regulations in your country about e-currency like bitcoin. Thanks for comments :) Title: Re: TAX of BTC in your country Post by: theecoinomist on December 20, 2013, 10:03:00 PM It's just capital gains for all I know, but Norway (maybe Sweden as well?) require you to pay VAT when buying/selling
Title: Re: TAX of BTC in your country Post by: empoweoqwj on December 21, 2013, 03:57:38 AM Thailand: basically illegal so no taxes to pay :)
Title: Re: TAX of BTC in your country Post by: KonstantinosM on December 21, 2013, 04:52:04 AM The US...
Who knows? ;D ;D ;D ;D Title: Re: TAX of BTC in your country Post by: jojo69 on December 21, 2013, 04:53:14 AM no fiat no tax, simple as that
Title: Re: TAX of BTC in your country Post by: hostmaster on December 21, 2013, 05:44:38 AM It's accepted as "not money" so no taxing possible i guess. We can pay as bitcoins if they need :)
Title: Re: TAX of BTC in your country Post by: empoweoqwj on December 21, 2013, 07:44:14 AM It's accepted as "not money" so no taxing possible i guess. We can pay as bitcoins if they need :) You have to specify the country. Different countries tax all kinds of things differently e.g. capital gains, inheritance Title: Re: TAX of BTC in your country Post by: Swordsoffreedom on December 21, 2013, 08:34:32 AM Canada
Taxed on Income if you treat it like a business Taxed on Capital Gains if its speculation Taxed like Barter if you use it to trade for things Full Coverage Title: Re: TAX of BTC in your country Post by: Ridicuss on December 21, 2013, 12:38:03 PM Canada Taxed on Income if you treat it like a business Taxed on Capital Gains if its speculation Taxed like Barter if you use it to trade for things Full Coverage Very similar if not exact in the US. Still finding out and learning, but this is what I have come up with from my accountant. Title: Re: TAX of BTC in your country Post by: jojo69 on December 21, 2013, 05:51:49 PM barter...tax?
ha ha hahahaHAHAHAHAHAHAHAHAHAHAHA lul...ahhh you guys kill me Title: Re: TAX of BTC in your country Post by: sneeze on December 21, 2013, 08:42:22 PM Sweden here. We have no taxes for BTC. Yet.
Google translate this: http://skatterattsnamnden.se/skatterattsnamnden/forhandsbesked/2013/forhandsbesked2013/mervardesskatthandelmedbitcoins.5.46ae6b26141980f1e2d29d9.html Title: Re: TAX of BTC in your country Post by: pikeadz on December 22, 2013, 12:26:28 AM USA. Short term capital gains but it is a pain in the ass to track all of it down. I am using FIFO method.
Title: Re: TAX of BTC in your country Post by: Stultiloquy on December 22, 2013, 08:49:42 PM Russia. Government doesn't know that such things like BTC exists. :D
Title: Re: TAX of BTC in your country Post by: empoweoqwj on December 23, 2013, 03:48:13 AM Russia. Government doesn't know that such things like BTC exists. :D Bet my last BTC it does. They are just waiting for the "right time" .... Title: Re: TAX of BTC in your country Post by: mgio on December 23, 2013, 03:55:03 PM barter...tax? ha ha hahahaHAHAHAHAHAHAHAHAHAHAHA lul...ahhh you guys kill me We are talking about what is LEGAL, not what you can get away with. This is the legal forum, anyways. It's one thing to claim that taxes on bitcoin aren't easily enforceable. It's another thing to say they aren't owed at all. If you want to talk about your tricks for tax evasion, start your own thread. Title: Re: TAX of BTC in your country Post by: Merch on December 23, 2013, 08:45:03 PM Sweden here. We have no taxes for BTC. Yet. Google translate this: http://skatterattsnamnden.se/skatterattsnamnden/forhandsbesked/2013/forhandsbesked2013/mervardesskatthandelmedbitcoins.5.46ae6b26141980f1e2d29d9.html The scenario in that document is for person X which is to start a corporate business as an exchange, how does this affect the capital gains tax - not at all if you ask me. So, Sweden Looking like 30% in capital gains tax.. Title: Re: TAX of BTC in your country Post by: empoweoqwj on December 24, 2013, 03:53:31 AM Anyone got details of the UK at the moment? Don't currently reside there but might well soon.
Title: Re: TAX of BTC in your country Post by: User_513 on December 26, 2013, 11:57:52 PM Title: Re: TAX of BTC in your country Post by: empoweoqwj on December 27, 2013, 01:23:24 AM What, globally? Title: Re: TAX of BTC in your country Post by: NewLiberty on December 27, 2013, 02:38:53 PM If your goal with this thread is to look for good regions for bitcoin businesses based on tax law you are probably looking at Cayman and UAE.
http://en.wikipedia.org/wiki/List_of_countries_by_tax_rates If your goal is to get some tax advice from anonymous internet postings, just know that relying on it is probably not a good idea. If you pay for professional advice from an expert in your jurisdiction, at least you would have that to stand on, but "I read it on the internet" isn't going to be much use in a court. Title: Re: TAX of BTC in your country Post by: empoweoqwj on December 28, 2013, 02:48:19 AM If your goal with this thread is to look for good regions for bitcoin businesses based on tax law you are probably looking at Cayman and UAE. http://en.wikipedia.org/wiki/List_of_countries_by_tax_rates If your goal is to get some tax advice from anonymous internet postings, just know that relying on it is probably not a good idea. If you pay for professional advice from an expert in your jurisdiction, at least you would have that to stand on, but "I read it on the internet" isn't going to be much use in a court. You'd need to know the countries laws (if any) on bitcoin, not just tax law :) Singapore would be a great bet at the moment. Very low taxes and just announced not interfering with bitcoin. Title: Re: TAX of BTC in your country Post by: Rannasha on December 28, 2013, 08:57:46 AM In the Netherlands, Bitcoin is classified no more than as "something with value". As a consequence, it's subject to capital and assets tax, which is based around the assumption of 4% capital gains per year, which is taxed at 30%. So you pay a flat 1.2% of any capital and assets you have over the threshold value (~20K for single people, ~40K for married couples / registered partnerships), regardless of whether you keep it as fiat in a 0% interest account or multiply your capital tenfold by holding bitcoins.
The tax amount due for 2013 is based on ones capital on the first of january of 2013, so the main Bitcoin-taxation won't come for another year, when the price on 1-1-2014 will determine how much you pay for 2014. Title: Re: TAX of BTC in your country Post by: NewLiberty on December 28, 2013, 11:55:28 PM In the Netherlands, Bitcoin is classified no more than as "something with value". As a consequence, it's subject to capital and assets tax, which is based around the assumption of 4% capital gains per year, which is taxed at 30%. So you pay a flat 1.2% of any capital and assets you have over the threshold value (~20K for single people, ~40K for married couples / registered partnerships), regardless of whether you keep it as fiat in a 0% interest account or multiply your capital tenfold by holding bitcoins. The tax amount due for 2013 is based on ones capital on the first of january of 2013, so the main Bitcoin-taxation won't come for another year, when the price on 1-1-2014 will determine how much you pay for 2014. There may also be reasons to "mark to market". If one were on the board of an entity that received bitcoin donations and would like to stimulate the discussion among the board of what to do with it. Title: Re: TAX of BTC in your country Post by: black_swan on December 29, 2013, 12:00:40 AM Anyone got details of the UK at the moment? Don't currently reside there but might well soon. I am also interested in UK, is it classified as capital gain here as well? I found this article http://www.coindesk.com/bitcoin-uk-hmrc-suggests-bitcoins-taxable-vouchers/ but it doesn't explain anything for privates, only businesses |