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Author Topic: Do Bitcoins have Tax??  (Read 39873 times)
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February 14, 2016, 06:00:48 AM
 #61

In my country, there ain't any taxes and everybody here is warned not to trade Bitcoins as it is the most volatile currency and our Reserve Bank says that "we should not invest what we cannot afford to lose"... Wink
No taxes at all That's a great thing as in my country we have to pay too many taxes. Whether it's on our medical bills, restaurant bills, shopping bills and almost each and every thing has a 12.5% tax plus our normal taxes. For me, bitcoins are the best as I save my money in bitcoins and don't need to pay taxes on it but for spending them, I need to pay those taxes. I can only save Income Tax.

If you are from USA, then yes, I know that such high taxes are levied upon layman and they just kill everyone by doing that...
I hate that country just because of such high taxes, else it's the most awesome place I would love to visit...
And yeah, by saying no taxes in my country, I also added that they don't allow us to trade BTC here...
They have made it illegal here to trade BTC...

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February 14, 2016, 06:08:04 AM
 #62

In my country, there ain't any taxes and everybody here is warned not to trade Bitcoins as it is the most volatile currency and our Reserve Bank says that "we should not invest what we cannot afford to lose"... Wink
No taxes at all That's a great thing as in my country we have to pay too many taxes. Whether it's on our medical bills, restaurant bills, shopping bills and almost each and every thing has a 12.5% tax plus our normal taxes. For me, bitcoins are the best as I save my money in bitcoins and don't need to pay taxes on it but for spending them, I need to pay those taxes. I can only save Income Tax.

If you are from USA, then yes, I know that such high taxes are levied upon layman and they just kill everyone by doing that...
I hate that country just because of such high taxes, else it's the most awesome place I would love to visit...
And yeah, by saying no taxes in my country, I also added that they don't allow us to trade BTC here...
They have made it illegal here to trade BTC...
Eh, America has its own issues, Canada has its own issues, the UK has its own issues, there really isn't a best place to live, and I wouldn't necessarily recommend moving to the US. There are more issues besides taxes, but America does offer some of the best opportunities for people of all education and age levels (to an extent).

I'm curious which country you live in. Not trying to be prying or anything, but there aren't a lot of countries that I know of that have outright banned the trade of Bitcoin.
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February 14, 2016, 08:53:42 AM
 #63

In my country, there ain't any taxes and everybody here is warned not to trade Bitcoins as it is the most volatile currency and our Reserve Bank says that "we should not invest what we cannot afford to lose"... Wink
No taxes at all That's a great thing as in my country we have to pay too many taxes. Whether it's on our medical bills, restaurant bills, shopping bills and almost each and every thing has a 12.5% tax plus our normal taxes. For me, bitcoins are the best as I save my money in bitcoins and don't need to pay taxes on it but for spending them, I need to pay those taxes. I can only save Income Tax.

If you are from USA, then yes, I know that such high taxes are levied upon layman and they just kill everyone by doing that...
I hate that country just because of such high taxes, else it's the most awesome place I would love to visit...
And yeah, by saying no taxes in my country, I also added that they don't allow us to trade BTC here...
They have made it illegal here to trade BTC...
Eh, America has its own issues, Canada has its own issues, the UK has its own issues, there really isn't a best place to live, and I wouldn't necessarily recommend moving to the US. There are more issues besides taxes, but America does offer some of the best opportunities for people of all education and age levels (to an extent).

I'm curious which country you live in. Not trying to be prying or anything, but there aren't a lot of countries that I know of that have outright banned the trade of Bitcoin.

I am from India, and nowhere did I say that my Country's Bank has banned trading of Bitcoins, but they consider it illegal...
It is because when MT Gox issue was held, Indians lost more than INR 100 Crores which is a very huge amount, that too when the price of BTC was above $1k...

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February 14, 2016, 09:34:33 AM
 #64

Bitcoin is not taxed at all and whatever we earn in bitcoin stays the same unless we trade and increase it. Holding in bitcoin is absolutely tax free but trading or converting into fiat may attract taxes in most of the countries.

Yes, holding bitcoin is absolutely free from tax and even free from any fee too. Only when transacting with bitcoin we have to pay a small miner fee though which we call as transaction fees which we would need to pay even while transacting via banks.
Yes, till we hold the bitcoins in our wallet, we don't have to pay any taxes and like in many countries we have coupons used to buy groceries and pay for other services which are tax free, we have bitcoins as well as our savior.

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February 14, 2016, 10:27:21 AM
 #65

In my country, there ain't any taxes and everybody here is warned not to trade Bitcoins as it is the most volatile currency and our Reserve Bank says that "we should not invest what we cannot afford to lose"... Wink
No taxes at all That's a great thing as in my country we have to pay too many taxes. Whether it's on our medical bills, restaurant bills, shopping bills and almost each and every thing has a 12.5% tax plus our normal taxes. For me, bitcoins are the best as I save my money in bitcoins and don't need to pay taxes on it but for spending them, I need to pay those taxes. I can only save Income Tax.

If you are from USA, then yes, I know that such high taxes are levied upon layman and they just kill everyone by doing that...
I hate that country just because of such high taxes, else it's the most awesome place I would love to visit...
And yeah, by saying no taxes in my country, I also added that they don't allow us to trade BTC here...
They have made it illegal here to trade BTC...

Illegal t trade btc? How can you do that? Where are you from? Russia? ^^

Seems strange to me.
But taxes are normal though. I don't mind being taxed cause when I use fiat I pay taxes too. If btc user don't get taxed then gvt have no interest into letting btc spread or even supporting it, that wouldn't be a viable option for them.

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February 14, 2016, 10:54:24 AM
 #66

Let me put the question slightly different because I would also like an answer to this.

Lets just say I buy, sell and mine bitcoins and I am constantly converting btc to usd and sending to my bank account. At what point do I have to pay taxes on my us$ earning I have made from buying selling and mining bitcoins?

In most countries you have to report and pay income tax for the whole previous year within first 3 or 6 months of the new year. If it is small income like 100 USD it might be tax free, but you need check tax rules of your country of residence to report right taxes  Wink

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February 14, 2016, 11:11:14 AM
 #67

I think this all just depends on where you live and what laws have been made up for bitcoin. Could be different for everyone who's dealing with bitcoin.

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February 14, 2016, 11:27:08 AM
 #68

Depending on where you live and what you earn with bitcoins, you have pay taxes to the government.
But thats not just because its Bitcoin, this will be the same for every currency.

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February 14, 2016, 01:23:45 PM
 #69

No tax and I hope it stay as it is but I think it won't be taxed as there's no governing body to see things through.
Yes, bitcoin is a crypto currency and it can not be tracked how much bitcoins you are holding by any Government or Organization that makes it not fall in the tax category. I feel it is a big advantage to me.
This is the reason that it's not recognized in some countries like Russia as nobody can track their usage and the users who own bitcoins as a way to save taxes. I believe bitcoin is a basic human right and saving tax also.

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February 14, 2016, 01:57:47 PM
 #70

No tax and I hope it stay as it is but I think it won't be taxed as there's no governing body to see things through.
Yes, bitcoin is a crypto currency and it can not be tracked how much bitcoins you are holding by any Government or Organization that makes it not fall in the tax category. I feel it is a big advantage to me.
This is the reason that it's not recognized in some countries like Russia as nobody can track their usage and the users who own bitcoins as a way to save taxes. I believe bitcoin is a basic human right and saving tax also.

Agreed. We should have the right to privacy. On the other hand the government hates not being in control of everything.

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February 14, 2016, 02:00:39 PM
 #71

In my country still their is no detail on Bitcoin, so their is not tax still on Bitcoin, if i want to show the profit and loss then it will be as unsecured profit or loss. Other country taxation is how dont know about it.

Taxation will not work good in bitcoin thats why many companies are not accepting bitcoin as standard currency. Government can't hide anything like fiat.
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February 14, 2016, 02:11:25 PM
 #72

No tax and I hope it stay as it is but I think it won't be taxed as there's no governing body to see things through.
Yes, bitcoin is a crypto currency and it can not be tracked how much bitcoins you are holding by any Government or Organization that makes it not fall in the tax category. I feel it is a big advantage to me.
This is the reason that it's not recognized in some countries like Russia as nobody can track their usage and the users who own bitcoins as a way to save taxes. I believe bitcoin is a basic human right and saving tax also.
Yeah! No tax! So no roads no free school and no healthcare! Grin

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February 14, 2016, 02:47:25 PM
 #73

Depending on where you live and what you earn with bitcoins, you have pay taxes to the government.
But thats not just because its Bitcoin, this will be the same for every currency.

No, because most people have the opportunity to hide their coins unless they use to convert it to fiat...
Else, if they use their BTC online only and buy stuffs here and give BTC for the same, then I don't think anyone will ever know about your coins...

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February 14, 2016, 02:57:39 PM
 #74

There is no tax imposed on bitcoin. Some countries have strict regulations which are just to reduce the use of bitcoin. Tax issues has not arise yet just because bitcoin is decentralized.
I have not heard about any tax on bitcoin so far and i do not expect it in future as well but in certain countreis because of their own regulations cant predict if they might impose some unnecessary tax on bitcoin but in most parts of the world there is no tax on bitcoin recently.
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February 14, 2016, 04:47:24 PM
 #75

Since bitcoin is an internet currency that can be turn into a actual money. And Bitcoin too is known on Government but still government can't observe bitcoin that good. So I'm thinking if Bitcoin has tax??
No it doesn't have any tax as it is decentralized currency and also untraceable. There is only a small fee per transaction depending upon size of transaction that is the only thing that will be deducted from total you send however it is cheapest fee in payment processor market right now.

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February 14, 2016, 07:28:39 PM
 #76

Since bitcoin is an internet currency that can be turn into a actual money. And Bitcoin too is known on Government but still government can't observe bitcoin that good. So I'm thinking if Bitcoin has tax??
No it doesn't have any tax as it is decentralized currency and also untraceable. There is only a small fee per transaction depending upon size of transaction that is the only thing that will be deducted from total you send however it is cheapest fee in payment processor market right now.

Yeah, it is decentralized and cannot be controlled by anyone so it doesn't have tax on it, we need to pay tax on the things that are regulated by the government, but bitcoin is free.
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February 16, 2016, 02:32:10 PM
 #77

Depending on where you live and what you earn with bitcoins, you have pay taxes to the government.
But thats not just because its Bitcoin, this will be the same for every currency.

No, because most people have the opportunity to hide their coins unless they use to convert it to fiat...
Else, if they use their BTC online only and buy stuffs here and give BTC for the same, then I don't think anyone will ever know about your coins...

Yeah btc is concealed so there is no direct taxation on it!

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February 16, 2016, 03:03:14 PM
 #78

No, and it should not be. It's impossible that someone ask you for a tax on your Bitcoin, unless if the government on your country have their own regulations to take a tax for every person who has a Bitcoin which is won't ever happen.

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February 16, 2016, 04:01:10 PM
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No, and it should not be. It's impossible that someone ask you for a tax on your Bitcoin, unless if the government on your country have their own regulations to take a tax for every person who has a Bitcoin which is won't ever happen.

Even with such a regulation law you can't just control it!

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February 16, 2016, 08:30:32 PM
 #80

No, and it should not be. It's impossible that someone ask you for a tax on your Bitcoin, unless if the government on your country have their own regulations to take a tax for every person who has a Bitcoin which is won't ever happen.

Even with such a regulation law you can't just control it!

Let's just hope so. Because if they find a way, it will all go downhill from that moment on.

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