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Author Topic: Do Bitcoins have Tax??  (Read 39868 times)
xIIImaL
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November 23, 2016, 03:25:30 PM
 #621

According the legislation of my country there is no tax for bitcoin transactions. Even more there is no VAT because bitcoin is considered not a coin, like as fiat, but an agreement between two parties

In any bitcoin doesn't have tax for transactions. But if you wish you could consider minig fees as the tax for your every transaction. Apart from this fees there is no any charges for bitcoin.

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November 26, 2016, 08:15:51 AM
 #622

According the legislation of my country there is no tax for bitcoin transactions. Even more there is no VAT because bitcoin is considered not a coin, like as fiat, but an agreement between two parties

In any bitcoin doesn't have tax for transactions. But if you wish you could consider minig fees as the tax for your every transaction. Apart from this fees there is no any charges for bitcoin.
It could not be in the name of tax but you are right we can consider the fees as tax. We are online and government does not control us but when people are earning they also have to spend for the fees when transacting and that could be something we have to be happy of as the tax or fees is in a very small amount of money unlike in real world, government impose bigger taxes.

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November 26, 2016, 08:24:48 AM
 #623

According the legislation of my country there is no tax for bitcoin transactions. Even more there is no VAT because bitcoin is considered not a coin, like as fiat, but an agreement between two parties

In any bitcoin doesn't have tax for transactions. But if you wish you could consider minig fees as the tax for your every transaction. Apart from this fees there is no any charges for bitcoin.
Those transaction fees are considered as a tax on my part but not connected into government but its just a little amount to consider as a tax. Its impossible for government to impose taxes on bitcoin and thats the good thing about it. Unlike fiat which is already regulated by government then tax is expected.

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November 26, 2016, 09:10:36 AM
 #624

According the legislation of my country there is no tax for bitcoin transactions. Even more there is no VAT because bitcoin is considered not a coin, like as fiat, but an agreement between two parties

In any bitcoin doesn't have tax for transactions. But if you wish you could consider minig fees as the tax for your every transaction. Apart from this fees there is no any charges for bitcoin.
Those transaction fees are considered as a tax on my part but not connected into government but its just a little amount to consider as a tax. Its impossible for government to impose taxes on bitcoin and thats the good thing about it. Unlike fiat which is already regulated by government then tax is expected.

Electrical power the miners use is taxed. So bitcoin users pays taxes to governments bitcoin mines are by paying fees to those mines. Bitcoin users mainly helps financialy the Chineese government that way. So its a folly that bitcoin users make that they are somehow independent of the world. They are not. Ofcourse they pay less taxes then other industries. But truth is truth. If you dont mine your own bitcoins with your own powergrid - you support China basicly.
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November 26, 2016, 09:34:04 AM
 #625

According the legislation of my country there is no tax for bitcoin transactions. Even more there is no VAT because bitcoin is considered not a coin, like as fiat, but an agreement between two parties

In any bitcoin doesn't have tax for transactions. But if you wish you could consider minig fees as the tax for your every transaction. Apart from this fees there is no any charges for bitcoin.
Those transaction fees are considered as a tax on my part but not connected into government but its just a little amount to consider as a tax. Its impossible for government to impose taxes on bitcoin and thats the good thing about it. Unlike fiat which is already regulated by government then tax is expected.

Electrical power the miners use is taxed. So bitcoin users pays taxes to governments bitcoin mines are by paying fees to those mines. Bitcoin users mainly helps financialy the Chineese government that way. So its a folly that bitcoin users make that they are somehow independent of the world. They are not. Ofcourse they pay less taxes then other industries. But truth is truth. If you dont mine your own bitcoins with your own powergrid - you support China basicly.

Taxes on the inputs that you buy is different from income taxes / taxes on profits.
All manufacturing companies use power, materials etc. These inputs are taxed by governments. That doesn't mean manufacturing companies don't pay income tax.

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November 26, 2016, 09:37:04 AM
 #626

Thats why ive told that bitcoin mines pays less taxes then all other industries but they still pay taxes.
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November 26, 2016, 09:58:16 AM
 #627

thinking you don't have to pay any taxes just because you are using bitcoin to make money instead of fiat is a naive way of thinking because sooner or later government will get you and you will end up paying much more fees that you would have if you had submitter your tax forms on your own.

it is best that everyone consults a financial expert or at least a lawyer (or whatever a tax consultant is called in english) to find out more about what they have to do in their own country instead of relying on what they read on the internet.














 

 

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November 26, 2016, 10:03:08 AM
 #628

Yes there is, we have to pay taxes on our bitcoin profits, even in a small or big transactions there is a tax already. Demand in Bitcoins, a completely anonymous digital currency that can be used like real cash, has never been higher. But the only thing that is really great to bitcoin even there is a tax, it is trustworthy enough and some fees are lower than the others.
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November 26, 2016, 10:28:28 AM
 #629

According the legislation of my country there is no tax for bitcoin transactions. Even more there is no VAT because bitcoin is considered not a coin, like as fiat, but an agreement between two parties
I think although the country impose taxes to bitcoin, it will not make users pay their taxes, even I'm sure the government does not know where the bitcoin users who included residents of their country, so this will not be effective

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November 26, 2016, 10:36:43 AM
 #630

In most of countries, there is no tax for Bitcoins. Since its transactions are untraceable, tax is not laid on bitcoin earnings. In our country India also, there is no tax for bitcoins.
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November 26, 2016, 10:48:27 AM
 #631

No bitcoin doesn't have a tax, bitcoin created anonymously and untraceable and bitcoin unrelated with government, yet bitcoin have a fees to pay miners not but government

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November 26, 2016, 11:10:47 AM
 #632

No bitcoin doesn't have a tax, bitcoin created anonymously and untraceable and bitcoin unrelated with government, yet bitcoin have a fees to pay miners not but government
bitcoin is not associated with anyone and bitcoin anonymous, your identity will be hidden when using bitcoin, and whoever you will not be able to intervene, let alone give you tax on bitcoin you have


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November 26, 2016, 11:21:30 AM
 #633

I think there is no tax imposed in bitcoin because it is not government regulated business the only things is low fee in every transaction to be made of each users.



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November 26, 2016, 12:39:55 PM
 #634

I think there is no tax imposed in bitcoin because it is not government regulated business the only things is low fee in every transaction to be made of each users.

But still government will be able to impose tax if they can see that it is a profitable thing in the economy of a country. But as of now, they are not recognizing it as a good type of investment so they can't really impose tax on bitcoins. And its better if they will just let bitcoin to be freely used without any tax, just transaction fees.

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November 26, 2016, 02:42:27 PM
 #635

I think there is no tax imposed in bitcoin because it is not government regulated business the only things is low fee in every transaction to be made of each users.

But still government will be able to impose tax if they can see that it is a profitable thing in the economy of a country. But as of now, they are not recognizing it as a good type of investment so they can't really impose tax on bitcoins. And its better if they will just let bitcoin to be freely used without any tax, just transaction fees.

How do you think they would do it? It's not as easy as you say. You said it like bitcoin is decentralized right now and is just waiting for someone to take over the whole thing and make it centralized. Do you think they would buy blockchain and all the bitcoins in the world? No, because that would mean wasting their resources. It would take billions of dollars to take over the whole thing. Even if they try to buy every single bitcoin, there would still be lots of people who would keep their bitcoins so it's not actually possible to buy it all.

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November 26, 2016, 02:51:35 PM
 #636

I think there is no tax imposed in bitcoin because it is not government regulated business the only things is low fee in every transaction to be made of each users.

But still government will be able to impose tax if they can see that it is a profitable thing in the economy of a country. But as of now, they are not recognizing it as a good type of investment so they can't really impose tax on bitcoins. And its better if they will just let bitcoin to be freely used without any tax, just transaction fees.
Agree with you, in our country btc is not yet recognized well, though it is recognized mostly by teenager, yet not enough to imposed tax on it. And whether they'll imposed tax or not it will be fine with me 'coz I know it will be for the benefit of all people.
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November 26, 2016, 03:00:31 PM
 #637

Yes bitcoin has a tax everytime you are going to make an transcation using pear to pear or person to person as you can see every time you are going to send bitcoin the tax are input in the transaction details or every time you are going to withdraw your money or exchange it into fiat currency. Hoping that goverment will not impose taxes soon.
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November 26, 2016, 03:19:10 PM
 #638

According the legislation of my country there is no tax for bitcoin transactions. Even more there is no VAT because bitcoin is considered not a coin, like as fiat, but an agreement between two parties

Yes, other countries ruled out that way. But in USA,U.S. Treasury classified bitcoin as a decentralized virtual currency but in other country it is not regulated. So, mostly bitcoin is not tax and not regulated by government.

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November 26, 2016, 03:33:41 PM
 #639

Yes bitcoin has a tax everytime you are going to make an transcation using pear to pear or person to person as you can see every time you are going to send bitcoin the tax are input in the transaction details or every time you are going to withdraw your money or exchange it into fiat currency. Hoping that goverment will not impose taxes soon.

Bitcoin is non taxable digital currency, maybe what you mean was the transaction fee. Transaction fee is needed for the transfer of funds so that the provider of wallet can also have profit, but thats not a tax, bitcoins are not controlled by government so they cant put some tax on every transactions, but once bitcoins have been legalized, tax will surely impose.
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November 26, 2016, 03:37:02 PM
 #640

Yes bitcoin has a tax everytime you are going to make an transcation using pear to pear or person to person as you can see every time you are going to send bitcoin the tax are input in the transaction details or every time you are going to withdraw your money or exchange it into fiat currency. Hoping that goverment will not impose taxes soon.

I think it is transaction fee, not tax. whenever you are doing a transaction.  It is different from tax because transaction fee can be adjusted according on how fast you wanted your transaction to be confirmed.  With these , bitcoin does not have tax but fee.  And the fee that is deducted from exchange is processing fee.

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