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Author Topic: Do Bitcoins have Tax??  (Read 39909 times)
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December 17, 2016, 12:24:03 PM

Bitcoin has a tax even we are just making an transaction or sending to another person already had a tax even if we are converating our bitcoin into fiat money it always be a tax, But if goverment will impose tax on bitcoin then they need to create there own blockchain lmao.
even government make their own blockchain the transaction fee will not go to their's , it will go to miners they cant just steal the transaction fee like that they need to create their own altcoin in order to do that.

if the government some day decided to make their own coin with a new blockchain (a government controlled altcoin) be sure that they will never allow anyone other than themselves (or the banks) be able to mine it and it surely will be a closed source coin.














 

 

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December 17, 2016, 12:40:33 PM

I think Bitcoins have no tax here in the Philippines. They can't determine the user of Bitcoin. Government got immersive collection of money in Value Added Tax(VAT) so maybe they couldn't snoop it. Bitcoin converted into real money then the goods or things that you purchased and services that you used was also have a tax. Same process.

Not just in Philippines but as well as other countries. But I guess local exchange that are legally permitted by the law are the ones who are responsible for paying tax. And they are charged for operating in a particular country but not for knowing that bitcoin is profitable, they are just simply paying tax and I guess we are also shouldering that taxation from them.



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December 17, 2016, 12:49:07 PM

I think Bitcoins have no tax here in the Philippines. They can't determine the user of Bitcoin. Government got immersive collection of money in Value Added Tax(VAT) so maybe they couldn't snoop it. Bitcoin converted into real money then the goods or things that you purchased and services that you used was also have a tax. Same process.

Not just in Philippines but as well as other countries. But I guess local exchange that are legally permitted by the law are the ones who are responsible for paying tax. And they are charged for operating in a particular country but not for knowing that bitcoin is profitable, they are just simply paying tax and I guess we are also shouldering that taxation from them.


I guess so, those exchanging companies who converted bitcoin to cash paid the taxes base on their business profits that is being allotted for their yearly tax. But some services were assigned to us users like a minimum transaction or service fees.

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December 17, 2016, 03:37:12 PM

In my opinion bitcoin doesn't need tax, because it's digital currency.
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December 19, 2016, 10:08:34 AM

I think Bitcoins have no tax here in the Philippines. They can't determine the user of Bitcoin. Government got immersive collection of money in Value Added Tax(VAT) so maybe they couldn't snoop it. Bitcoin converted into real money then the goods or things that you purchased and services that you used was also have a tax. Same process.

Not just in Philippines but as well as other countries. But I guess local exchange that are legally permitted by the law are the ones who are responsible for paying tax. And they are charged for operating in a particular country but not for knowing that bitcoin is profitable, they are just simply paying tax and I guess we are also shouldering that taxation from them.


I guess so, those exchanging companies who converted bitcoin to cash paid the taxes base on their business profits that is being allotted for their yearly tax. But some services were assigned to us users like a minimum transaction or service fees.

And each transaction that we are making does have tax out of that fees, we may not just know for those exchanges are not disclosing it to us. Because if they will disclose it to us, for sure many of their customers will back out because of that hidden tax that they are charging us. But if their service is good enough, then that's fine to be taxed.



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December 19, 2016, 07:42:12 PM

i don't think that bitcoin itself have taxes
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December 27, 2016, 07:41:13 AM

I dont think there is a tax on bitcoin in the Uk but in the future there my be some sort of it..

yeah you are right that recently there is no  tax on bitcoin because there is a lot of people are converting their money into bitcoin but i think that we will be pay tax on bitcoin  in the future .
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December 27, 2016, 07:42:57 AM

There is a tax in the US for bitcoin, it is considered as any investment. The Internal Revenue Service wants people to report it like any other assets (stocks, real estate etc). So yes, it is taxed.

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December 27, 2016, 07:49:58 AM

In my opinion bitcoin doesn't need tax, because it's digital currency.
That's joke of the day LOL. Bitcoin doesn't need tax because bitcoin it's a currency as you spoken before, neither government nor organisation, the ones who need tax is the government where you're living. The tax will be used to provide services to their citizens and to make their life easier. That's why they need to get an income from the taxes as much as they can

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December 27, 2016, 08:06:19 AM

In my opinion bitcoin doesn't need tax, because it's digital currency.
That's joke of the day LOL. Bitcoin doesn't need tax because bitcoin it's a currency as you spoken before, neither government nor organisation, the ones who need tax is the government where you're living. The tax will be used to provide services to their citizens and to make their life easier. That's why they need to get an income from the taxes as much as they can
Lets put it this way. A tax is derived from your income. Which means any of your earning whether it is legal or illegal is taxable. Which means if you are earning Bitcoin it can be tax fully. Even donating money has tax. As you have said also Bitcoin is a kind of currency, the word currency itself means money we can't escape to accept that if the government takes action we have no choice to not pay our tax that comes from Bitcoin.

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December 27, 2016, 08:09:43 AM

Are you saying that each time BT changes hands, it gets taxed? Is the rate the same in every country?

Regarding income tax though, I suppose it'd allow you escape tax for most freelance jobs.
if the tax to bitcoin is actually implemented in a country can be sure that many users avoid paying taxes, because it would be very easy for the user to avoid taxes right ?

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December 27, 2016, 08:17:02 AM

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??

Edit:
Now I know that bitcoin doesn't have tax but Transaction does..
Where do these Tax go?Government? And what kind of tax is it??
Bitcoin doesn't have a tax but it has a cashout fee depends on the website you invested like trading sites it has 5% to 10% fee when you get your money but dont have tax in the government, government not holding it because it is from the internet like internet stores that has no tax.

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December 27, 2016, 08:39:53 AM

not in US of A  Wink
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December 27, 2016, 08:48:10 AM

BTC Paying taxes on any earned income or anything with value is good. You can record all blockchain transactions showing proof. Pay your tithes, pay your taxes. BTC

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December 27, 2016, 10:42:59 AM

BTC Paying taxes on any earned income or anything with value is good. You can record all blockchain transactions showing proof. Pay your tithes, pay your taxes. BTC
but the government will not know how many bitcoin address you have mate and they will not know where is it your bitcoin address? bitcoin will never fit to apply the tax mate. so do not push it

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December 27, 2016, 11:01:14 AM

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??

Edit:
Now I know that bitcoin doesn't have tax but Transaction does..
Where do these Tax go?Government? And what kind of tax is it??
Bitcoin doesn't have a tax but it has a cashout fee depends on the website you invested like trading sites it has 5% to 10% fee when you get your money but dont have tax in the government, government not holding it because it is from the internet like internet stores that has no tax.
That's pretty normal dude, but the big difference is, in cash out fee it is fix regardless of the amount you will cash out but with tax, there's a bracket of taxation depending on your total income earned.

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December 27, 2016, 11:03:41 AM

BTC Paying taxes on any earned income or anything with value is good. You can record all blockchain transactions showing proof. Pay your tithes, pay your taxes. BTC
but the government will not know how many bitcoin address you have mate and they will not know where is it your bitcoin address? bitcoin will never fit to apply the tax mate. so do not push it
If the government approved, I think the country must accept bitcoin as one alternative payment. For now, I sure this is impossible, because can make other problems and regulations.
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December 27, 2016, 12:26:09 PM

BTC Paying taxes on any earned income or anything with value is good. You can record all blockchain transactions showing proof. Pay your tithes, pay your taxes. BTC
but the government will not know how many bitcoin address you have mate and they will not know where is it your bitcoin address? bitcoin will never fit to apply the tax mate. so do not push it
If the government approved, I think the country must accept bitcoin as one alternative payment. For now, I sure this is impossible, because can make other problems and regulations.
If ever the government will regulate bitcoin, it cannot still be fully regulated because we will continue to be anonymous since the system is designed to be decentralized, once decentralized it will connect us with being anonymous and maybe when the government will make strict polity towards it, people will not continue to support bitcoin.

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December 30, 2016, 09:36:36 PM

BTC Paying taxes on any earned income or anything with value is good. You can record all blockchain transactions showing proof. Pay your tithes, pay your taxes. BTC
but the government will not know how many bitcoin address you have mate and they will not know where is it your bitcoin address? bitcoin will never fit to apply the tax mate. so do not push it
If the government approved, I think the country must accept bitcoin as one alternative payment. For now, I sure this is impossible, because can make other problems and regulations.
If ever the government will regulate bitcoin, it cannot still be fully regulated because we will continue to be anonymous since the system is designed to be decentralized, once decentralized it will connect us with being anonymous and maybe when the government will make strict polity towards it, people will not continue to support bitcoin.
It is true that many people will lose interest in bitcoin if governments start controlling it, because we are using in the first place because it is not controlled even it is still anonymous.

But I am pretty sure if by any mean, it was used by government they will use it to get taxes off of people which will then make like any other currency out there.
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December 30, 2016, 11:27:04 PM

BTC Paying taxes on any earned income or anything with value is good. You can record all blockchain transactions showing proof. Pay your tithes, pay your taxes. BTC
but the government will not know how many bitcoin address you have mate and they will not know where is it your bitcoin address? bitcoin will never fit to apply the tax mate. so do not push it
If the government approved, I think the country must accept bitcoin as one alternative payment. For now, I sure this is impossible, because can make other problems and regulations.
If ever the government will regulate bitcoin, it cannot still be fully regulated because we will continue to be anonymous since the system is designed to be decentralized, once decentralized it will connect us with being anonymous and maybe when the government will make strict polity towards it, people will not continue to support bitcoin.
It is true that many people will lose interest in bitcoin if governments start controlling it, because we are using in the first place because it is not controlled even it is still anonymous.

But I am pretty sure if by any mean, it was used by government they will use it to get taxes off of people which will then make like any other currency out there.

Tax free usage seems to be one among the major attention seeker, but when taxes were imposed sure government holds control over bitcoin. This will make it similar to other currencies, only it gets the digital form. Till date taxation is not possible with bitcoin transactions.

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