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Author Topic: Do Bitcoins have Tax??  (Read 39868 times)
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January 04, 2017, 11:44:57 AM
 #801

The biggest problem in my country, which belongs in Eurozone, is the legislation about bitcoin. We follow only a regulation of European Union where bitcoin falls into a "grey" framework because according European legislation is not electronic money but something as agreement between two parties. So if I buy a car with bitcoins I really don't know how can I prove that bitcoins is money so as to pay the corresponding tax.    
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January 04, 2017, 12:50:59 PM
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The biggest problem in my country, which belongs in Eurozone, is the legislation about bitcoin. We follow only a regulation of European Union where bitcoin falls into a "grey" framework because according European legislation is not electronic money but something as agreement between two parties. So if I buy a car with bitcoins I really don't know how can I prove that bitcoins is money so as to pay the corresponding tax.    
It will take so long before bitcoin will be tax or maybe will not be tax, the government must make a concrete law that can also be adopted as an international law as we are using an international currency. However, the problem lies on the control, who will control bitcoin when it's in the internet and decentralized, that problem must be solve first.

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January 04, 2017, 02:19:06 PM
 #803

If I pay bitcoin tax, where is the anonymity? It means the government knows where I live, my wallet address, probably the exchange I use and the amount I used in the exchange. If the government should know that much then they can control the use whenever.
I don't think it means any of that. All you have to do is report that you bought them, then spent them, and if you took a loss or made a gain. Just like you do with fiat. Hell, going along with the system and reporting all of your bitcoin transactions might even be a good thing. It could show the government that this thing is for real. And since it's digital by nature, keeping records will be easy, there are already a lot of services out there that help you with it.
It's not necessary to tell them that you are earning bitcoin because time will come if your country is not yet regulated about bitcoins, the government are surely making rules to regulate bitcoin, and when the rules will come out, we have no option but to comply with it, it is not voluntary anymore but compulsory.


I just wonder how many reports I will have to make while trying to give the government my money.


     
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January 04, 2017, 02:25:12 PM
 #804

If I pay bitcoin tax, where is the anonymity? It means the government knows where I live, my wallet address, probably the exchange I use and the amount I used in the exchange. If the government should know that much then they can control the use whenever.
I don't think it means any of that. All you have to do is report that you bought them, then spent them, and if you took a loss or made a gain. Just like you do with fiat. Hell, going along with the system and reporting all of your bitcoin transactions might even be a good thing. It could show the government that this thing is for real. And since it's digital by nature, keeping records will be easy, there are already a lot of services out there that help you with it.
It's not necessary to tell them that you are earning bitcoin because time will come if your country is not yet regulated about bitcoins, the government are surely making rules to regulate bitcoin, and when the rules will come out, we have no option but to comply with it, it is not voluntary anymore but compulsory.


I just wonder how many reports I will have to make while trying to give the government my money.
if it is about money, the government will not make it complicated or people will be pissed off and go, government always makes things easy for their own benefit
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January 04, 2017, 06:03:15 PM
 #805

There is no tax in India on Bitcoin but we pay service tax when we convert fiat money to Bitcoin and Bitcoin to fiat. We hate this extra charge on Bitcoin. Maybe Bitcoin can be taxed in other way too in future. Maybe Government will ban Bitcoin in future if Govt faces any kind of problem with Bitcoin.

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January 04, 2017, 06:08:47 PM
 #806

There is no tax in India on Bitcoin but we pay service tax when we convert fiat money to Bitcoin and Bitcoin to fiat. We hate this extra charge on Bitcoin. Maybe Bitcoin can be taxed in other way too in future. Maybe Government will ban Bitcoin in future if Govt faces any kind of problem with Bitcoin.
Here in my country there is no tax we are just withdrawing here without any payment unless if you are transferring money into your bank accounts..
I think in your place i heard that bitcoins users in india are paying large fee everytime they are buying bitcoin because of difficulty from the banks..
I just heard it few months ago when the banks crisis pop up in my email.

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January 04, 2017, 10:58:00 PM
 #807

There is no tax in India on Bitcoin but we pay service tax when we convert fiat money to Bitcoin and Bitcoin to fiat. We hate this extra charge on Bitcoin. Maybe Bitcoin can be taxed in other way too in future. Maybe Government will ban Bitcoin in future if Govt faces any kind of problem with Bitcoin.

There is no tax in my country right now because bitcoin has no bank in my country for crypto currency but government collected taxes through online wallet website which has an options of bitcoin to fiat currency convertion and for cash out transactions online for only one bank withdrawal. Nowadays only one bank in my place is accepting bitcoin cash out using egivecash option for atm machine withdrawal and the transaction is very fast and convenient.
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January 05, 2017, 04:52:53 AM
 #808

There is no tax in India on Bitcoin but we pay service tax when we convert fiat money to Bitcoin and Bitcoin to fiat. We hate this extra charge on Bitcoin. Maybe Bitcoin can be taxed in other way too in future. Maybe Government will ban Bitcoin in future if Govt faces any kind of problem with Bitcoin.

There is no tax in my country right now because bitcoin has no bank in my country for crypto currency but government collected taxes through online wallet website which has an options of bitcoin to fiat currency convertion and for cash out transactions online for only one bank withdrawal. Nowadays only one bank in my place is accepting bitcoin cash out using egivecash option for atm machine withdrawal and the transaction is very fast and convenient.
It's not the bank who are accepting bitcoin, there's an agreement between your local exchange and the bank where you cash out your money. Bottom line, they are just transaction using fiat, your local exchange funded your withdrawal in fiat so you can withdraw when you convert.

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January 05, 2017, 06:15:07 AM
 #809

i think bitcoin have do not tax because bitcoin is not approved by any government and but i think one day we will be pay bitcoin tax and i hope that all government will be adopt the bitcoin because nowadays bitcoin is very much popular and acceptable in anywhere for online shopping.
I think bitcoin even though the government adopted in the future. then the tax system for bitcoin could never be enforced, as you can see that bitcoin anonymous, how to impose a tax to users bitcoin?

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January 05, 2017, 08:25:08 AM
 #810

i think bitcoin have do not tax because bitcoin is not approved by any government and but i think one day we will be pay bitcoin tax and i hope that all government will be adopt the bitcoin because nowadays bitcoin is very much popular and acceptable in anywhere for online shopping.
I think bitcoin even though the government adopted in the future. then the tax system for bitcoin could never be enforced, as you can see that bitcoin anonymous, how to impose a tax to users bitcoin?
Yes it seems so, if there is a tax levy, the Government certainly has to make special regulations and of course automatically accept bitcoin as one of the legitimate means of payment. And as long as there is no specific rule about bitcoin, surely will be regarded as a commodity.
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January 07, 2017, 07:10:30 AM
 #811

Bitcoin can never have tax ever, only have charge in every transaction that we are going to make in the trading sites. But not on this matter itself of course.


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January 07, 2017, 07:49:04 AM
 #812

Bitcoin has not taxes implemented. Bitcoin has fees for the transactions and those go to the miner, that mind the block your transaction is in. Using bit you will still have to pay taxes, but they are not implemented in and never will be.
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January 07, 2017, 11:29:57 AM
 #813

Bitcoin has not taxes implemented. Bitcoin has fees for the transactions and those go to the miner, that mind the block your transaction is in. Using bit you will still have to pay taxes, but they are not implemented in and never will be.
true. The tax on bitcoin will never be implemented into bitcoin, although the government is trying to implement. then it will never work for bitcoin
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January 07, 2017, 11:40:38 AM
 #814

Bitcoin has not taxes implemented. Bitcoin has fees for the transactions and those go to the miner, that mind the block your transaction is in. Using bit you will still have to pay taxes, but they are not implemented in and never will be.
true. The tax on bitcoin will never be implemented into bitcoin, although the government is trying to implement. then it will never work for bitcoin

I agree and I think we are paying tax from it upon exchanging it to our own fiat and withdraw it that is the time the tax exist ! While if your money is in bitcoin yet then there is no tax literally ! And lets hope that the government will not put tax on it but I think they will put tax on it if it is very popular soon and most of us using it


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January 07, 2017, 11:41:33 AM
 #815

Probably the same rules as Apple holding its profits offshore - when you change it back into your local currency, you pay tax on it.
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January 07, 2017, 11:44:45 AM
 #816

Bitcoin has not taxes implemented. Bitcoin has fees for the transactions and those go to the miner, that mind the block your transaction is in. Using bit you will still have to pay taxes, but they are not implemented in and never will be.
true. The tax on bitcoin will never be implemented into bitcoin, although the government is trying to implement. then it will never work for bitcoin

I agree and I think we are paying tax from it upon exchanging it to our own fiat and withdraw it that is the time the tax exist ! While if your money is in bitcoin yet then there is no tax literally ! And lets hope that the government will not put tax on it but I think they will put tax on it if it is very popular soon and most of us using it

It is true that holding bitcoin is not taxable only the fiat transaction are under tax and even the traders who are buying through fiat currency , they also have to show the trades in the tax as you have used fiat currency to buy and sell the bitcoins so it is taxable. I think it is not wrong to show in tax until it is not declared illegal in any country, because if you are showing in tax it become legit way of trading.














 

 

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January 07, 2017, 12:42:40 PM
 #817

Bitcoin has not taxes implemented. Bitcoin has fees for the transactions and those go to the miner, that mind the block your transaction is in. Using bit you will still have to pay taxes, but they are not implemented in and never will be.
true. The tax on bitcoin will never be implemented into bitcoin, although the government is trying to implement. then it will never work for bitcoin

As quoted the taxation over bitcoin will not be effective compared to the other transaction. Only based upon the transaction taxes might get levied. More countries fear of legalizing bitcoin just because of the taxation issue.


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January 07, 2017, 01:00:35 PM
 #818

Bitcoins has no tax. But after I read some books pertaining bitcoin and the government there are ways wherein bitcoin can be taxed. Bitcoin usage cannot be taxed but the moment we exchange bitcoin into cash through escrow company a part of it goes to tax but we only see service charge. If we purchase things using bitcoin to a friend then it has no tax but if we purchase to a registered company items using bitcoins, the tax is embedded in the value. And so though not directly   some of our bitcoins transactions are already taxed without us knowing.

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January 07, 2017, 06:52:21 PM
 #819

Bitcoin has not taxes implemented. Bitcoin has fees for the transactions and those go to the miner, that mind the block your transaction is in. Using bit you will still have to pay taxes, but they are not implemented in and never will be.
yes that is a fact tat still there is no tax on bitcoin, actually mostly taxes are collected by the government and government applement tax on those items which are legalize, as still bitcoin is not a legalize currency therefore there is no rax on bitcoin and when it will become a legal currency then government will be thinking to put tax on it,

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January 07, 2017, 07:04:17 PM
 #820

Bitcoin has not taxes implemented. Bitcoin has fees for the transactions and those go to the miner, that mind the block your transaction is in. Using bit you will still have to pay taxes, but they are not implemented in and never will be.
yes that is a fact tat still there is no tax on bitcoin, actually mostly taxes are collected by the government and government applement tax on those items which are legalize, as still bitcoin is not a legalize currency therefore there is no rax on bitcoin and when it will become a legal currency then government will be thinking to put tax on it,

This fee isn't really necessary. You can pay it only if you wish and as much as you wish: you can go even with 1000 satoshis which is under $0.0088 at the moment if you don't need a fast-confirming transaction. The websites usually show that "it might never get confirmed" but I think it will, but after a much longer time. For paper wallets that wouldn't hurt me - they can get confirmed even in one month, I want to store them for a long term.
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