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Author Topic: Do Bitcoins have Tax??  (Read 39868 times)
Xester
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January 17, 2017, 02:41:06 PM
 #861

As far as I know, bitcoin has no tax. The government is not controlling the bitcoin like the other currency. If bitcoin has a tax then maybe you can tell that the bitcoin is a legal currency of a country. Thats why bitcoin are said to be free.

In India bitcoin is termed as a property by the taxing agency. This just implies that probably they will place taxes on owning bitcoins like you own a real property. But the problem with taxing bitcoin as a property is its hard to determine who owns bitcoin and how much bitcoin did they own. In the Philippines bitcoin is not taxable but the company that runs bitcoin pays taxes to the government such as business and income tax.

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January 17, 2017, 02:54:20 PM
 #862

As far as I know, bitcoin has no tax. The government is not controlling the bitcoin like the other currency. If bitcoin has a tax then maybe you can tell that the bitcoin is a legal currency of a country. Thats why bitcoin are said to be free.

In India bitcoin is termed as a property by the taxing agency. This just implies that probably they will place taxes on owning bitcoins like you own a real property. But the problem with taxing bitcoin as a property is its hard to determine who owns bitcoin and how much bitcoin did they own. In the Philippines bitcoin is not taxable but the company that runs bitcoin pays taxes to the government such as business and income tax.
Well if Bitcoin is identified as a kind of property whether it is real or personal than it can be considered taxable. It really depends on the government's identification with Bitcoin. But at the end it will be hard for Bitcoin to be tax because it is hard to be followed on because it is a currency that no government has control on. That is why many countries identify Bitcoin as some kind of illegal currency.

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LeGaulois
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January 17, 2017, 02:58:22 PM
 #863

It's depend from country to country and theirs laws.

In mine, we have to pay taxs if we make profits with the price. (Let's say you buy at 700$ and sell at 800$). As long you don't sell your bitcoin then no taxs.
Some of us buy it with Paypal or others, to hide what we are doing with it so in case they control, they see the money is sent to paypal, not to an exchange platform.
I remember a period some banks were blocking banks transfers to Kraken telling us "risk fraud" LOL who asked your opinion Roll Eyes

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January 17, 2017, 03:02:04 PM
 #864

Bitcoin doesnt have tax but i does have transaction fees but that isnt much to worry since its just a small amount and also bitcoin is decentralized and government couldnt really imply or impose taxes on it thats why some government doesnt want bitcoin to be adopt on their place.

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January 17, 2017, 03:06:38 PM
 #865

Bitcoin doesnt have tax but i does have transaction fees but that isnt much to worry since its just a small amount and also bitcoin is decentralized and government couldnt really imply or impose taxes on it thats why some government doesnt want bitcoin to be adopt on their place.

Actually they won't impose tax to you directly, but they do apply it on exchanges where you transact your bitcoin and the exchanges won't simply apply it to you, they get it on times that you commit mistake by converting at a wrong time and that is where the exchanges earn to pay what is due to the government. We should not be worrying too much about the transaction fee since we are paying it to make the system going.

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January 17, 2017, 03:16:19 PM
 #866

That is the truethat bitcoin have not taxes for now, because of it is still not admited by governments. but it has fees for transactions with bitcoin, it is logically that fees are going to sites administrators and creators. and in the case of bitcoin woild be taxed those taxes will go to government of course.
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January 17, 2017, 03:18:52 PM
 #867

Bitcoin doesnt have tax but i does have transaction fees but that isnt much to worry since its just a small amount and also bitcoin is decentralized and government couldnt really imply or impose taxes on it thats why some government doesnt want bitcoin to be adopt on their place.

That's true, Government's can't really impose taxes accurately. Each country have different stand on bitcoin taxation. Now in a news Israeli financial management had mentioned bitcoin as a taxable asset as well people involved into the trading of bitcoin and other related works were considered under business taxes.

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d@nte
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January 17, 2017, 03:24:44 PM
 #868

As far as I know, bitcoin has no tax. The government is not controlling the bitcoin like the other currency. If bitcoin has a tax then maybe you can tell that the bitcoin is a legal currency of a country. Thats why bitcoin are said to be free.

In India bitcoin is termed as a property by the taxing agency. This just implies that probably they will place taxes on owning bitcoins like you own a real property. But the problem with taxing bitcoin as a property is its hard to determine who owns bitcoin and how much bitcoin did they own. In the Philippines bitcoin is not taxable but the company that runs bitcoin pays taxes to the government such as business and income tax.
There are many other countries that take such measures. The upside is that, since governments are recognizing that Bitcoin has value, as a digital asset, many people are becoming interested in knowing what Bitcoin is and how to invest in it. The downside is that the government tries, in this way, to exert influence over Bitcoin, who should not be interfered with by centralized institutions. In any case, Bitcoin continues to be decentralized, since it is the user's choice to pay the tax or not.

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January 17, 2017, 03:30:48 PM
 #869

Bitcoin doesnt have tax but i does have transaction fees but that isnt much to worry since its just a small amount and also bitcoin is decentralized and government couldnt really imply or impose taxes on it thats why some government doesnt want bitcoin to be adopt on their place.
Bitcoin asking for tax? i think we are just paying for transaction fee but for tax i never heard that they are asking about the tax i think you are in wrong thoughts.. you should know that we are still not legal means bitcoin can be still say as illegal..
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January 17, 2017, 03:45:28 PM
 #870

Bitcoin doesnt have tax but i does have transaction fees but that isnt much to worry since its just a small amount and also bitcoin is decentralized and government couldnt really imply or impose taxes on it thats why some government doesnt want bitcoin to be adopt on their place.
Bitcoin asking for tax? i think we are just paying for transaction fee but for tax i never heard that they are asking about the tax i think you are in wrong thoughts.. you should know that we are still not legal means bitcoin can be still say as illegal..
I didnt said that bitcoin is imposing tax in the form of fees and as you read on my statement bitcoin doesnt have tax and government couldnt able to impose taxes on it but it has transaction fee.I didnt say it has tax.lol. Bitcoin is uncontrollable and as mentioned above i do agree with it that even bitcoin can be taxed but the exchanges have been regulated by the government.

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January 17, 2017, 04:20:02 PM
 #871

Bitcoin doesnt have tax but i does have transaction fees but that isnt much to worry since its just a small amount and also bitcoin is decentralized and government couldnt really imply or impose taxes on it thats why some government doesnt want bitcoin to be adopt on their place.
Bitcoin asking for tax? i think we are just paying for transaction fee but for tax i never heard that they are asking about the tax i think you are in wrong thoughts.. you should know that we are still not legal means bitcoin can be still say as illegal..
I didnt said that bitcoin is imposing tax in the form of fees and as you read on my statement bitcoin doesnt have tax and government couldnt able to impose taxes on it but it has transaction fee.I didnt say it has tax.lol. Bitcoin is uncontrollable and as mentioned above i do agree with it that even bitcoin can be taxed but the exchanges have been regulated by the government.

The US government can and has put a tax on buying/selling however. How they plan on enforcing it? Your guess is as good as mine. 
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January 17, 2017, 04:25:22 PM
 #872

Bitcoin doesnt have tax but i does have transaction fees but that isnt much to worry since its just a small amount and also bitcoin is decentralized and government couldnt really imply or impose taxes on it thats why some government doesnt want bitcoin to be adopt on their place.
Bitcoin asking for tax? i think we are just paying for transaction fee but for tax i never heard that they are asking about the tax i think you are in wrong thoughts.. you should know that we are still not legal means bitcoin can be still say as illegal..
I didnt said that bitcoin is imposing tax in the form of fees and as you read on my statement bitcoin doesnt have tax and government couldnt able to impose taxes on it but it has transaction fee.I didnt say it has tax.lol. Bitcoin is uncontrollable and as mentioned above i do agree with it that even bitcoin can be taxed but the exchanges have been regulated by the government.

The US government can and has put a tax on buying/selling however. How they plan on enforcing it? Your guess is as good as mine. 
If this would be the case then we should expect fees increased on exchanges since they are might been regulated by the government on which a certain exchanger is being located.If US government could able to put tax on selling/buying then other government would do the same thing for sure.



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January 19, 2017, 04:17:35 AM
 #873

Bitcoin doesnt have tax but i does have transaction fees but that isnt much to worry since its just a small amount and also bitcoin is decentralized and government couldnt really imply or impose taxes on it thats why some government doesnt want bitcoin to be adopt on their place.
Bitcoin asking for tax? i think we are just paying for transaction fee but for tax i never heard that they are asking about the tax i think you are in wrong thoughts.. you should know that we are still not legal means bitcoin can be still say as illegal..
I didnt said that bitcoin is imposing tax in the form of fees and as you read on my statement bitcoin doesnt have tax and government couldnt able to impose taxes on it but it has transaction fee.I didnt say it has tax.lol. Bitcoin is uncontrollable and as mentioned above i do agree with it that even bitcoin can be taxed but the exchanges have been regulated by the government.

The US government can and has put a tax on buying/selling however. How they plan on enforcing it? Your guess is as good as mine. 
If this would be the case then we should expect fees increased on exchanges since they are might been regulated by the government on which a certain exchanger is being located.If US government could able to put tax on selling/buying then other government would do the same thing for sure.
It's possible to happen, when the government say so, they will do it. They are very attracted with the tax that they can collect as they know the bitcoin community is growing. If there's a law and the exchange sites will be force to comply, we as users will certainly be affected but since it's a law, it must be followed.

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jeraldskie11
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January 19, 2017, 05:32:40 AM
 #874

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 is decentralized, so it means that there is no taxes for bitcoin. It is only a researh paper called bitcoin so not a real money. Some Country has approved bitcoin accepted to their country because the government knows that bitcoin could convert into money. That money, if we buy our daily needs we paid our taxes such as VAT. In that way we pay taxes not bitcoin exactly.

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January 19, 2017, 09:13:44 AM
 #875

There are no tax on bitcoins as no one control the bitcoins there is no questions of tax. However small transaction fees will always required as it will be the only income for the service provider.
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January 19, 2017, 09:41:56 AM
 #876

Bitcoin doesnt have tax and that is it's greatest advantage.If it had tax then nobody will prefer it. Its anonymous that plus point is there for bitcoin. I dont know about other countries but in india we dont have tax for bitcoin but we have to pay tax for the amount that we pay for buying bitcoin.For example if planning to buy bitcoin for 1000 bucks , while depositing in bank account of the exchanges , the government takes 30 percent of the deposit as tax. In the same way if we convert one bitcoin to fiat currency , the exchange will deposit the fiat currency amount in our bank account. That time also government takes some percent as tax from the deposit. So for depositing and withdrawing fiat currency from bitcoin exchanges government takes tax.

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January 19, 2017, 09:53:09 AM
 #877

Bitcoin doesnt have tax but i does have transaction fees but that isnt much to worry since its just a small amount and also bitcoin is decentralized and government couldnt really imply or impose taxes on it thats why some government doesnt want bitcoin to be adopt on their place.
Bitcoin asking for tax? i think we are just paying for transaction fee but for tax i never heard that they are asking about the tax i think you are in wrong thoughts.. you should know that we are still not legal means bitcoin can be still say as illegal..
I didnt said that bitcoin is imposing tax in the form of fees and as you read on my statement bitcoin doesnt have tax and government couldnt able to impose taxes on it but it has transaction fee.I didnt say it has tax.lol. Bitcoin is uncontrollable and as mentioned above i do agree with it that even bitcoin can be taxed but the exchanges have been regulated by the government.

The US government can and has put a tax on buying/selling however. How they plan on enforcing it? Your guess is as good as mine. 
If this would be the case then we should expect fees increased on exchanges since they are might been regulated by the government on which a certain exchanger is being located.If US government could able to put tax on selling/buying then other government would do the same thing for sure.
It's possible to happen, when the government say so, they will do it. They are very attracted with the tax that they can collect as they know the bitcoin community is growing. If there's a law and the exchange sites will be force to comply, we as users will certainly be affected but since it's a law, it must be followed.
You have a point  this would really be possible since they could really see that they will make money on this and you are right if they saw that there is a large community they will see it as an advantage which will make them money overtime and yes we do really follow that because its already a law.

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January 19, 2017, 09:58:56 AM
 #878

The government will never have a power to tax a bitcoin transactions because It was a decentralized system it have a Transaction fee but it's too low that you cant even feel it , those fees will go to the miner who process your transactions

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January 19, 2017, 10:15:32 AM
 #879

The government will never have a power to tax a bitcoin transactions because It was a decentralized system it have a Transaction fee but it's too low that you cant even feel it , those fees will go to the miner who process your transactions

It is true that government does not have means to tax bitcoin currently but not that "NEVER" as government have the power to do anything if they so wish and nobody can stop them. It will only take some legislation or even the hire of expert to find a way around the system so that they can find away to those earning money from that source and if that cannot be achievable coupled with the number of citizens going into bitcoin thereby reducing the amount going into government coffers then I see them tagging such "TAX EVASION" which in most climes of society is illegal and comes with its own punishment under the law. Going further from there the onus is now on government to curb that which will result into nothing other than banning bitcoin  or any other crypto all together.

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January 19, 2017, 10:29:58 AM
 #880

The government will never have a power to tax a bitcoin transactions because It was a decentralized system it have a Transaction fee but it's too low that you cant even feel it , those fees will go to the miner who process your transactions

What's been quoted is the process involved during the transaction happening between two users. Government's have right to levy tax on bitcoin, and recent days one among the country which are the financial service generators of ancient days have revealed bitcoin as a taxable property.

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