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bitcoinisfurture
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July 29, 2016, 02:52:34 PM |
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It will depend upon country to country. But I think income is mostly taxed in all country dependent upon if you fall under tax laws of that country. Also which all country has zero taxation policy let us know.
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CryingMidget
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July 29, 2016, 03:20:52 PM |
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It will depend upon country to country. But I think income is mostly taxed in all country dependent upon if you fall under tax laws of that country. Also which all country has zero taxation policy let us know.
Transaction fees goes to the miners who use it as an incentive to confirm your transaction. Governments do not have a viable way to apply taxation policies to every Bitcoin users due to it being pseudonymous. With that, government would be more reluctant to accept Bitcoin. |
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densuj
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July 29, 2016, 03:33:31 PM |
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Just share info in my country (Indonesia) bitcoin is not have tax because users who use bitcoin are still little and still not too famous. Even if there is market of bitcoin who has big volume transaction but it is still low for government take tax from it.
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coinsocieties
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July 29, 2016, 04:50:47 PM |
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I know here in PA, bitcoin is not taxes as a currency, however it is taxed as an asset. Once the government realizes that trading bitcoin for goods will eliminate the sales tax portion of taxes here in PA, I would think that there is a small possibility that that will change a bit.
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MingLee
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July 29, 2016, 04:56:44 PM |
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I know here in PA, bitcoin is not taxes as a currency, however it is taxed as an asset. Once the government realizes that trading bitcoin for goods will eliminate the sales tax portion of taxes here in PA, I would think that there is a small possibility that that will change a bit.
I think it all depends on what tax rates are applied to the assets vs currency aspects. If they can tax it more as an asset i think they'll keep it that way for as long as they want, as they get to have the most amount of money from something they can't control. If they have to find a compromise, chances are they'll compromise control for increased revenues. |
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serjent05
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Cashback 15%
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July 29, 2016, 05:27:11 PM |
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I know here in PA, bitcoin is not taxes as a currency, however it is taxed as an asset. Once the government realizes that trading bitcoin for goods will eliminate the sales tax portion of taxes here in PA, I would think that there is a small possibility that that will change a bit.
In my country bitcoin isnt tax for asset nor currency. Government know bitcoin but they are too busy with politics and drugs related activities so they don't pay much attention on some digital currency. Though they are aiming to shutdown illegal online casinos but i think it is only to those who operates or main base is in the country. But well once used as payment we are autmatically taxed due to the VAT. |
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blackmachinegun
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July 30, 2016, 07:58:02 AM |
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Bitcoin has not tax in my country but my friend said to me there is tax for bitcoin for some countries .
lol today no country openly gives legalizing to the use of bitcoin for their country and said that bitcoin is an option for their country's currency? so I think there is no country that provides tax for bitcoin. and I thought it sounded impossible to bitcoin have tax |
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Hellacopter
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July 30, 2016, 08:04:44 AM |
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As Bitcoin is used anonymously i think it's hard for governments to impose tax for using it
But many users exchange their bitcoins to fiat which is under the tax laws
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Ewinsane
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July 30, 2016, 11:09:46 AM |
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no tax on bitcoin because it not approve in my country and if bitcoin approve in my country then the government can apply tax on bitcoin.
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calkob
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July 30, 2016, 11:12:39 AM |
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only if you tell them that you own them.... how could they know other wise ?
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abugseuf
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July 30, 2016, 11:39:25 AM |
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As Bitcoin is used anonymously i think it's hard for governments to impose tax for using it
But many users exchange their bitcoins to fiat which is under the tax laws
but i think the main reason is that no government has yet legalize bitcoin therefore they yet not impose tax on it, first the government has to declare it as a legal currency and then you will that so many kind of taxes will be apply on bitcoin, like income tax, withholding tax, transaction tax etc |
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shashank5119
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July 30, 2016, 08:42:21 PM |
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No I never heard tax being enfored on bitcoins in any country because its not controlled by government so why tax.But yes if some one convert large amount of bitcoins into fiat then may be he has to pay tax of his/her fiat money.
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chixka000
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July 31, 2016, 04:13:10 AM |
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as far as i know their is no tax in bitcoin transaction but some site uses fees for their services , but i don't think so that this fees are to be or can be considered as a tax from your transaction
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Leonard2016
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July 31, 2016, 04:17:52 AM |
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you can never give a correct answer to this question in here, becasue you have to look at what you are doing and in what country you are living in. it can be so different based on the place you are in . and also the volume you are dealing with is important.
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JeffBrad12
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July 31, 2016, 06:27:33 AM |
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as far as i know their is no tax in bitcoin transaction but some site uses fees for their services , but i don't think so that this fees are to be or can be considered as a tax from your transaction
Getting some fees for your transaction it's same means for you getting a tax for your transaction, i think the tax and fees not having a large different in their definition but maybe some people is having different definition about that, for me tax and fees is same. |
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Indrawan77
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July 31, 2016, 06:55:19 AM |
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I think the answer is yes but it depends on your country, when you convert bitcoin to fiat then the government will consider it as your income and that is the reason why you need to pay the tax, that is why the government want to tighten up the regulation so they can earn more from bitcoin tax
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Mauser
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July 31, 2016, 07:07:21 AM |
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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??
Taxes on bitcoin transactions are not deducted automatically. You are the one who should inform your government when you earn a profit with bitcoins on your annual tax forms. Since the government has no chance to check your bitcoin transaction at the moment. It is pretty easy to do tax fraud with bitcoins. |
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ASHLIUSZ
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July 31, 2016, 07:52:50 AM |
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I think the answer is yes but it depends on your country, when you convert bitcoin to fiat then the government will consider it as your income and that is the reason why you need to pay the tax, that is why the government want to tighten up the regulation so they can earn more from bitcoin tax
Yeah tax regulations differ for each country around the world, most countries consider Bitcoin as capital asset, and so any gains made are taxed like capital gains. So if you make profits from selling your coins, those profits are taxed. If you make losses, you may be able to deduct the losses and reduce your taxes. |
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Carlsen
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July 31, 2016, 08:22:05 AM |
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I think the answer is yes but it depends on your country, when you convert bitcoin to fiat then the government will consider it as your income and that is the reason why you need to pay the tax, that is why the government want to tighten up the regulation so they can earn more from bitcoin tax
Yeah tax regulations differ for each country around the world, most countries consider Bitcoin as capital asset, and so any gains made are taxed like capital gains. So if you make profits from selling your coins, those profits are taxed. If you make losses, you may be able to deduct the losses and reduce your taxes. If you live in the EU, I think it is possible that they have a common tax system concerning crypto currencies. If I remember correctly, there was even a decision by some higher eu court last year how to handle bitcoins. |
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Mauser
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July 31, 2016, 08:56:33 AM |
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I think the answer is yes but it depends on your country, when you convert bitcoin to fiat then the government will consider it as your income and that is the reason why you need to pay the tax, that is why the government want to tighten up the regulation so they can earn more from bitcoin tax
Yeah tax regulations differ for each country around the world, most countries consider Bitcoin as capital asset, and so any gains made are taxed like capital gains. So if you make profits from selling your coins, those profits are taxed. If you make losses, you may be able to deduct the losses and reduce your taxes. If you live in the EU, I think it is possible that they have a common tax system concerning crypto currencies. If I remember correctly, there was even a decision by some higher eu court last year how to handle bitcoins. Hmm, but governments don't tax the Money itself, just the gain in value when you realise them by selling or buying. Are your Bitcoins being taxed? I am from the EU and I never seen any Bitcoin Tax so far. |
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