Do Bitcoins have Tax??

[Watershin]

Bitcoin Tax law is different in each country and in some country Bitcoin is illegal so you cannot also show that you are a user of bitcoin. The country which have bitcoin recognized have some tax law and you have to follow them so that you dont get in legal problem in future when government take steps against not tax payers. In my country still bitcoin is not given any status so it is upto us to show in tax or not

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[salmanahmedone]

Obviously taxes apply in most (all?) countries.
But I wonder if there is any place on Earth that has no taxes associated with bitcoin? Like maybe Dubai?
Anyone know this?

There are a lot of countries that bitcoin is still not yet honored so they don't have choice but to ignore bitcoin even though their citizens are earning good amount with it that's why there are a lot of people who are using bitcoins that are evading taxes because their source is not taxable and that is with bitcoin.

Yes, even us bitcoin itself doesn't have tax but transaction does, but then when you exchange your bitcoin into a fiat currency there will be a tax given and it depends on how much you exchange for withdrawal.

[BitHodler]

Bitcoin Tax law is different in each country and in some country Bitcoin is illegal so you cannot also show that you are a user of bitcoin. The country which have bitcoin recognized have some tax law and you have to follow them so that you dont get in legal problem in future when government take steps against not tax payers. In my country still bitcoin is not given any status so it is upto us to show in tax or not

It depends on what countries you are referring to. People tend to take certain news articles way too serious and directly think the usage of Bitcoin is prohibited.

That aside, countries don't have to recognize Bitcoin as whatever they want. Bitcoin is part of your total wealth which is the most important aspect.

You making profits through Bitcoin fits in the same category as you making profits through stocks for example. No real difference here.

The government doesn't care what valuable things you're holding or what kind of profits you make. They just want you to fill in your tax reports so they can take "their" cut.

[thejaytiesto]

Obviously taxes apply in most (all?) countries.
But I wonder if there is any place on Earth that has no taxes associated with bitcoin? Like maybe Dubai?
Anyone know this?

There are a lot of countries that bitcoin is still not yet honored so they don't have choice but to ignore bitcoin even though their citizens are earning good amount with it that's why there are a lot of people who are using bitcoins that are evading taxes because their source is not taxable and that is with bitcoin.

Even if bitcoin is not recognized as anything, it wouldn't automatically mean that you are excempt of paying any taxes. I think all governments in the world are going to demand you taxes over capital gains, all that's going to change is the % you pay, that is why all those rich footballers and companies put their money offshore to pay as little as possible. Google pays a small% because its based in Ireland.. meanwhile we small people get crushed by taxes.

[gkv9]

Obviously taxes apply in most (all?) countries.
But I wonder if there is any place on Earth that has no taxes associated with bitcoin? Like maybe Dubai?
Anyone know this?

There are a lot of countries that bitcoin is still not yet honored so they don't have choice but to ignore bitcoin even though their citizens are earning good amount with it that's why there are a lot of people who are using bitcoins that are evading taxes because their source is not taxable and that is with bitcoin.

Yes, even us bitcoin itself doesn't have tax but transaction does, but then when you exchange your bitcoin into a fiat currency there will be a tax given and it depends on how much you exchange for withdrawal.

I agree with you, that we do not need to give any taxes if we have our holdings in Bitcoins itself, but if we are going to exchange it into fiat, then it is obvious that we are bound to pay taxes and we need to have our statements ready to show the same to our governments that we sold Bitcoins in order to get that amount, and in some cases, also need to show that how are we getting bitcoins... As fiat is our local currency, we need to pay taxes on it at any cost (based on the income tax slab)...

[lakisis]

government has taxes which are said that it is being used by government for your countrys development and in case of bitcoin transactions that is not tax its transaction fees which are payed to the bitcoin miner for verifying the transaction and to mine a new block. taxes are fixed but the amount of mining fees is not.. it depends on your priority

Thats right bitcoin doesnt have tax for now , We only pay for bitcoin transaction fee when we transact . And the good side about it that is bitcoin transaction fee is low if you compared to other payment processors.

yeah bitcoin transaction fees is very low firstly use other online payment service and i pay a big fees when i bought something online but now i just use bitcoin for online shopping because bitcoin transaction is very much faster and its transaction fees is very much lower than other .

[QuestionAuthority]

Obviously taxes apply in most (all?) countries.
But I wonder if there is any place on Earth that has no taxes associated with bitcoin? Like maybe Dubai?
Anyone know this?

The oil belt doesn't tax Bitcoin. No sales or income tax at all. The UAE did announce they would implement a Value Added Tax but that doesn't kick in until 2018.

United Arab Emirates - VAT soon
Oman - 0
Bahrain - 0
Qatar - 0
Saudi Arabia - 0
Kuwait - 0

[Kotone]

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.

[HanSchultz]

Obviously taxes apply in most (all?) countries.
But I wonder if there is any place on Earth that has no taxes associated with bitcoin? Like maybe Dubai?
Anyone know this?

There is no tax at all in Dubai let alone paying taxes for bitcoin and so is the case with most of the GCC countries we do not have to pay taxes but i am not sure about the living conditions .

[ufaiz50]

Obviously taxes apply in most (all?) countries.
But I wonder if there is any place on Earth that has no taxes associated with bitcoin? Like maybe Dubai?
Anyone know this?

There is no tax at all in Dubai let alone paying taxes for bitcoin and so is the case with most of the GCC countries we do not have to pay taxes but i am not sure about the living conditions .

each time you make a bitcoin transaction to be taxed (fee). KPMG survey conducted in 96 countries find there some countries that frees people from taxUni Emirat Arab, Qatar, Oman, Cayman Islands, Bahrain, Bermuda, Bahama. average they replace the tax with the natural resources to cost the government like Oman, they wealth comes mostly from crude oil revenues.

[merchantofzeny]

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.

[Jiyens3]

i think no , because bitcoin not real physical , bitcoin just digital currency

[sanakhan1]

i think no

[Zadicar]

i think no , because bitcoin not real physical , bitcoin just digital currency

Not only just a digital currency the true thing why bitcoin cant be tax because it is decentralized and no government could able to impose taxes with it and thats why most bitcoin users do like to put their money into bitcoin just to avoid tax. Maybe government could possible impose taxes on those business who are involve into bitcoin.

[ilovefeetsmell]

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.

[Script3d]

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.

[BitcoinHodler]

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.

[tabas]

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.

[vasrasus]

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.

[fikihafana]

In my opinion bitcoin doesn't need tax, because it's digital currency.