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Harlot
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October 14, 2017, 10:52:43 AM |
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You don't need to pay a tax while using bitcoin unless your country is imposing that you need to pay a tax. Here in my country bitcoin is not known and I don't need to pay tax. Governments should not do a law that bitcoin users need to pay tax because it will affect the bitcoin communities. But that's only my opinion.
Governments around the world don't want a large amount of money which is wrapped in the bitcoin economy has not expanded budget. They don't want to allow citizens to use bitcoin directly, therefore, will never accept the bitcoin currency. But they found a solution for myself and want to accept bitcoin as means of payment in order to take his taxes but the users were obliged to change bitcoin to Fiat. It's just a matter of time when this happens. A usage of a currency does not automatically impose you with tax, because it wouldn't make sense as it is unjust using your own money for buying things. What is deemed to be taxable are income that is received in Bitcoin because even though it is not your local Fiat currency it is also counted as income which is also taxable. The bad thing about this is people does not make their Bitcoin earnings counted in their annual income earnings because it is not traceable. An abused of this way might make the government take action. |
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qwertyup23
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October 15, 2017, 04:00:58 AM |
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so i wanna know do i realy have to pay taxes on bitcoins and does my gov recognize bitcoins as my property and do i have to care about any legal action by gov on my bitcoin property ?
The answer is no. Since bitcoin's decentralized nature provides anonymity when transacting, the government of each country cannot regulate its transactions thus invalidating tax implementation on it. The government also does not own bitcoin, as it is a separate entity distinguished from other types of currencies and services and internationally recognized as an investment due to its volatile nature. In the Philippines, the government said that they see bitcoin as property, therefore not subject to legal tender (payment of debts etc.). |
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ferdaus
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October 15, 2017, 12:21:37 PM |
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Since Bitcoin is not yet approved by the government, tax is not levied on it. But if this bitcoin is funded in some other way then it must be paid on the money.
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apex944
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October 19, 2017, 12:56:32 AM |
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a tricky thing to consider is if you're a business. Declaring income on bitcoin and alts will be interesting. Anyone know a good bitcoin accountant?  |
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roddy5
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October 19, 2017, 03:42:54 PM |
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so i wanna know do i realy have to pay taxes on bitcoins and does my gov recognize bitcoins as my property and do i have to care about any legal action by gov on my bitcoin property ?
The answer is no. Since bitcoin's decentralized nature provides anonymity when transacting, the government of each country cannot regulate its transactions thus invalidating tax implementation on it. The government also does not own bitcoin, as it is a separate entity distinguished from other types of currencies and services and internationally recognized as an investment due to its volatile nature. In the Philippines, the government said that they see bitcoin as property, therefore not subject to legal tender (payment of debts etc.). I agree on this and also disagree. Yes bitcoin is not subject to any taxes from any country. How are you supposed to pay your tax through satoshi or mBTC per coin? but once you converted your coin to a fiat or your currency then it will become an income and will be subject to applicable taxes. I know you heard how taxation on company shares goes. Same thing should apply. |
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franco123
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October 20, 2017, 02:41:51 AM |
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The transaction fees are also transferred to the tax being paid by the operators. However, we still need to pay income tax for Bitcoin as our country is concerned. But I am sure only few are doing this because the government can not track the Bitcoin earnings especially that the addresses are anonymous. And I think that the government is not really foccusing on Bitcoin as it also not totally accepts it yet.
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ipanks
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October 20, 2017, 02:51:41 AM |
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The transaction fees are also transferred to the tax being paid by the operators. However, we still need to pay income tax for Bitcoin as our country is concerned. But I am sure only few are doing this because the government can not track the Bitcoin earnings especially that the addresses are anonymous. And I think that the government is not really foccusing on Bitcoin as it also not totally accepts it yet.
we don't have to pay tax on bitcoin, we only need to pay the fee for making a transaction. maybe your mean is when we decide to exchange our bitcoin to fiat and sending the money to bank account, then we have to pay tax but as far as i know, we only need to pay that tax is for monthly. beside that, that tax is for the banks only although we know that the banks finally send that tax to government for our country. so i think it is different between paying tax and paying the fee on bitcoins. |
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lydmilka61
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Activity: 672
Merit: 11
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October 21, 2017, 05:22:32 AM |
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Bitcoin is according to the law a commodity and not a currency.
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glowing10
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October 22, 2017, 05:14:40 AM |
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In Germany you have to hold 1 year your btcs or pay 25% tax
This is sort of the long term and short term concept. If you do sold within a year it is a short term and will have to pay tax and holding above a year means it becomes long term and have to pay no tax. Some country treat 1 year as short term while some does it with 2 years of holding as a short term. |
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ApocalypseNow
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October 23, 2017, 03:25:41 AM |
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Just enjoy not paying tax on bitcoin for now and don't stressed yourself out because I know that sooner, government will tax your btc when they find out how to regulate it but just in case there's already a law then pay the tax.
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MoonJeina
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Activity: 652
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Make winning bets on sports with Sportsbet.io!
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October 30, 2017, 02:55:37 PM |
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Absolutely not !! Bitcoin is not a centralized currency so there are no taxes associated with bitcoin .
The key feature of bitcoin states that there will be no regulations , taxes etc. on it .
But the use of bitcoin can be limited by the government of your country . But no government can ever influence bitcoin's sole feature of decentralization.
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RodeoX
Legendary
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Activity: 3066
Merit: 1147
The revolution will be monetized!
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October 30, 2017, 03:17:24 PM |
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Absolutely not !! Bitcoin is not a centralized currency so there are no taxes associated with bitcoin .
The key feature of bitcoin states that there will be no regulations , taxes etc. on it .
But the use of bitcoin can be limited by the government of your country . But no government can ever influence bitcoin's sole feature of decentralization.
Dammit boy read the thread.  That is 100% incorrect in every country I am aware of. In the U.S., for example, you owe capitol gains and ALWAYS have. All money is taxable, that is the end of discussion. Please refrain from boldly commenting on something you have no experience with. |
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susila_bai
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October 30, 2017, 03:18:23 PM |
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Absolutely not !! Bitcoin is not a centralized currency so there are no taxes associated with bitcoin .
The key feature of bitcoin states that there will be no regulations , taxes etc. on it .
But the use of bitcoin can be limited by the government of your country . But no government can ever influence bitcoin's sole feature of decentralization.
If what you say is going to happen then no country government will support or Make Bitcoin as legal, until their is not any income source from bitcoin no other country will try to legalize bitcoin. So i think before legalizing and implementing tax on it they have to first make rules and regularize its uses on taxation. |
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RodeoX
Legendary
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Activity: 3066
Merit: 1147
The revolution will be monetized!
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October 30, 2017, 03:27:06 PM |
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What may be tripping people up is that there is no "bitcoin tax". But capitol gains tax applies to ANYTHING you buy then sell at an appreciated price. It could be dog food or toenail clippings. It does not matter what it is, it matters that you sold it for a profit. All profits are taxable and the IRS is not going to entertain some sophomoric argument like the examples here. If you fail to pay tax you risk turning the investment of a lifetime into a jail sentence.
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Zackgeno96
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October 30, 2017, 06:58:31 PM |
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Yes, any income generated by the business or work is entitled for tax in most of the countries and people should pay such tax honestly. So if you are earning in bitcoins then you have to disclose your income and pay appropriate tax to the authorities.
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Flor1982
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October 31, 2017, 07:04:02 AM |
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so i wanna know do i realy have to pay taxes on bitcoins and does my gov recognize bitcoins as my property and do i have to care about any legal action by gov on my bitcoin property ?
This will depend upon the country that you belong, if the bitcoin will declared a legal in your country of course you need to abide of your country policies or face the consequences. If the government required you to pay the bitcoin tax then you should pay the taxes so that the government can earn and improve their services in which this is the one of the advantages that bitcoin can give to country once they legalized it. |
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OSISzig
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October 31, 2017, 01:23:50 PM |
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Yes, if your country has a regulation about it. You'd want to avoid an accumulated tax, worst thing of all
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superjeyy
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November 10, 2017, 01:04:04 AM |
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Here in the Philippines, the government does not hold any control over Bitcoin which is why it is not taxable. The wallet that I also use does not have a transaction fee when I want to send Bitcoin to someone who has the same wallet. When I want it converted to fiat however, a minimal fee applies but I noticed that it is just this certain bank that requires that fee. Other banks that is in partnership with the app does not have any transaction fee for withdrawing.
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error08
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November 10, 2017, 01:48:45 AM |
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Yes, if your country has a regulation about it. You'd want to avoid an accumulated tax, worst thing of all
Obviously, a country which has regulations regarding bitcoin and tax it as capital gains, such as in US. https://www.investopedia.com/university/definitive-bitcoin-tax-guide-dont-let-irs-snow-you/On the other hand, in a country where people could easily use bitcoin in daily transactions in Japan, there is no tax for trading bitcoin. https://cointelegraph.com/news/its-official-japan-has-eliminated-tax-on-bitcoin-rise-in-trading-expectedBut in most countries that don't have any fixed regulations, you are free to trade bitcoin and don't have to pay tax, but only fees to exchanges. |
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