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Author Topic: do i have to pay tax on bitcoins ?  (Read 26935 times)
BUK2016
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March 07, 2018, 03:31:24 PM
 #401

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 ?
All depends on the country you live because there are country where bitcoin are not accepted and there are countries where bitcoin and other crypto currency are accepted. So, if you live in a countries where bitcoin and altcoins are accepted you are expected to pay tax from your earning.

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March 07, 2018, 04:00:27 PM
 #402

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 ?
All depends on the country you live because there are country where bitcoin are not accepted and there are countries where bitcoin and other crypto currency are accepted. So, if you live in a countries where bitcoin and altcoins are accepted you are expected to pay tax from your earning.
If we pay tax on bitcoin it is a really small amount for us, when we cash out our bitcoin and convert to cash we already have a tax payment when we claim at any remittance center at our country. Legalization of bitcoin is upon on which country you are but why you are bothered about bitcoin legalization? Bitcoin is decentralized and as a user, we have our own network and technology that nobody other people involve on this bitcoin to manipulate us.

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March 09, 2018, 03:05:49 PM
 #403

For now let us just enjoy the bitcoin while it is taxfree, and for me i think bitcoin should not be taxed then because the government of each country didn’t acknowledge bitcoin yet but when time comes that the government will impose tax on bitcoin of course all we have to do is obey and follow whatever implemented. So for now no yet pls😊 but in the future let’s see what’s gonna happen😊

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March 09, 2018, 04:46:35 PM
 #404

For now let us just enjoy the bitcoin while it is taxfree, and for me i think bitcoin should not be taxed then because the government of each country didn’t acknowledge bitcoin yet but when time comes that the government will impose tax on bitcoin of course all we have to do is obey and follow whatever implemented. So for now no yet pls😊 but in the future let’s see what’s gonna happen😊
It is fine to pay tax in bitcoin when necessary because it will be an added income to our government and can reflect a  good economy over the world, so it is okay for me for as long as it will not exceed to 10% and the thing that they will just tax is the income from trading.

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March 09, 2018, 09:01:46 PM
 #405

Different counties diferent rules,but mostly you dont have to pay taxes on bitcoin. The other thing is if you sell your bitcoin for your local currency and you transfer that money to your bank account than you most probably have to pay taxes. 12 percent on capital gains in my country,Croatia.

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March 10, 2018, 10:10:31 AM
 #406

For now let us just enjoy the bitcoin while it is taxfree, and for me i think bitcoin should not be taxed then because the government of each country didn’t acknowledge bitcoin yet but when time comes that the government will impose tax on bitcoin, of course, all we have to do is obey and follow whatever implemented. So for now no yet pls😊 but in the future let’s see what’s gonna happen😊
It is fine to pay tax in bitcoin when necessary because it will be an added income to our government and can reflect a  good economy over the world, so it is okay for me for as long as it will not exceed to 10% and the thing that they will just tax is the income from trading.

It depends on the present government whether they will use tax for economic growth, they are collecting huge taxes but when it comes growth they are mentioning they are quarreling about the previous governments. Economic growth will not depends on paying taxes, government should provide benefits to people.

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March 12, 2018, 07:47:19 AM
 #407

For now let us just enjoy the bitcoin while it is taxfree, and for me i think bitcoin should not be taxed then because the government of each country didn’t acknowledge bitcoin yet but when time comes that the government will impose tax on bitcoin, of course, all we have to do is obey and follow whatever implemented. So for now no yet pls😊 but in the future let’s see what’s gonna happen😊
It is fine to pay tax in bitcoin when necessary because it will be an added income to our government and can reflect a  good economy over the world, so it is okay for me for as long as it will not exceed to 10% and the thing that they will just tax is the income from trading.

It depends on the present government whether they will use tax for economic growth, they are collecting huge taxes but when it comes growth they are mentioning they are quarreling about the previous governments. Economic growth will not depends on paying taxes, government should provide benefits to people.
If it is required then you have to follow the rules, even if your country was not too strict in searching for those tax evaders it is right to initiate to pay your taxes rather than paying nothing at all and after you  have been found out that you are escaping it then that is the time you'll gonna pay with damages and it will cause you much burden.

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March 12, 2018, 07:04:01 PM
 #408

For now let us just enjoy the bitcoin while it is taxfree, and for me i think bitcoin should not be taxed then because the government of each country didn’t acknowledge bitcoin yet but when time comes that the government will impose tax on bitcoin, of course, all we have to do is obey and follow whatever implemented. So for now no yet pls😊 but in the future let’s see what’s gonna happen😊
It is fine to pay tax in bitcoin when necessary because it will be an added income to our government and can reflect a  good economy over the world, so it is okay for me for as long as it will not exceed to 10% and the thing that they will just tax is the income from trading.

It depends on the present government whether they will use tax for economic growth, they are collecting huge taxes but when it comes growth they are mentioning they are quarreling about the previous governments. Economic growth will not depends on paying taxes, government should provide benefits to people.
If it is required then you have to follow the rules, even if your country was not too strict in searching for those tax evaders it is right to initiate to pay your taxes rather than paying nothing at all and after you  have been found out that you are escaping it then that is the time you'll gonna pay with damages and it will cause you much burden.
That is right, it is our national obligation to pay tax when required and necessary and if we don't follow the rules of our country then a big risk will be awaiting to us so it is better that at the beginning you are following the rules rather than the police or the tax collector will follow you.

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March 13, 2018, 09:07:34 AM
 #409

so I wanna know do I really 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?
Pay or not it depends on your country. If indeed in your country are required to pay tax on Bitcoin yes you have to pay. But if in your country the Government does not issue any regulation about Bitcoin, yes you do not need to pay taxes. So whether in your country Bitcoin has been legalized?

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March 13, 2018, 02:32:05 PM
 #410

Most of the countries are yet to form a regulatory body when it comes to cryptocurrency and ico's but when it comes to tax, they do come up with an early solution for this.Decentralized currencies need to have a decentralized land free of crypto tax Wink


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March 13, 2018, 03:13:33 PM
 #411

Bitcoin doesnt have a tax, but there are fees that you need to pay when making any transactions such as when you wanted to convert your btc to fiat, or you want to cash out some of your bitcoins. Like here in the philippines, the bureau of internal revenue has not yet issued clear guidelines on tax treatment on bitcoin transactions. But i think one day they may impose tax on those who gain huge profit from bitcoins.
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March 13, 2018, 03:26:44 PM
 #412

Bitcoin is not an official currency. That is, most countries still require you to pay income taxes, sales, payroll, and capital gains tax on anything that has value including bitcoin. It is your responsibility to ensure that you comply with any other tax and legal rules or policies issued by your government and / or policy makers in your area.
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March 13, 2018, 04:52:50 PM
 #413

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 ?
Dude, I think you forgot to mention a very important particular about yourself!! Which country are you from!!??

The policies, laws, rules and regulations are different in every country and taxation on bitcoin is a part of the governmental policy. These policies regarding taxation on bitcoin are not uniform throughout the world. So you may confirm this whether your bitcoin transactions in your country attract taxation.


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March 13, 2018, 06:07:59 PM
 #414

I would be happy to pay the tax to my government if they accept bitcoin. Its not yet announced either as legal or illegal. It seems talk is going on creating its own crypto currency along with other business man creating his own crypto currency forming a team under his own son and working on it. I wish the government should take a quick decision to adapt bitcoin to growth its economy as well provide employment to its citizens.


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March 13, 2018, 07:04:19 PM
 #415

I would be happy to pay the tax to my government if they accept bitcoin. Its not yet announced either as legal or illegal. It seems talk is going on creating its own crypto currency along with other business man creating his own crypto currency forming a team under his own son and working on it. I wish the government should take a quick decision to adapt bitcoin to growth its economy as well provide employment to its citizens.

If your government permits then yes it's necessary to pay tax on bitcoin.  Good move.  It's at last the government who decides upon its citizens' growth. And yes they know when and where to get things done.  So better pay the tax for what's earned.  This would enrich the country as well as the citizens.

Irvinn
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March 15, 2018, 05:28:21 PM
 #416

We need to know the legislation of our country in relation to the crypto currency, including whether it is necessary to pay taxes for its use and, if so, in what cases and in what amounts. Usually for tax evasion, if the amount of unpaid amount is large, criminal liability is established. Therefore, everyone has to decide whether to pay taxes and quietly sleep, or not to pay and be under pain of criminal prosecution.

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April 14, 2018, 02:19:43 AM
 #417

To pay or not to pay taxes for crypto currency, under what circumstances and in what amount, depends on the country of your residence. Each state establishes its own rules and its size of payment of taxes and it is impossible to discuss anything here without knowing the country of your residence. However, if the state introduces a profit tax on operations with crypto currency or a capital gains tax from the fact that the current currency of your crypto currency has grown in value over the past year, then such a tax will still have to be paid if you do not want to live under the fear of criminal responsibility for tax evasion.

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April 14, 2018, 05:44:59 AM
 #418

Everything depends on the country you are living because of some governments still, not accepting Bitcoin as the payment option. So even though if you taxes on returns will comfortable because you will be in safe hands when they start legalising the Bitcoin.

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April 14, 2018, 09:36:49 AM
 #419

In Japan, we have to pay tax in the following cases.
① in case of profit by trading
② in case of profit due to purchase goods by crypto currency
③ in case of profit due to swap cryptocurrency to anothercrypto currency
④ mining
tax rate is 15%~55%!

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April 14, 2018, 11:17:16 AM
 #420

Since here in our country we are not required as our government does not mandated law yet regarding taxing bitcoin or cryptocurrency, so we are not obliged and we don't have an obligation in doing it, but if our law will require as to do it, then I would be  happy to do it.

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