removal of taxes on bitcoin and recognition as currency is booming in the world

[pooya87]

Japan exempts bitcoin from Consumption Tax

The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.

Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.

Australian's New Budget Includes a Bitcoin Tax Cut

Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.

http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm

[coynedterm]

Japan exempts bitcoin from Consumption Tax

The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.

Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.

Australian's New Budget Includes a Bitcoin Tax Cut

Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.

http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm

This is really a big news for the Australian bitcoiners , because with the declaration of the legalisation of the Bitcoin in the Japan many people entered in this work and accepted the Bitcoin as the payment but a big tax system was really and also currently a problem for small bitcoinet payment accepter .
But here no indirect tax system in the Australia , is really showing what the Australian bitcoiner can do with Bitcoins , because they can use like the simple currency where we don't much need to pay high fee for the to use as the tax .
Well here I am waiting for the rules to use Bitcoin in my own country , whether they will apply big tax or small

[squatz1]

It's not booming and it won't ever come to something along these lines, think about it from the governments point of view. Do you really think that these people are going to give up the FULL control that they have over their currency and their country overall, no, they're not going to do this and give the people the rights to this sort of thing back. That'd be dumb of them and completetly foolish, they're going to want full control and they're not going to lay off the regulations.

The only time that I can see them laying off is going to have to be the time when they don't see these crypos and Bitcoin as a threat, once it is and it does cause an issue to people they're going to go in for the killshot on them and regulate and tax the fuck out of everything bitcoin, sucks but that's what's going to happen. We'll just have to sit around and see it happen, nothing we can do.

[n0ne]

This is a great news. Once people used bitcoin for the tax evasion purpose, now government itself providing with freedom on tax for bitcoin usage is appreciable. Expect every country have the same mentality to think in such a manner and make people get a bigger and better benefit using bitcoin and making a growth in country's economy.

[pooya87]

It's not booming and it won't ever come to something along these lines, think about it from the governments point of view. Do you really think that these people are going to give up the FULL control that they have over their currency and their country overall, no, they're not going to do this and give the people the rights to this sort of thing back. That'd be dumb of them and completetly foolish, they're going to want full control and they're not going to lay off the regulations.

The only time that I can see them laying off is going to have to be the time when they don't see these crypos and Bitcoin as a threat, once it is and it does cause an issue to people they're going to go in for the killshot on them and regulate and tax the fuck out of everything bitcoin, sucks but that's what's going to happen. We'll just have to sit around and see it happen, nothing we can do.

i don't really understand what you are trying to say here that is related to this news!
the tax laws regarding bitcoin has changed as you can see in the links that i provided. you can also google to find more information or read the .gov link above.
it is not 100% removed, it is instead a more relaxed and friendly taxation that is mostly applied to trading not when you use bitcoin as a currency.

[magneto]

Japan exempts bitcoin from Consumption Tax

The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.

Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.

Australian's New Budget Includes a Bitcoin Tax Cut

Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.

http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm

I can feel the effects of the removal of taxes directly. People used to dodge taxes by trading p2p so that nobody can really say that you're trading bitcoin because everything in done behind a screen, but now they can buy from businesses that sell bitcoin, with no additional cost.

The taxes were basically extras for the government anyways, they didn't deserve it... Like they were basically saying that bitcoin was a good, but the "good" was also able to buy other tihngs and you'd have to pay more tax to essentially barter bitcoin for other stuff. Did not make sense at all.

But seems like now they've come to their senses, and at least a few countries have done the right thing. Just wonder when US and China will follow, if at all.

[Windpower]

Japan exempts bitcoin from Consumption Tax

The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.

Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.

Australian's New Budget Includes a Bitcoin Tax Cut

Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.

http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm

I am so happy that the Australian government is finally realising that Bitcoin is actually a currency. Living in Australia myself, I am really glad that now I don't have to pay double the amount of taxes anymore. I think it will really help the Australian Bitcoin community and people won't have to hide whenever they use Bitcoin because they don't want to pay extra fees. This should also attract more users from Australia as people will now realise that Bitcoin is just like fiat and they won't have to keep paying double the taxes. This should also place a better light on Bitcoin as less people will try avoid taxation.

[xypos]

Japan exempts bitcoin from Consumption Tax

The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.

Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.

Australian's New Budget Includes a Bitcoin Tax Cut

Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.

http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm

All this have come into affect yesterday/today. A real game changer in my opinion.

Japan and australia have never been seen before as major bitcoin buyers or sellers, or in general a big influence on the bitcoin market like china at all. But now that unfair taxes have been lifted, i see real potential with both these markets, with Japan leading the way with a lot of the new tech stuff, and australia a stable and slowly growing economy. China is slowly fading as the leading bitcoin buyers imo.

And all because the central bank of china didn't do the best thing - legalize bitcoin like australia, india and japan has done.

[Red-Apple]

i think it is safe to say that we owe it all to the Japanese. they started this movement on this scale. before all you could hear was mostly talk and negative talk. but after the Japanese government announced bitcoin as a legal method of payment everyone is now trying to get on the same train. it is like a competition of who adopts bitcoin more

[mk4]

Japan exempts bitcoin from Consumption Tax

The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.

Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.

Australian's New Budget Includes a Bitcoin Tax Cut

Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.

http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm

Ooooo this is really good news. I can see bitcoin and other crypto booming in Japan really soon. I mean come on, no tax!!! Unfortunately I don't see this happening on most countries though, especially the more corrupt ones. Anyway, I hope other countries take note of this since Japan is also a major country.

[EXtremeAEX]

I guess this gives people a reason now to adopt Bitcoin, for tax evasion. I mean, they also have no way of tracking down Bitcoin movements in and out of the country right? I don't see how they can tax on every Bitcoin transaction. Even if US wanted their citizens to declare their Bitcoins, who would?

Glad that Bitcoin is gaining recognition, and now Bitcoin may be used by large companies or billionaires in the near future.

[pinkflower]

I guess this gives people a reason now to adopt Bitcoin, for tax evasion. I mean, they also have no way of tracking down Bitcoin movements in and out of the country right? I don't see how they can tax on every Bitcoin transaction. Even if US wanted their citizens to declare their Bitcoins, who would?

Glad that Bitcoin is gaining recognition, and now Bitcoin may be used by large companies or billionaires in the near future.

You dont get it, by declaring it a currency it gives the government an easier time and a clearer perspective on what to do if they think a BTC user has allegedly broken some laws. This is also just the beginning. BTC as a currency is easier to regulate.

If you think that their government have no way of tracking BTC movements, you are wrong.

[EXtremeAEX]

You dont get it, by declaring it a currency it gives the government an easier time and a clearer perspective on what to do if they think a BTC user has allegedly broken some laws. This is also just the beginning. BTC as a currency is easier to regulate.

If you think that their government have no way of tracking BTC movements, you are wrong.

How can the movements be tracked? I know that they can check the IP addresses and link the transactions, but lets say if I have Bitcoin on a wallet, I remember the private keys and I travel to another country and use the Bitcoin. I can also have multiple IPs to prevent being tracked, along with using a mixing service to get even more privacy.

People can also send Bitcoin to other parts of the world in relatively large amounts too. Honestly, I am not that clear about this, so feel free to correct me.

[BingoDog]

I guess this gives people a reason now to adopt Bitcoin, for tax evasion. I mean, they also have no way of tracking down Bitcoin movements in and out of the country right? I don't see how they can tax on every Bitcoin transaction. Even if US wanted their citizens to declare their Bitcoins, who would?

Glad that Bitcoin is gaining recognition, and now Bitcoin may be used by large companies or billionaires in the near future.

You dont get it, by declaring it a currency it gives the government an easier time and a clearer perspective on what to do if they think a BTC user has allegedly broken some laws. This is also just the beginning. BTC as a currency is easier to regulate.

If you think that their government have no way of tracking BTC movements, you are wrong.

And you want to say that the purpose of bitcoin is to enable the users to brake the law? That is one of the reasons why bitcoin has bad reputation. I don't think that regulation of bitcoin is something bad, just the oposite, it could help with many issues. And bitcoin has lost the anonimity long time ago, this has nothing to do with regulation.

[RoommateAgreement]

You dont get it, by declaring it a currency it gives the government an easier time and a clearer perspective on what to do if they think a BTC user has allegedly broken some laws. This is also just the beginning. BTC as a currency is easier to regulate.

If you think that their government have no way of tracking BTC movements, you are wrong.

How can the movements be tracked? I know that they can check the IP addresses and link the transactions, but lets say if I have Bitcoin on a wallet, I remember the private keys and I travel to another country and use the Bitcoin. I can also have multiple IPs to prevent being tracked, along with using a mixing service to get even more privacy.

People can also send Bitcoin to other parts of the world in relatively large amounts too. Honestly, I am not that clear about this, so feel free to correct me.

there is no easy way of finding the IP address of you when you send bitcoin. and when you don't run your own bitcoin full node then it becomes impossible to do so.

the only way is to do chain analysis. and that means when you bought bitcoin the first time you submitted your documents and linked your identity with the bitcoin adress you have withdrawan to. and any other transaction you make from that address is traceable.

mixers help though. they make it nearly impossible for any chain analysis to work.

[Amph]

I guess this gives people a reason now to adopt Bitcoin, for tax evasion. I mean, they also have no way of tracking down Bitcoin movements in and out of the country right? I don't see how they can tax on every Bitcoin transaction. Even if US wanted their citizens to declare their Bitcoins, who would?

Glad that Bitcoin is gaining recognition, and now Bitcoin may be used by large companies or billionaires in the near future.

You dont get it, by declaring it a currency it gives the government an easier time and a clearer perspective on what to do if they think a BTC user has allegedly broken some laws. This is also just the beginning. BTC as a currency is easier to regulate.

If you think that their government have no way of tracking BTC movements, you are wrong.

well they have no way if i buy stuff abroad, because they never know that i bought that thing unless they come here at my home, which is stupid and will never happen

the onyl way they can track you is when you reveal your identity by buying on a various shop online, with your address and everything

I guess this gives people a reason now to adopt Bitcoin, for tax evasion. I mean, they also have no way of tracking down Bitcoin movements in and out of the country right? I don't see how they can tax on every Bitcoin transaction. Even if US wanted their citizens to declare their Bitcoins, who would?

Glad that Bitcoin is gaining recognition, and now Bitcoin may be used by large companies or billionaires in the near future.

i guess it's not really tax evasion if it's declared tax free isn't it? you don't need to pay that is the new law, so you are not evading, this give peopel an incentive to adopt bitcoin, maybe they will add tax later when they see the usage increase

remind me of a marketing strategy, where soem company first offer you free stuff just to attract you as a customers and then make you pay more than before...

[Scorpion]

I heard about this news on Twitter very recently and was so excited for Japanese crypto enthusiast  and their overall public in general. I know people were hesitant to use crypto because of bogus regulations and taxes now the truth is revealed that Bitcoin is a legitimate form of payment.

[btcwonder1]

Well, this will surely help Bitcoin become more popular among the common people and grow the crypto community. Why I'm excited? Because in the end, it's us bitcoiners that will reap the benefits from it. More countries need to follow the footsteps of Japan.

[romero121]

This has been getting to be a common news that more and more Countries showing interest on bitcoin as well several regulations getting initiated to support the better adoption of bitcoin. Now with the Australia's regulated tax cut on bitcoin will make more people go digital and use bitcoin. Hope soon more and more adoption happens making path for further growth towards the peak.

[Minecache]

Japan exempts bitcoin from Consumption Tax

The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.

Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.

Australian's New Budget Includes a Bitcoin Tax Cut

Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.

http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm

And now South Korea.
https://www.nigeriatoday.ng/2017/07/south-korea-prepares-bill-to-provide-legal-framework-for-cryptocurrencies/