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Author Topic: Bitcoin vs Taxes  (Read 6614 times)
Lannie25
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December 30, 2017, 12:40:32 PM
 #241

Bitcoins has a direct relationship with the taxation. Any passive income in the Philippines is subject to final taxation and if the entity whose job is this will subject to income tax so there is no such way to escape the tax. Taxation is the life blood doctrine of the government which everyone no matter who you are will subject from this.

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ningrum
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December 30, 2017, 02:21:19 PM
 #242

Tax is everywhere like my professor says in during our class. There is a direct relationship between the company of bitcoin and Taxation of the government; since the government always collect 12 % final tax in all passive income which the bitcoin already collected and remitted by them.
if in my country, whatever mingled with the money would be taxed, so if bitcoin is taxed I would not be surprised by all of this, because that's all the terms of my country's government.

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January 12, 2018, 03:10:11 AM
 #243

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.


I am actually afraid of this. There are rumors that bitcoin will be legal here in the Philippines but at the same time tax will be added to it, I think it is really inevitable since bitcoin will be a legal crypto/virtual currency.

harbin55
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January 15, 2018, 07:41:32 AM
 #244

Many people sees taxation and bitcoin has a big rivalry between ewch other but the truth is it has a good relationship in the society. 
Bitcoin is accept fully in the local governments therefore there is a tax imposed with it.  If the bitcoins collects a high income there will be a high taxes that will remittedin the government which will increase the financial stability of the government and become economic competitive.

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voztata
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January 17, 2018, 06:49:52 AM
 #245

Many people sees taxation and bitcoin has a big rivalry between ewch other but the truth is it has a good relationship in the society. 
Bitcoin is accept fully in the local governments therefore there is a tax imposed with it.  If the bitcoins collects a high income there will be a high taxes that will remittedin the government which will increase the financial stability of the government and become economic competitive.
I don’t really get how this works… how is the government able to charge tax when someone exchanges Bitcoin to Fiat? I don’t really see how it is possible, cause you send your Bitcoin to the exchanger and they just pay in the money into your bank account, so how does the government know about it? This isn’t possible, and it doesn’t happen where I live.

Carmen03
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February 26, 2018, 12:07:27 PM
 #246

Bitcoin is not a fiat currency with legal tender status in any jurisdiction, but often tax liability accrues regardless of the medium used. There is a wide variety of legislation in many different jurisdiction which could cause income ,sales payroll,capital gains or some other form of tax  liability to arise with bitcoin.
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March 15, 2018, 03:53:26 PM
 #247

What the hell? so what's the difference between the cryptoz and fiats if both have taxation -_-
hygroscopicgymnasium3
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March 16, 2018, 11:11:56 PM
 #248

Its better atleast now we have some legal onlooker on our transactions and will help us to bear problems easily regarding btcs
volcanofetusK
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March 17, 2018, 05:28:25 PM
 #249

This will neverver happen. Govt cant go against such a global mass of bitcoiners independence
fanBit101
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March 17, 2018, 05:39:40 PM
 #250

This would be a difficult choice for investors like us, and the number of voluntary taxpayers would be a minority. Because of:
- Applying taxes on bitcoins and crypto is synonymous with the government's right to claim a price.
- It is good for traders and all because the ico will be verified and certified for safety.
- The scam issues will be gradually eliminated and separated from the crypto world.
Those who expect the great oscillation of crypto can ignore it. It seems time will solve this complex problem.
volleyballslender6
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March 20, 2018, 04:48:05 AM
 #251

I am a newbie thoigh I have no idea but I think its better. Taxation always means a legalisation on someething and that's what we want
supermam
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March 22, 2018, 03:03:54 AM
 #252

Some countries i guess is implementing that law collecting taxes on bitcoin users once they trade their bitcoins to paper money and in my view if the government will impose that law we can't do anything but to obey it and pay our taxes.

Ca.ming14
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March 22, 2018, 04:28:04 AM
 #253

Without a doubt, 2018 will be a landmark year for Internal Revenue Service enforcement of cryptocurrency gains. Taxpayers should stay ahead of the game rather than be reactionary. The IRS is always more lenient with taxpayers who come forward on their own accord rather than those that get discovered. Coming forward now actually could be the difference between criminal penalties and simply paying interest. With only several hundred people reporting their crypto gains each year since bitcoin's launch, the IRS suspects that many crypto users have been evading taxes by not reporting crypto transactions on their tax returns. Unfortunately, the IRS has provided very little guidance with regard to bitcoin taxation. One thing, however, is clear: Although both the public and the crypto community refer to bitcoin and altcoins as virtual currencies, the IRS treats them as property for tax purposes. Therefore, selling, spending and even exchanging crypto for other tokens all likely have capital gain implications. Likewise, receiving it as compensation or by other means will be ordinary income.
elkafee79
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March 22, 2018, 02:09:43 PM
 #254

If you sell Bitcoin for Fiat, then you have to pay taxes.
While Bitcoin is a currency, it is considered a commodity and therefore by selling it you're 'making money'.
It's illegal if you don't pay taxes.


yes, i agree with your opinion. illegal if you dont pay taxes. will be make safe if we are pay taxes while sell bitcoin dor fiat.
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March 22, 2018, 02:33:13 PM
 #255

Get right with the lord and the IRS:

https://www.investopedia.com/news/nsa-worked-track-down-bitcoin-users-snowden-papers-reveal/

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August 13, 2018, 08:27:24 PM
 #256

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
Bitcoin is not a stock, it is currency. It is made to pay for goods and services as money. But it has one big advantage, it is anonymous.
ngalamunan
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August 13, 2018, 09:42:33 PM
 #257

If you sell Bitcoin for Fiat, then you have to pay taxes.
While Bitcoin is a currency, it is considered a commodity and therefore by selling it you're 'making money'.
It's illegal if you don't pay taxes.

the tax will always be there for economic activities, because the tax will later enter into the state's money, so the tax plays an important role for us too.

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Sergio444
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August 13, 2018, 11:28:40 PM
 #258

If you sell Bitcoin for Fiat, then you have to pay taxes.
While Bitcoin is a currency, it is considered a commodity and therefore by selling it you're 'making money'.
It's illegal if you don't pay taxes.

So, must the one buying bitcoins also pay tax? Since the two are both trading in each way. Well, it is illegal to pay tax, but we live in a situation were cryptocurrency is purely said to be decentralized and anonymous. Why must I pay task for selling my coins to someone who wouldn't pay any tax for buying from me?
cahbagus555
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August 14, 2018, 01:19:45 AM
 #259

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

Paying taxes is obligation from every citizen in country and i think its fine if government collecting taxes from cryptocurrency transaction. If Government want to collect taxes, government should make regulation on cryptocurrency and if regulation issued, i am believe it will make crypto price rising

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August 14, 2018, 01:56:37 AM
 #260

l think it's necessary for holders to pay taxes on cryptocurrency. If we are considering coins to currency, then we have to pay taxes on it like we do on other assets. We still win in low transaction costs ...

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