Bitcoin vs Taxes

[rtinedal]

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.

If bitcoin is taxable I think the government can handle bitcoin in the short term we are bitcoins also want to be handled by the government or government cheats that are money.

[MiF]

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 see nothing wrong with taxex as long as the government will use our money for the welfare and common good of our people not to corrupt it. We should counter the other claim of China that they ban the bitcoin because the government cant imposed tax due to crpto currencies is volatile.

[tengek37]

I am still confused about bitcoin vs taxes. because in my country bitcoin  itself not legalized by the government, so the taxes imposed on bitcoin can not be determined but in fact when we make a transaction either sell or buy bitcoin will be deducted in accordance with the provisions of bitcoin exchange company. Is it tax? tq

[Tynovten_]

Tax is actually another word of alms, only sometimes through an intermediary, but some individuals abuse the tax, it has to be from the people by the people to the people. But that rule change into from people by the people but for higher people.

Tax is using for infrastructure, green park, sport yard, and others as the function for citizens.

[Sled]

I don't think that there is a tax in our country if we are going to buy a bitcoin because all the process that we do is to just cash in some money into our online wallet account then we can easily convert it into bitcoin and i think the only thing that we pay is the fee in cashing in because the place that we are cashing in charge at least 1% of the total amount that need to be cash in.

[rachelia13]

In my country for people who already have an income have to pay tax on their income and property owned, but not for bitcoin because as i know bitcoin still illegal in my country

[calandra78]

I think as long as you can still do bitcoin transactions and there is never a problem in the transaction, legality is certainly not very necessary. And probably still have a good chance because it is not obliged to pay income tax from bitcoin.

Yes it's true until today there is no certainty about the existence of the specified tax on the income of the bitcoin. better you focus and think about to collect the bitcoin as much as possible and releasing it when you get a good price. that way you'll get great benefits. When we sell it we definitely will be charged a small fee. Maybe it is them with taxes but we can think positively as a service to sell bitcoin. because if the Government regulating the taxes it will be determined how large the percentage is.

[valentine401]

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.

In my own opinion placing a tax in bitcoin is very stupid because bitcoin is the only way to earn more income for those who does not earn money so much in their life. Some of the rich people does not really know how hard to earn money so the government just place tax wherever they want or maybe the government of the country is corrupted that's why it happens.

[fiulpro]

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.

Hey
Bitcoins are taxable in India.
Infact the earnings through bitcoins was taxable even before the bitcoins were officially accepted by the government.
Well every earning through any source if recognized by the government is considered taxable.
Well we can't deal with this in any way..it is anyways legit.
Paying taxes is what everyone is supposed to do if they are super duper rich.
Also besides India there are many countries where people don't have to pay taxes if the money they have had earned is through bitcoins.
Anyways lets let the government decide

[Iantot08]

I think bitcoin is taxable, it is because it produce an income, which all income was subject to be taxable. Bitcoin is virtual currency like an asset which treated for tax purposes. In term of tax, bitcoin not treated as currency but as property so why its subject to in tax. It convertible in cash.

[cryptojac17]

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 see nothing wrong with taxex as long as the government will use our money for the welfare and common good of our people not to corrupt it. We should counter the other claim of China that they ban the bitcoin because the government cant imposed tax due to crpto currencies is volatile.

I really appreciate your idea mate being a good citizen our obligation to pay proper taxes as what is mandated by law but, since BTC is a crypto currency and being decentralized I don’t know how to imposed taxes  type of currency how accounting play their role to imposed taxes, because transaction Of BTC  Is peer to peer meaning computer to computer, as a holder Of BTC you are just having  ledger that would determine how BTC you have and its anonymous.

[Sled]

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 see nothing wrong with taxex as long as the government will use our money for the welfare and common good of our people not to corrupt it. We should counter the other claim of China that they ban the bitcoin because the government cant imposed tax due to crpto currencies is volatile.

I really appreciate your idea mate being a good citizen our obligation to pay proper taxes as what is mandated by law but, since BTC is a crypto currency and being decentralized I don’t know how to imposed taxes  type of currency how accounting play their role to imposed taxes, because transaction Of BTC  Is peer to peer meaning computer to computer, as a holder Of BTC you are just having  ledger that would determine how BTC you have and its anonymous.

As of now, it is impossible for bitcoin to get taxed because it is decentralized but as soon as the government will make a move like building their own exchange and that can be a way for bitcoin to get tax because they can increase the fee of withdrawal in that exchange and that is how they are going to imposed tax and get profit by that way.

[bestluck]

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 see nothing wrong with taxex as long as the government will use our money for the welfare and common good of our people not to corrupt it. We should counter the other claim of China that they ban the bitcoin because the government cant imposed tax due to crpto currencies is volatile.

I really appreciate your idea mate being a good citizen our obligation to pay proper taxes as what is mandated by law but, since BTC is a crypto currency and being decentralized I don’t know how to imposed taxes  type of currency how accounting play their role to imposed taxes, because transaction Of BTC  Is peer to peer meaning computer to computer, as a holder Of BTC you are just having  ledger that would determine how BTC you have and its anonymous.

As of now, it is impossible for bitcoin to get taxed because it is decentralized but as soon as the government will make a move like building their own exchange and that can be a way for bitcoin to get tax because they can increase the fee of withdrawal in that exchange and that is how they are going to imposed tax and get profit by that way.

Transaction fees are the sort of tax we pay on each one, and also governments are taking serious to this issue they want to implement taxation on this also and if this is done then there is much ease for them as well as for the citizens on the clicks tax will be payed, and bitcoin will reduce tax amount also because of its decentralization and it will help the user in all ways.

[Osarman]

I think as long as you can still do bitcoin transactions and there is never a problem in the transaction, legality is certainly not very necessary. And probably still have a good chance because it is not obliged to pay income tax from bitcoin.

Yes it's true until today there is no certainty about the existence of the specified tax on the income of the bitcoin. better you focus and think about to collect the bitcoin as much as possible and releasing it when you get a good price. that way you'll get great benefits. When we sell it we definitely will be charged a small fee. Maybe it is them with taxes but we can think positively as a service to sell bitcoin. because if the Government regulating the taxes it will be determined how large the percentage is.

I will have to pay taxes while working in this forum because my earnings is in bitcoin, and if want to withdraw, I will have to change in dollars and then to my local currency. All the money ex changers cut their commissions and the government also takes his tax while receiving my money in local bank account. But I have no problem with that because as a citizen it is my duty to pay taxes.

[Afnan_faizah]

I think bitcoin is taxable, it is because it produce an income, which all income was subject to be taxable. Bitcoin is virtual currency like an asset which treated for tax purposes. In term of tax, bitcoin not treated as currency but as property so why its subject to in tax. It convertible in cash.

You right, even the IRS was regulate the bitcoin taxation, the government still can get the tax from bitcoin users through the merchants who accept bitcoin as payment option.

[paparexon0414]

If its legalize in one's country you should pay tax. Some of the exchanger included it when you change to cash. It applies when i change it to cash. It is just the right thing to because bitcoin is considered a electronic currency

[Kiweikoo]

If its legalize in one's country you should pay tax. Some of the exchanger included it when you change to cash. It applies when i change it to cash. It is just the right thing to because bitcoin is considered a electronic currency

As if bitcoin is accepted in one region taxation department will automatically get eases and on top of it paying and collecting taxes through the bitcoin is easy as compare to the conventional manual taxation system this will reduce HR as well and there will be more economic stability to the region where this system is implemented and there will be more development through this.

[pinoyden]

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 guess theres already a hidden tax when you convert your coins and when you withdrew it because youll paying for a processing fee or a transaction fee and also no one can put a tax on bitcoin because no one hold and controls bitcoin , not even governments or banks. but if they still do it then it will be a loose for us because we are already paying for transaction fees and other fees plus they also charged us extra for the tax.

[plaintiff77]

It depends on country and your exchange, in my when I send fiat due to change into BTC i must write that it is investment. So after "successful" investment I will must pay some taxes. So for example the first part of paying is when u exchange FIAT into BTC, and then propably if you get an income from your investment. But all depends on your counrty and law.

yes but i think that it also depend on the item where you want to put tax, in fact countries only put tax on legal item, so bitcoin is still not legal in most of the areas therefore to me i think there is no tax on bitcoin, but when countries will turn bitcoin as legal currency then they will also prepare a  policy to put tax on bitcoin but currently bitcoin is free of taxes in most area.

In my own point of view, there is really a big difference between bitcoin and taxes. In bitcoin all the people i mean each individuals are benefited through earning while in taxes i can say it benefit everyone but as a whole. IF the bitcoin increases, we will all be happy and blessed. But if the tax goes high, i think almost everyone will complain.

[gunungkembar]

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.

the higher the bitcoin price the greater the shipping taxes issued, in my country the bitcoin shipping tax has already reached more than $ 5 once sending bitcoin.but if buy bitcoin does not require taxes.