Bitcoin vs Taxes

[Finestream]

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.

Well in my country it's not that strict because the government has not released yet a guidelines and policy about bitcoin so we are enjoying our income without paying taxes and doing transaction online. This is just temporary IMO as eventually our government will come up with a policy and everyone who earn income will be required to pay taxes or whatever policy they will impose. If there is a chance to hide then I will surely do it as long as it has no serious penalty when caught.

[ask]

In my country nobody can track bitcoin transactions so there is no need to pay taxes.
If goverment tracking your transactions yes there will be a big tax problem.

[BitcoinCommodor]

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

I know that there is no tax on bitcoin but you will have to pay tax while exchanging and transfer to your local bank account. I have the same situation in my country. When there is income there will be a tax, because paying tax means the revenue of governments and we should not be panic to pay taxes, because all the governments spend these tax generated revenue back for the betterment of their people.

[chickenfried12]

our government has even begun to make preparations for it. I estimate 20% tax on all transactions related to my estimated bitcoin, but I am curious to know how to do this.

I think it can taxed  if it reaches companies' wallets .) so you must be anonym for now

[justspare]

our government has even begun to make preparations for it. I estimate 20% tax on all transactions related to my estimated bitcoin, but I am curious to know how to do this.

I think it can taxed  if it reaches companies' wallets .) so you must be anonym for now

Without taxes no development can be done in the region as we all know that BTC is upcoming currency, according to that governments are preparing themselves for this and taxation up to 20% is very high and this will surely effect the investor minimum percentage must be captured so that more people will prefer to use this coin and this will help country to boost the economy and also a way to development.

[gabmen]

our government has even begun to make preparations for it. I estimate 20% tax on all transactions related to my estimated bitcoin, but I am curious to know how to do this.

I think it can taxed  if it reaches companies' wallets .) so you must be anonym for now

Without taxes no development can be done in the region as we all know that BTC is upcoming currency, according to that governments are preparing themselves for this and taxation up to 20% is very high and this will surely effect the investor minimum percentage must be captured so that more people will prefer to use this coin and this will help country to boost the economy and also a way to development.

Well as long as the taxes really go to development and betterment of a country,.i don't think many will oppose that bitcoin will be taxed. Though i can imagine how they'll do it since it most likely will change the way we see bitcoin now. If it will be taxed, it may take time to make way for thorough studies first

[Kiweikoo]

our government has even begun to make preparations for it. I estimate 20% tax on all transactions related to my estimated bitcoin, but I am curious to know how to do this.

I think it can taxed  if it reaches companies' wallets .) so you must be anonym for now

Without taxes no development can be done in the region as we all know that BTC is upcoming currency, according to that governments are preparing themselves for this and taxation up to 20% is very high and this will surely effect the investor minimum percentage must be captured so that more people will prefer to use this coin and this will help country to boost the economy and also a way to development.

Well as long as the taxes really go to development and betterment of a country,.i don't think many will oppose that bitcoin will be taxed. Though i can imagine how they'll do it since it most likely will change the way we see bitcoin now. If it will be taxed, it may take time to make way for thorough studies first

Yup that’s the true thing that taxes are for the sake of development and if there will be no tax in region no development will be man and collection of tax through bitcoin will be great because there will be no worry for the taxation on a single click one will pay his taxes and for this ting taxation department must have to adopt bitcoin technology so that they can generate revenue in the most profitable coin.

[Chrisjay29]

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.

 For me its ok to have a taxes as long its not too big. Country need a taxes so they can buy or build a better country...they cant build a school, hospital without taxes eventhough they got many taxes from other bigtime bussiness..
But they still need taxe even its penny..

[barefield22]

When it comes to taxes, the Internal Revenue Service has ruled that bitcoins and other "convertible virtual currencies" are "treated as property" and not treated as currency.

[Ilegendph]

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.

Applying the same logic: I'm expecting inflation and buying USD for my EUR. Then EUR lose 1% and at the same time USD is getting 1%.  If i exchange it back i will get 2% income (1% counting the inflation cut). So should i normaly pay tax for this income after i tried to save my money in another currency?

It depends on the amount you are receiving. If the amount you received is taxable then you should declare it to your income tax return but I doubt that the government can track digital assets like bitcoin because its anonymous. The only way is when you put this money into your bank account.

[cotton ball]

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.

Applying the same logic: I'm expecting inflation and buying USD for my EUR. Then EUR lose 1% and at the same time USD is getting 1%.  If i exchange it back i will get 2% income (1% counting the inflation cut). So should i normaly pay tax for this income after i tried to save my money in another currency?

It depends on the amount you are receiving. If the amount you received is taxable then you should declare it to your income tax return but I doubt that the government can track digital assets like bitcoin because its anonymous. The only way is when you put this money into your bank account.

there is no other way besides that and the government must make new regulations about bitcoin wealth assets, but also not fully capable because peer to peer technology can not be detected totally and users are free to create many accounts that can not be traced, This becomes controversial but also a way out to increase wealth, but I still support whatever the government implies about taxes.

[ask]

I don't see a reason to pay taxes for my crypto coin investment incomes.
Nobody know how much i earn and no need to pay taxes. Until i turn to cash there is no reason to pay tax.

[0t3p0t]

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.

Tax existed thousands of years ago it even stated in the bible. The only problem with tax is a corrupt collector or government. We can never escape from it with our centralized assets. For me tax is okay as long as it is in the hands of good guys or it is used for the good of the country and community. Here in my country tax is really bad for small businesses and consumers but in term of Bitcoins tax is not that high and is deducted once every cashout that is why I only convert my coins if I really need it the most just to make it worthy. I think people should start using Bitcoins now for better income and less tax than the fiat money they have invested in their businesses. Bitcoin has changed the game of tax and gives us financial freedom.

[Lagduf]

I don't see a reason to pay taxes for my crypto coin investment incomes.
Nobody know how much i earn and no need to pay taxes. Until i turn to cash there is no reason to pay tax.

But majority of people who uses cryptocurrencies ended up converting their coins to their local currency and it's actually will be included as their income or additional income, therefore
it can be included or taxed to your bills.
However if you're citizen of a country, you should obey their rules and one of them is paying taxes. even if it's like robbing your income.

[plaintiff77]

Two different concept yet both are accumulating money. In  bitcoin a lot of people are earning, while in taxes those people are paying. If people would think about taxes they will not be happy because they spend much for it although its purpose is for the many. While in bitcoin if they hear it they will be happy because they earn more than they expect to get. Bitcoin serves as a blessing to many because its exchange rate is very high even at present we can notice it. It is such a prestigious chance having known bitcoin. If we earn a lot from bitcoin we can also pay taxes for the government. Meaning, bitcoin is one best way to earn and at the same time learn then it makes us capable in paying taxes for our own country.

[Nanot]

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.

Yes bitcoin would be able to used when tax may stupid because a bitcoin is an investment that assure to save and provide the assurance of your future to success in able to deal in your country economy. Still the currency of bitcoin is high even time passes by.

[Sled]

I don't see a reason to pay taxes for my crypto coin investment incomes.
Nobody know how much i earn and no need to pay taxes. Until i turn to cash there is no reason to pay tax.

But majority of people who uses cryptocurrencies ended up converting their coins to their local currency and it's actually will be included as their income or additional income, therefore
it can be included or taxed to your bills.
However if you're citizen of a country, you should obey their rules and one of them is paying taxes. even if it's like robbing your income.

Bitcoin is decentralized and it doesn't have any organization that will control it and that is why the bitcoin will not be taxed by the government and that is the best for bitcoin because even though you will earn a million of dollar in bitcoin then you don't need to worry for the tax because you will get as a whole and that is the best way to earn money by not paying the tax since most of the government official in my country are just corrupt.

[Juliedarwin]

Wanted to know if there is any country which has Zero tax on Btc . Well rest in the tax paying nations I think they will have to pay as per their category under which they fall in the tax bracket . Well if Btc is treated as separate entity then it's a different story .

As far as I know.. All transactions are all need have to payed a tax.. Wherever I go I think there is a tax fee. That we need to pay. It Depends on the amount that you want to transact.

[The Alchemlst]

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.

Whenever I need to convert my bitcoins to cash different services available to our countries offers fees at a reasonable price. I think its ok for me to have bitcoins tax at a reasonable price just to help bitcoins acceptance and make it more legit to other people and hopefully the government. Another one most bitcoins are being hoarded and on hold by different investors so practically they don't have to worry until they need to sell all of those.

[davinchi]

When it comes to taxes, the Internal Revenue Service has ruled that bitcoins and other "convertible virtual currencies" are "treated as property" and not treated as currency.

Well, that’s true, Bitcoin should be treated as a property. I don’t even see it as a Currency, and it will never be, it’s just something that we can invest our currency into just for us to make extra money. Taxing Bitcoin won’t really be easy for the government, but if they manage to do so, then it will lead to the destruction and end of bitcoin.

Think of it, nobody would like to be paying tax for bitcoin, just ordinary transaction fees were implemented and people felt like killing themselves, talk more of adding taxes to it lol.