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Sled
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December 05, 2017, 10:58:04 AM |
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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.
It depends on the ruling of your country, any object can be tax whatever form, bitcoins on the other hand can be taxed as you exchange it to your local currency or the gains from the change of its value depending on the ruling. Good thing we don't have tax in using bitcoins yet here. I agree to that. As of now, most of the country didn't tax bitcoin because they did not fully accept bitcoin so the chance for taxing bitcoin is low right now. Bitcoin will be taxed if bitcoin will be fully legalized in the future and become one of the most crowded currency because people will choose bitcoin if they will know that it is legalized because of the opportunity and also the fast transaction. |
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Mustion
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Activity: 45
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December 05, 2017, 11:26:01 AM |
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It is a right thing to hire people who want to own a bitcoin because it will be a huge tax on national development.
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Stavrido
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December 05, 2017, 11:31:30 AM |
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It is enough to pay a small commission of 3-5% and you can withdraw your bitcoins into fiat money.
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portotoi
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Blockchain with a Purpose
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December 05, 2017, 11:39:10 AM |
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it is ok for me to pay taxes in buying bitcoin..maybe it is a help also to tge government as we are enjoying its benefits.
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shesheboy
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December 05, 2017, 11:48:47 AM |
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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. i totally disagree with it. property is something that you own ( i.e land , or house ) and bitcoin is a currency because it has a stored value that can be used on buying and selling or any other things. taxing on bitcoin is not really possible because as of now bitcoin is still decentralized , that means no one holds or regulate it but if bitcoin will become centralized and governmnents and banks will be able to manage it then i believe it could still have a good effects and advantage because bitcoin will become more open to the public and we can now use it whenver or wherever we want. tax will also have an effect to the big earners of bitcoin like whales or exchanges and not on small earners like us. |
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fuer44
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December 05, 2017, 11:53:05 AM |
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I think it would be a pretty positive thing if bitcoin is in taxes. there will probably be many people who protest if bitcoin is taxable, because the transaction will be a bit more expensive. however, look on the bright side if the government imposes a tax on bitcoin, meaning that bitcoin is already protected by the government and is increasingly safe and comfortable for its users.
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leanhtuan
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December 05, 2017, 11:53:58 AM |
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In my country, bitcoin is not accepted as a payment method. Bitcoin has been banned and it is not legal. For countries that accept bitcoin, when you use it, you must pay taxes because bitcoin is considered a commodity. I think it's a good thing for people using bitcoins in countries that do not accept bitcoins because they do not pay taxes.
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FundFantasy
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Activity: 182
Merit: 10
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December 05, 2017, 11:56:34 AM |
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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.
you may find this article interesting friend https://turbotax.intuit.com/tax-tips/tax-payments/tax-tips-for-bitcoin-and-virtual-currency/L1ZOgU00q |
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hiscall
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December 05, 2017, 12:32:53 PM |
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it is ok for me to pay taxes in buying bitcoin..maybe it is a help also to tge government as we are enjoying its benefits.
when bitcoin start the main goal it to be away from government control so that No one will pay for government to get bitcoins. government collect a lot of money from poor by applying tax |
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Flexibit
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December 05, 2017, 12:40:12 PM |
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If you sell Bitcoin for Fiat, then you have to pay taxes. While Bitcoin is a currency, it is considered a commodity and by selling it you're 'making money'. It is still illegal if you don't pay your taxes right
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krisnt80
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December 05, 2017, 12:46:35 PM |
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Im not against the taxes, but at some places those reach 15-30% from your capital, soo a lot people had put their money at risk and now they will loose money to the state wich is just waiting for us to exchange into fiat, thats why i do believe into the next years people will start dealing with bitcoin directly, signing a message or making a smart contract over ethereum related to the sale, soo the country will get nothing because they always wanna more money.
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Aryanto28
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December 05, 2017, 12:50:06 PM |
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I want to ask. Do you have problems paying taxes for every bitcoin sale into money? I always think if it is fair if bitcoin is associated with taxes, as long as the tax paid for each bitcoin sale is not too expensive, I think it does not burden the bitcoiners. If the government sets out to pay taxes we can not oppose it. and can only follow it.
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RodeoX
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The revolution will be monetized!
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December 05, 2017, 03:17:49 PM |
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I want to ask. Do you have problems paying taxes for every bitcoin sale into money? I always think if it is fair if bitcoin is associated with taxes, as long as the tax paid for each bitcoin sale is not too expensive, I think it does not burden the bitcoiners. If the government sets out to pay taxes we can not oppose it. and can only follow it.
I only know about U.S. tax policy. Here ANY profit you make for ANY reason is taxable. Now the government can not know about every purchase made with bitcoin, but they are much more likely to know if you are trading for fiat. Fiat is NOT YOUR MONEY. It is owned by the federal reserve and you may use only in compliance with the rules they make. That's right, you do not own the money in your pocket. Which is why, for example, you can not legally burn the money in your pocket. In the future I think users will wise up and demand that retailers take bitcoin. We need to cut fiat out of the loop or this system will be gamed by those entities that use fiat. Banks, governments, etc., Their power is based on fiat and turning bitcoin into fiat is handing them power. |
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stepwilli
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December 09, 2017, 10:17:38 AM |
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To be honest, everything can be taxed even your bitcoin earnings. For example you bought bitcoins in 2013 for $300 and sold it today at $8,000. That $7,700 is taxable as income, the classification and how much it should be taxed will depend on your local laws. So you better check if how much tax you should pay. However, if you are holding bitcoins as it and profited because of the increase, unless you cash that out and sell it then there is no profit to speak off. Right now that is the only way they can tax the use of bitcoins for regular users, but it may be different for bitcoin exchanges.
it is just funny why some people will want to be stingy to the government after making such a huge amount of money. As long as people will still keep utilizing the exchanges to convert to fiat, which means fiat, will still keep being relevant and there is no way on earth tax will be averted as long as the government considers them to be making profit. Until maybe the use of bitcoin becomes totally P2P and I can make payments to anyone without having to go through exchanges, we just have to deal with it. |
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jaaeeeyyyy
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December 09, 2017, 01:06:13 PM |
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Obviously , we need to pay taxes as long as we made money because governments need funds also. We do have wallets , a virtual wallets and their creator , developers and publisher deserved to be paid because its their job. Thus paying taxes made our society safe as much as possible and as bitcoin continue to rise and so the taxes will.
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Lhaine
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Coinbene.com - Experience Fast Crypto Trading
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December 09, 2017, 01:20:29 PM |
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Obviously , we need to pay taxes as long as we made money because governments need funds also. We do have wallets , a virtual wallets and their creator , developers and publisher deserved to be paid because its their job. Thus paying taxes made our society safe as much as possible and as bitcoin continue to rise and so the taxes will.
I don't think bitcoin need to have a tax, because its not connect in the government and we have a fee everytime we widthraw our money, tax is good to growth our economy but i hope when the times comes that we need to pay tax hopefully its not that much . |
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bribed
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December 09, 2017, 02:48:12 PM |
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Its true that you have to pay taxes for your bitcoin earnings as soon as you realize the profit. This happens not only when you buy fiat with yout bitcoin but also when you change your bitcoin to any other crypto, as this is profit realization. This has the effect that each trade is taxable. Its really not fair compared to other countries where people earn 100% of their profit. But thats life, its not fair.
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kevpantof
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December 12, 2017, 06:45:39 AM |
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Obviously , we need to pay taxes as long as we made money because governments need funds also. We do have wallets , a virtual wallets and their creator , developers and publisher deserved to be paid because its their job. Thus paying taxes made our society safe as much as possible and as bitcoin continue to rise and so the taxes will.
I don’t think Bitcoin can be taxed because it is not under the law of any country, some even say it is in no way a currency. So I don’t think the government will be planning on taxing Bitcoin, unless they will only be taxing the companies that are into offering Bitcoin services. The government is also investing into bitcoin, so they are already benefiting from it. |
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Lannie25
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December 15, 2017, 10:26:04 AM |
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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.
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Lannie25
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December 30, 2017, 12:40:32 PM |
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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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