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cryptovirus
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July 28, 2017, 05:06:48 AM
 #1

what are the ways government can apply tax on bitcoin....

how to pay tax on bitcoin..... in any country.....
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July 28, 2017, 08:35:17 PM
 #2

what are the ways government can apply tax on bitcoin....

how to pay tax on bitcoin..... in any country.....
There's no bitcoin tax that I'm aware of. You are supposed to pay when you exchange for fiat.

How to pay tax after selling your coins? You first need to know what the income tax in your country is. In some countries you don't have to pay if you held your coins for a certain time, so as you can see it all depends on your location.

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July 28, 2017, 08:48:35 PM
 #3

Yes, tracking the sales price minus the purchase price is technically what you'd need to report. After all, you did make a profit right?
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July 28, 2017, 11:08:15 PM
 #4

Government won't need to track you to pay tax all that is needed is for them to get indirect tax agent who are corporate bodies, stores, entrepreneur in which individual cannot avoid so if Government is ready to tax bitcoin and ready to go with implementation these set of people are the ones to be put on alert to deduct whatever is due to government before handing over the rest and applying tax can come in many ways such as capital gains tax or Value Added Tax, even income tax is not excluded depending on calibre of target payers

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July 29, 2017, 02:18:34 AM
 #5

Here in my country, there is still no specific law that recognized Bitcoin either as a currency or an asset. But the government for tax purposes is recognizing Bitcoin like a foreign exchange therefore the tax can happen when we convert out Bitcoin into its fiat equivalent and this usually taken care of by the exchange provider similar to businesses involved with foreign money. So far we experience no problem on this arrangement and the government has no plan to intervene with Bitcoin.

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July 29, 2017, 03:24:56 AM
 #6

Here also in my country there is no tax in bitcoin since we are just few user who use bitcoin and we can withdraw our bitcoin instantly without any rates..
That is why its fair to use the service of coins.ph wallet here in my country except for the local exchange rate.
But its just a small rate compare to other wallet or exchange site..
I hope that government will never add tax so that we can enjoy the use of bitcoin..

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July 29, 2017, 10:03:57 AM
 #7

what are the ways government can apply tax on bitcoin....

how to pay tax on bitcoin..... in any country.....

Depends whether taxation for bitcoin is defined and is available on your country or not. As for us in the mean time, there are no laws that enables the government to tax any gains made from bitcoin. The US afaik do have their own set of rulings for bitcoin taxation.

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July 29, 2017, 01:19:07 PM
 #8

Each bitcoin legal state certainly has different rules about taxation policies about bitcoin. But perhaps in some developed countries that have declared their legality they already have a draft of the income tax law on bitcoin

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July 30, 2017, 02:21:18 AM
 #9

what are the ways government can apply tax on bitcoin....

how to pay tax on bitcoin..... in any country.....

Governments can decide to impose tax on any aspect of bitcoin.
They can impose value added tax / sales tax on bitcoin transactions, capital gains tax when you sell bitcoins, inheritance tax when you pass on your coins to your loved ones...
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July 30, 2017, 12:19:01 PM
 #10

In my country our government do not ask tax for bitcoin but I think the fee we are paying every time we withdraw from our local exchange is considered as tax since we are paying fees according to how much we are going to withdraw.
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July 31, 2017, 05:41:19 AM
 #11

Maybe you still have a good chance because the government in your country still do not have a regulation on bitcoin tax and i think it isnt the tax payment paid every time you make the exchange transaction to your local currency but transaction fee from localbitcoin exchange at your place.

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August 01, 2017, 11:44:38 AM
 #12

Be grateful for some help here, what are the tax obligations in the UK when buying/selling/making profit with cryptocurrencies? Many thanks Smiley
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August 01, 2017, 08:06:10 PM
 #13

It depends on country to country and state to state. If the local state recognises Bitcoin to be a currency or an asset, then obviusly one falls under the tax scanner.

But if it is not rfecognised as either, and is something like the points of a game, then one need not pay any tax; but as soon as you convert it to fiat, you it will be considered as money earned, and hence will be liable to pay tax.
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August 01, 2017, 11:38:51 PM
 #14

i think for future maybe bitcoin need a tax ,

and goverment must have a secure office like legal entity for our coin i think .
bitcoin must be safety if have tax , Roll Eyes

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August 02, 2017, 12:10:01 AM
 #15

i think for future maybe bitcoin need a tax ,

and goverment must have a secure office like legal entity for our coin i think .
bitcoin must be safety if have tax , Roll Eyes

But if we go that route than we are losing the decentralized notion where no Gov has control over the BTC network.  Given the right set of circumstances you can convert BTC to fiat directly face to face.  There are islands in the Caribbean where large transactions can take place in anonymity, and with some safety in place.  If you are a semi-whale, anyway.

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Mehedi72
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August 04, 2017, 02:51:24 AM
 #16

I think tax on bitcoin is possible, By recognizing bitcoin as method of payment a country may charge fix fee for it. furthermore fee may deffer from one country to another... i think so

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August 04, 2017, 02:39:29 PM
 #17

what are the ways government can apply tax on bitcoin....

how to pay tax on bitcoin..... in any country.....
It vary from country to country. In US Bitcoin is considered as property. That means, you'll have capital gain or loss when disposing of virtual currency. Business transactions in bitcoin are subject to all the normal rules for sales tax, withholding, and information reporting. A taxpayer who receives virtual currency as payment for goods or services must, in computing gross income, include the fair market value of the virtual currency, measured in U.S. dollars, as of the date that the virtual currency was received.


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August 04, 2017, 08:07:36 PM
 #18

what are the ways government can apply tax on bitcoin....

how to pay tax on bitcoin..... in any country.....
Well to start of any money that you receive in exchange for work is considered taxable in terms of income tax even if your currency is not your local Fiat currency you are still taxd from what you gain, and it is even funny to think about that when you earn in Bitcoin your are tax exempted no its not . Also the problem here is the way how that government will apprehend the wrong doers.

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August 05, 2017, 01:42:41 PM
 #19

what are the ways government can apply tax on bitcoin....

how to pay tax on bitcoin..... in any country.....
There's no bitcoin tax that I'm aware of. You are supposed to pay when you exchange for fiat.

How to pay tax after selling your coins? You first need to know what the income tax in your country is. In some countries you don't have to pay if you held your coins for a certain time, so as you can see it all depends on your location.
What about if you change Bitcoin into another currency, would tax be due on getting rid of the Bitcoin? Eg buy Bitcoin at $1k, sell at $3k because you buy $3k of another Altcoin. You didn't change into any fiat currency.

.
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August 05, 2017, 01:52:08 PM
 #20

what are the ways government can apply tax on bitcoin....

how to pay tax on bitcoin..... in any country.....
There is no proper way a government can tax on BitCoin. That's because they will not know how much you can earn or loose on trading BitCoin. They can't see your ledger on exchange sites.

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