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Author Topic: tax on bitcoin  (Read 4599 times)
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?
audaciousbeing
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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.

zeze18
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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...
aishyoo17
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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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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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August 05, 2017, 02:59:32 PM
 #21

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

how to pay tax on bitcoin..... in any country.....
The 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.
So what happens when you declare your Bitcoin earnings on your tax return and pay tax, and the government tax agency audits you and you need to prove your transactions?

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August 05, 2017, 03:39:17 PM
 #22

I am just wondering on how JAPAN did it. Using bitcoins for transactions. How the government of japan benefited about bitcoin wherein they did not tax it.
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August 05, 2017, 03:43:41 PM
 #23

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.

Yea in this matter germany is great cuntry becouse once you held BTC in wallet more than year then when you sell you are free of taxes.
I hope that way wil goes many cuntries becouse i like it. They should skip tazes on BTC but with ll socialism on world that won't happen IMO.
Best way to aoitd taxes is trading on unknown exchages as unregistered Kraken/Bitfinex but limits can scary some people.

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coinsgod
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August 06, 2017, 12:37:59 AM
 #24

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.

Yea in this matter germany is great cuntry becouse once you held BTC in wallet more than year then when you sell you are free of taxes.
I hope that way wil goes many cuntries becouse i like it. They should skip tazes on BTC but with ll socialism on world that won't happen IMO.
Best way to aoitd taxes is trading on unknown exchages as unregistered Kraken/Bitfinex but limits can scary some people.
That's pretty cool, hold for one year then you have no tax to pay on a sell. Does that only apply to Bitcoin or other Altcoins too?

.
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August 07, 2017, 06:58:44 AM
 #25

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

how to pay tax on bitcoin..... in any country.....
The 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.
So what happens when you declare your Bitcoin earnings on your tax return and pay tax, and the government tax agency audits you and you need to prove your transactions?

It depends on your government. If you are required to declare your BTC earnings, it's up to you how you would compute for it. But it would all be failed attempt for the government because they somehow cannot have their eyes at your real BTC investments, holdings, earnings, minings, and tradings documents. It's very difficult to declare something which you don't want to open up.

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August 07, 2017, 07:05:47 AM
 #26

I am just wondering on how JAPAN did it. Using bitcoins for transactions. How the government of japan benefited about bitcoin wherein they did not tax it.
Developed countries have a large income, so do not worry about losing income from bitcoin transactions.
Bitcoin has made another positive contribution. Such as reducing unemployment and increasing people's purchasing power.

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August 07, 2017, 09:10:32 AM
 #27

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

how to pay tax on bitcoin..... in any country.....
The 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.
So what happens when you declare your Bitcoin earnings on your tax return and pay tax, and the government tax agency audits you and you need to prove your transactions?

It depends on your government. If you are required to declare your BTC earnings, it's up to you how you would compute for it. But it would all be failed attempt for the government because they somehow cannot have their eyes at your real BTC investments, holdings, earnings, minings, and tradings documents. It's very difficult to declare something which you don't want to open up.
How do peeps keep track of the tax if they buy BTC, then they sell some BTC to buy other Altcoins, then sell those Altcoins to buy another Altcoin, etc. Do you have to work out the value of the $US dollar value on the day of sale of BTC, then of Altcoin1, then Altcoin2, and so on? Then convert the $US to their home currency for each of those specific dates. Seems extremely complicated.

.
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August 08, 2017, 08:21:47 PM
 #28

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

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


No.. No way to pay tax on bitcoin.

No Body pay tax on bitcoin. because we don't know where control bitcoin who is creator and bitcoin never have record. our government could not find any location where bitcoin system establish.

Why you give tax for use bitcoin. Because you don't do any business with bitcoin you just use bitcoin as a digital exchange payment OR nothing.

Some time you sell you coin so why you give tex.     

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August 09, 2017, 01:47:30 PM
 #29

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

how to pay tax on bitcoin..... in any country.....
The 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.
I agree your idea mate since there is no law that regulates bitcoin because it is a virtual currency that’s why many people like to do business to eluded taxation. But the transaction of this business is worldwide meaning this is like US dollars that is recognized by all nations because of its buying power although it will affect taxation in some country, but in other aspect it will help the economy of the country because bitcoin can readily convertible into fiat or cash once people has extra money to spend business will boom and more taxes will go to government.

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August 09, 2017, 08:04:53 PM
 #30

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

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


No.. No way to pay tax on bitcoin.

No Body pay tax on bitcoin. because we don't know where control bitcoin who is creator and bitcoin never have record. our government could not find any location where bitcoin system establish.

Why you give tax for use bitcoin. Because you don't do any business with bitcoin you just use bitcoin as a digital exchange payment OR nothing.

Some time you sell you coin so why you give tex.     
This actually has nothing to do with taxes. It doesn't matter who made it, where he lives and where BTC originated. Taxes are a totally independent thing that may be imposed regardless of the creator and origin. Where does it say that you have to pay taxes on goods that have a well known manufacturer?

It is of course true that bitcoins are not taxed... yet. We'll see how it goes.

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August 10, 2017, 04:42:41 AM
 #31

As far as i know there is no taxpayer for bitcoin, but your government residence that has rules about taxpayers on bitcoin, this is probably because bitcoin is a valuable asset and very valuable. Maybe this is the same as gold, there is no tax rule for Gold, but the government that makes the rules about the tax for gold.

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August 13, 2017, 03:19:41 AM
 #32

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.
So what happens when you declare your Bitcoin earnings on your tax return and pay tax, and the government tax agency audits you and you need to prove your transactions?

It depends on your government. If you are required to declare your BTC earnings, it's up to you how you would compute for it. But it would all be failed attempt for the government because they somehow cannot have their eyes at your real BTC investments, holdings, earnings, minings, and tradings documents. It's very difficult to declare something which you don't want to open up.
How do peeps keep track of the tax if they buy BTC, then they sell some BTC to buy other Altcoins, then sell those Altcoins to buy another Altcoin, etc. Do you have to work out the value of the $US dollar value on the day of sale of BTC, then of Altcoin1, then Altcoin2, and so on? Then convert the $US to their home currency for each of those specific dates. Seems extremely complicated.

That's why it's really impossible to impose tax with bitcoin users. Whatever cryptocurrency it may be, it's difficult for any government to tax the users.

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October 19, 2017, 12:14:40 PM
 #33

Some people are talking negative about Bitcoin but they don't have any kind of knowledge about it. Mate you can pay tax directly if your government accept Bitcoin now or no need to tax cause government don't wanna take   and so they don't recognize Bitcoin.  Its not our problem   

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October 19, 2017, 01:27:21 PM
 #34

For the canadian market see http://bitcoin-law.ca/canada-tax-rules-for-bitcoins-trading/
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October 19, 2017, 09:41:44 PM
 #35

As long as it can be recorder under a country's GDP and GNP.
What does that mean? If you are either a citizen making profit in your country, or a citizen making profit in a foreign land. As long as you're a registered citizen of the country, then you will have to pay profit taxes.

It's not something you should avoid mostly if you know that one day, your government will have bigger plans for the blockchain technology.
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October 24, 2017, 05:53:48 AM
 #36

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

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

in my country bit coin has no tax. just we have to pay for transaction fee only. in my country we have to buy more bit coins for that we did not pay tax. but we have to pay for transaction fee only. this is my country process but in some country's they have to pay for bit coin tax and transaction fee and all kind of fee. so we try to buy in wich country bit coin price is low. it is better because we have chance to skip tax. Wink Wink Wink Wink
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October 27, 2017, 12:33:57 AM
 #37

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

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

First of all, the government cannot impose tax on something that they cannot regulate. Bitcoin being its decentralized nature makes it difficult for the government to monitor the transactions because of anonymity. This is the reason on why some countries in Asia ban the usage of bitcoin since they cannot monitor the transactions involving around the dark web (which bitcoin is the main medium of exchange involving drugs, crimes, etc.). But if the government is really determined to put an end to bitcoin and all other countries support that decision, then it may be possible to impose tax depending on the circumstance that they will provide.
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October 27, 2017, 01:20:26 AM
 #38

First of all, the government cannot impose tax on something that they cannot regulate. Bitcoin being its decentralized nature makes it difficult for the government to monitor the transactions because of anonymity.

Bitcoin might be difficult to regulate in general, but that doesn't mean taxes aren't due if you have 5-figure wires regularly coming into your bank account. It's hard to reap the benefits of BTC's magnificent rise in price and remain completely anonymous.

Even high-volume LocalBitcoins traders are now demanding IDs from other traders.... clearly there has been some pressure on some of them from regulators and/or law enforcement. I pay my taxes because I think cryptocurrencies are the future, and I want to have no worries about spending my riches when my portfolio is worth many millions of dollars. Tongue

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October 27, 2017, 01:33:42 AM
 #39

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

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

In taxation issue, someone have orient me that the only way the government can collect tax on bitcoin user is for them to recognized cryptocurrency as money and to legalized it. That’s why that is a long process and even our government officials are in debate on this matter as the implications of doing things in a hurry without studying the impact of it is not good for the economical standing of one country.
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October 27, 2017, 10:29:34 AM
 #40

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

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

In taxation issue, someone have orient me that the only way the government can collect tax on bitcoin user is for them to recognized cryptocurrency as money and to legalized it. That’s why that is a long process and even our government officials are in debate on this matter as the implications of doing things in a hurry without studying the impact of it is not good for the economical standing of one country.
The government cannot accept the bitcoin currency. He does not fit the accepted definition of a currency. For example it is enough that bitcoin has no cash and no Central body which is responsible for the issuance and circulation of currency. It seems to me that beyond that the government will take the tax revenue Fiat to the Bank account of the turnover of the bitcoin legalization will not go.

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October 27, 2017, 11:01:37 AM
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The only way the government can impose tax to bitcoin is when there are already made law for it. But if not the only way to tax bitcoin is through the companies (exchanges) that are operating on their country. And the way those companies will be taxed, they will just simply pass the burden to their customers, traders/users. That's why not all the exchanges does have the same Buy and Sell rate because it can be a factor to them to tax users that way.

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October 27, 2017, 01:55:53 PM
 #42

The only way the government can impose tax to bitcoin is when there are already made law for it. But if not the only way to tax bitcoin is through the companies (exchanges) that are operating on their country. And the way those companies will be taxed, they will just simply pass the burden to their customers, traders/users. That's why not all the exchanges does have the same Buy and Sell rate because it can be a factor to them to tax users that way.
Exchange and now pay taxes. This happens without legislation on cryptocurrency. If we follow your logic, then the exchange will pay tax only on transactions with bitcoins. On the legalization of altcoins in General there is no speech in all States. No. It seems to me that the difference in price is not because of taxes. It all depends on the appetite of the exchange.
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October 27, 2017, 03:54:58 PM
 #43

If transactions affects the GDP of the country, then yes. Money that flows inside and outside the country should always be taxed.
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October 27, 2017, 06:03:11 PM
 #44

The only way the government can impose tax to bitcoin is when there are already made law for it. But if not the only way to tax bitcoin is through the companies (exchanges) that are operating on their country. And the way those companies will be taxed, they will just simply pass the burden to their customers, traders/users. That's why not all the exchanges does have the same Buy and Sell rate because it can be a factor to them to tax users that way.
Exchange and now pay taxes. This happens without legislation on cryptocurrency. If we follow your logic, then the exchange will pay tax only on transactions with bitcoins. On the legalization of altcoins in General there is no speech in all States. No. It seems to me that the difference in price is not because of taxes. It all depends on the appetite of the exchange.
Exchanges are being taxed on their profits. It doesn't have anything to do with the coins being traded. If you're trading a coin (any coin) you're being charged a small fee. Those fees are then added up and valued in a currency of the country the exchange is paying taxes in.
This means that they are paying taxes even when you're trading a completely new coin, like bitcoin gold.

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October 28, 2017, 10:47:14 AM
 #45

The only way the government can impose tax to bitcoin is when there are already made law for it. But if not the only way to tax bitcoin is through the companies (exchanges) that are operating on their country. And the way those companies will be taxed, they will just simply pass the burden to their customers, traders/users. That's why not all the exchanges does have the same Buy and Sell rate because it can be a factor to them to tax users that way.
Exchange and now pay taxes. This happens without legislation on cryptocurrency. If we follow your logic, then the exchange will pay tax only on transactions with bitcoins. On the legalization of altcoins in General there is no speech in all States. No. It seems to me that the difference in price is not because of taxes. It all depends on the appetite of the exchange.

Hmm, you didn't really understand what I'm trying to say. Okay let's go with the exchange that will pay tax per transactions, they can impose that way to their users. We may not see it that we are being taxed through their service because it's hidden, just like what the banks are doing when we are availing their services. And with regards to the movement of bitcoin's price that is changing from time to time, we do really have different thoughts with this matter.

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October 28, 2017, 11:11:18 AM
 #46

Ok, I'm learning about this as well. Just to clarify, you have to pay tax only when you exchange your BTC for fiat right? For example if I buy 10 BTC @400USD each and sell them now @6000USD each, I have to pay tax on the 56000USD profit?

Failure to declare would be considered tax fraud I think, and in some countries, there are fines of 2-3x your tax evaded, so declaring your profits on Bitcoin would still be a safer way to go.

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October 28, 2017, 11:57:54 AM
 #47

I think that govs of USA / EUROPE and ASIA are taking fees indirectly from exchange.
you have to declare your income from crypto and withdraw using bank transfer.. Everything will be fine.
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October 28, 2017, 12:07:39 PM
 #48

The only way the government can impose tax to bitcoin is when there are already made law for it. But if not the only way to tax bitcoin is through the companies (exchanges) that are operating on their country. And the way those companies will be taxed, they will just simply pass the burden to their customers, traders/users. That's why not all the exchanges does have the same Buy and Sell rate because it can be a factor to them to tax users that way.
Exchange and now pay taxes. This happens without legislation on cryptocurrency. If we follow your logic, then the exchange will pay tax only on transactions with bitcoins. On the legalization of altcoins in General there is no speech in all States. No. It seems to me that the difference in price is not because of taxes. It all depends on the appetite of the exchange.
Exchanges are being taxed on their profits. It doesn't have anything to do with the coins being traded. If you're trading a coin (any coin) you're being charged a small fee. Those fees are then added up and valued in a currency of the country the exchange is paying taxes in.
This means that they are paying taxes even when you're trading a completely new coin, like bitcoin gold.
Currently we have no information about this as they are paying any taxes or no but I sure as many countries doing legislation about this we have some taxes in future now its depend how is this going to happen mean on all exchange profit or per transaction because this also need some work and if they are going to do on profit then this could be better as doing on transactions because we have very small transactions which are going to hurt by this tax


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October 28, 2017, 02:11:53 PM
 #49

In my country there is no law that reglamentary payment of taxes with bitcoin. Bitcoin can be used freely. But as soon as you exchange bitcoin for Fiat you have to pay income tax. I cash coins in small portions so don't pay taxes. Such amount, banks do not track or transmit information about them to tax authorities.

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October 30, 2017, 01:50:43 AM
 #50

So far our government has no decided for tax on bitcoin.I think who earn by bitcoin ,there will be a legel way to get money.Gov are increase this way.
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October 30, 2017, 01:52:22 AM
 #51

In the US, it's considered capital gains and you just pay taxes on those. Crypto itself is considered as property. But I'm sure that's going to change soon
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October 30, 2017, 07:31:49 AM
 #52

This article was written in July but now I have read this article before I wrote this article before I accidentally read this article and if the information is true then I think the current main The world has started to look at bitcoin and set policies to control it. This we should be glad to have had national acceptance of bitcoin
link post
https://bitcointalk.org/index.php?topic=2329362.0
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October 30, 2017, 08:46:24 AM
 #53

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

how to pay tax on bitcoin..... in any country.....
Basically the application of tax on bitcoin, I think it's certainly depends on each country, for the countries that has already legalize bitcoin.. of course maybe bitcoin tax is really applied and can be paid directly with bitcoin. But for the countries that hasn't really legalize bitcoin, of course we do not must to pay taxes with bitcoin directly that we earn. But as good citizens, of course we still can try to pay taxes as can.. we can pay taxes from the money earned from bitcoin incomes.

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October 30, 2017, 08:47:24 AM
 #54

If Dimon thinks bitcoin is "just a hoax" and that this is a bubble, Gorman says bitcoin is "definitely not a fad." Virtual money is a very interesting model - interesting about how to protect The privacy that it brings to people, interesting by what the central bank has to set up to control it. "
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October 30, 2017, 08:51:57 AM
 #55

in my country there are no taxes fro crypto Grin
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October 31, 2017, 05:17:57 AM
 #56

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

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

In taxation issue, someone have orient me that the only way the government can collect tax on bitcoin user is for them to recognized cryptocurrency as money and to legalized it. That’s why that is a long process and even our government officials are in debate on this matter as the implications of doing things in a hurry without studying the impact of it is not good for the economical standing of one country.
The government cannot accept the bitcoin currency. He does not fit the accepted definition of a currency. For example it is enough that bitcoin has no cash and no Central body which is responsible for the issuance and circulation of currency. It seems to me that beyond that the government will take the tax revenue Fiat to the Bank account of the turnover of the bitcoin legalization will not go.

I understand that, the government is hesitant because bitcoin is a new breed of digital currency that is made from evolved technology that any government officials never heard it before even us. But they have to be give solutions by this time or they will leave behind. Well, in time maybe they can figures something out to gain economical benefits from bitcoin but until then let’s enjoy its unrecognised status without taxation.
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October 31, 2017, 05:24:44 AM
 #57

In my country there is no law that reglamentary payment of taxes with bitcoin. Bitcoin can be used freely. But as soon as you exchange bitcoin for Fiat you have to pay income tax. I cash coins in small portions so don't pay taxes. Such amount, banks do not track or transmit information about them to tax authorities.
Even if you don't convert it to Fiat Currency Bitcoin is still taxable by nature. For example a domestic company even if it has branches outside of their country the foreign currency they are earning are taxable, no matter what kind of money you are earning it will be labeled as income and it will be taxable under the income tax. The problem here is how can they track the exact Bitcoin earning you will have to be identified as taxable.

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October 31, 2017, 06:43:31 AM
 #58

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

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

Thru regulations, the government should apply a new law of imposing tax on bitcoin thru exchanges in which every time you convert your bitcoin into fiat you will going to be required an government issue ID for verification purpose then a total conversion from bitcoin to paper money will be subject to tax. This is the possible way that the government can trace transactions and the same time to collect tax if bitcoin was declared legal.

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October 31, 2017, 07:03:53 AM
 #59

The only way the government can impose tax to bitcoin is when there are already made law for it. But if not the only way to tax bitcoin is through the companies (exchanges) that are operating on their country. And the way those companies will be taxed, they will just simply pass the burden to their customers, traders/users. That's why not all the exchanges does have the same Buy and Sell rate because it can be a factor to them to tax users that way.

Yeah, that is why trading company in our country puts a high amount of fees in buying and selling bitcoins. Though they can help us to withdraw it in our local currency the fees are still quite high.

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October 31, 2017, 01:20:01 PM
 #60

In the US, it's considered capital gains and you just pay taxes on those. Crypto itself is considered as property. But I'm sure that's going to change soon
I don't understand how you can estimate what capital gains are you getting? If bitcoin is now worth $ 5,000 and tomorrow it may cost $ 8,000. What is the minimum amount you have to pay tax? What will happen if the day after tomorrow bitcoin will cost $ 3000? Maybe you mean income tax if you cashed it? Then, too, it is not clear how to account for the amount for which you bought bitcoin?

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November 01, 2017, 01:59:02 PM
 #61

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

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

In the case of my country, there is no tax specific for the earnings from Bitcoin activities. But by the tax code, any earning is taxable. So in honesty basis, since the government can not trace the Bitcoin transactions, it is filed under the personal income tax. And this kind of tax is being filed and settled only once a year. In all the people I met that earned I already in Bitcoin, no one yet filed tax to it.

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November 01, 2017, 06:41:20 PM
 #62

Depends on your country but a lot of countries don't currently have a concise plan about taxation on Bitcoin. I think it would probably be better to use Bitcoin.taxes or consult with an accountant.

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November 01, 2017, 09:06:07 PM
 #63

There should be a thread where accountants that know crypto help people out or if anything they post their info so we can all get some help and support our community.
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November 02, 2017, 02:06:02 PM
 #64

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

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

For taxpayers, cryptocurrencies are the most ideal currency because it is not governed by any jurisdiction in any country. Thus, no tax regulation can be imposed to it. Also due to its decentralized nature, there can be non-interference of any financial institution because of anonymity in transactions made by it as payment. In fact, you can evade paying tax when transacting into bitcoin by payment of it.

Personally, if the government of each countries make an institution or mandate a law that provides tax imposition of bitcoin, then we are obligated to pay tax to it regardless of its decentralized nature. Even if it is impossible for it to be regulated under normal circumstances, if the government is really pushing for it then we have no choice but to comply. That is why we must embrace the opportunity while it lasts because once the government interferes, then expect for its price to decrease.

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November 02, 2017, 02:11:48 PM
 #65

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

how to pay tax on bitcoin..... in any country.....
They could only really tax it by making you have to pay when you turn it into fiatt currency. Bitcoin itself, I doubt they can do anything to tax it.
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November 02, 2017, 09:26:00 PM
 #66

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

how to pay tax on bitcoin..... in any country.....
They could only really tax it by making you have to pay when you turn it into fiatt currency. Bitcoin itself, I doubt they can do anything to tax it.
Until there is no possibility to buy goods for bitcoin governments, it makes no sense to hunt for bitcoin. He will still appear in the exchange or exchanges. The next step of the government will oblige all exchanges to collect passport data of the accounts. Then we will be fully transparent and the government can easily do with users anything. From the introduction of taxes to a total ban.
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November 03, 2017, 01:52:43 AM
 #67

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

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

Since the bitcoin users are somewhat hard to track then the government can tax the platform the users are using base in their country. Maybe they can add an additional tax every time a user buy or sell bitcoin or any other cryptocurrency so that in this way all transactions are accounted for. Though there may be instances that the user can still get away with being taxed when they are using platform not registered to the country they are residing. Our government for instance do not have regulations yet to cryptocurrency therefore no applicable tax because they cannot still classify it so the user can still freely spend the coins and earn without being tax but it would be different later because the government noticed the growing crypto enthusiasts in our country so they are making moves now to regulate it.



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November 04, 2017, 12:12:44 PM
 #68

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

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

Mining, trading or earning bitcoin should not be subject to any taxes in any country, but some countries are already reviewing on how to apply applicable taxes on it. Taxes should only be applied to your bitcoin earnings once you converted it to a fiat currency because that is the only time that it can be classified as an income on your part.

It will be quite hard to compute the taxes since it is a decentralized currency and records on how much you acquired the coin might not be available and also your expenses on mining should also be computed first.

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November 06, 2017, 07:02:04 AM
 #69

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

how to pay tax on bitcoin..... in any country.....
I personally did not really know it yet, and have never found one article I read how the application of tax on bitcoin that has been applied in certain countries. in a country where I live hasn't really legalize bitcoin itself, and there is no such thing as a tax payment on bitcoin, it's still free of tax. But I think it's good.. although bitcoin is still not legal in the country where we live, we can still pay taxes from bitcoin earnings that we get in the form of cash. Surely we must be a good citizens for the country, and still pay taxes as can possible.

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November 06, 2017, 05:59:07 PM
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what are the ways government can apply tax on bitcoin....

how to pay tax on bitcoin..... in any country.....
I personally did not really know it yet, and have never found one article I read how the application of tax on bitcoin that has been applied in certain countries. in a country where I live hasn't really legalize bitcoin itself, and there is no such thing as a tax payment on bitcoin, it's still free of tax. But I think it's good.. although bitcoin is still not legal in the country where we live, we can still pay taxes from bitcoin earnings that we get in the form of cash. Surely we must be a good citizens for the country, and still pay taxes as can possible.
Taxes must be paid voluntarily. If I pay my taxes and see that it is doing everything that life gets better and the money is not being stolen by politicians then I agree with you. Only I see the opposite. The rich do not pay taxes. The government includes the Treasury only at the expense of the poor. Why should I pay?

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November 06, 2017, 06:08:57 PM
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in my country, bitcoins are treated like foreign fiat.. so you must have 50.000$ on your wallet for tax
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November 06, 2017, 07:09:17 PM
 #72

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

how to pay tax on bitcoin..... in any country.....
I personally did not really know it yet, and have never found one article I read how the application of tax on bitcoin that has been applied in certain countries. in a country where I live hasn't really legalize bitcoin itself, and there is no such thing as a tax payment on bitcoin, it's still free of tax. But I think it's good.. although bitcoin is still not legal in the country where we live, we can still pay taxes from bitcoin earnings that we get in the form of cash. Surely we must be a good citizens for the country, and still pay taxes as can possible.
Taxes must be paid voluntarily. If I pay my taxes and see that it is doing everything that life gets better and the money is not being stolen by politicians then I agree with you. Only I see the opposite. The rich do not pay taxes. The government includes the Treasury only at the expense of the poor. Why should I pay?
We do have the same logic too which if i can able to see if theres a good benefit to my own country then i would voluntarily to pay up taxes without any hesitations but in the case of my country which is also being listed on one of the most corrupt country then i would really evade on paying up tax and in bitcoin you would really able to hide your asset.

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November 09, 2017, 07:27:37 AM
 #73

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

how to pay tax on bitcoin..... in any country.....
I personally did not really know it yet, and have never found one article I read how the application of tax on bitcoin that has been applied in certain countries. in a country where I live hasn't really legalize bitcoin itself, and there is no such thing as a tax payment on bitcoin, it's still free of tax. But I think it's good.. although bitcoin is still not legal in the country where we live, we can still pay taxes from bitcoin earnings that we get in the form of cash. Surely we must be a good citizens for the country, and still pay taxes as can possible.
Taxes must be paid voluntarily. If I pay my taxes and see that it is doing everything that life gets better and the money is not being stolen by politicians then I agree with you. Only I see the opposite. The rich do not pay taxes. The government includes the Treasury only at the expense of the poor. Why should I pay?
We do have the same logic too which if i can able to see if theres a good benefit to my own country then i would voluntarily to pay up taxes without any hesitations but in the case of my country which is also being listed on one of the most corrupt country then i would really evade on paying up tax and in bitcoin you would really able to hide your asset.

Paying taxes can really help the government for funding their projects for the people but sometimes this fund is abuse by the government officials and using for their personal interests. The money of people became their pocket money. The corruption in our government is rampant and seem that they enjoy their extravagant lifestyle using our money. And if the government will put taxes in bitcoin there will be a massive debate like can they just leave it alone? Really the government is just so quick when they smell money they'll immediately act and make sure that they squeeze every drop of it.

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November 09, 2017, 10:28:24 AM
 #74

All people understand that the government plunder taxes. We are forced to deny themselves all at the same time officials live luxuriously and have fortunes in offshore zones. Why do people agree to pay taxes on bitcoin? It seems to me that the government should lead by example. Maybe when we get the money back from offshore our penny the state will not be needed?

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November 09, 2017, 02:58:41 PM
 #75

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

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

Not most of the countries have their guidelines on how to calculate taxes form bitcoin income. For me taxes should only be applied once you converted your coin to a fiat currency bec that only means that you can consider that you had an income from having a bitcoin.

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November 10, 2017, 04:29:44 PM
 #76

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

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

Mining, trading or earning bitcoin should not be subject to any taxes in any country, but some countries are already reviewing on how to apply applicable taxes on it. Taxes should only be applied to your bitcoin earnings once you converted it to a fiat currency because that is the only time that it can be classified as an income on your part.

It will be quite hard to compute the taxes since it is a decentralized currency and records on how much you acquired the coin might not be available and also your expenses on mining should also be computed first.
Because of this it will be more complicated in the calculation of the details. An example, once time when we buy sums BTC, the price at that time was around $ 3,000. Later, we sell it in the next month and unfortunately price BTC at that current time still holds in around $ 3,000, So according to economy there is no profit gained from this, it could be maybe loss, because we have the cost of the insured in wearing.
I do agree if mining, trading or earning bitcoin should not be subject to any taxes in any country if done by personal person, but if done by the corporation then I agree to be taxed.

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November 11, 2017, 04:09:32 AM
 #77

In my country there is no paying tax here because not everyone knows about bitcoin. There is no regulation that needs to follow. We free here to use bitcoin in our own and exchange it with no paying tax. There is no hassle to get our salary here. And we are happy about joining here.

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November 11, 2017, 11:17:49 PM
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im still new in bitcoin but some of my friends say that it has no tax or other hidden charges they can get thier money in an easy proccess.
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November 12, 2017, 05:55:45 AM
 #79

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

how to pay tax on bitcoin..... in any country.....
There is no tax applied on bitcoin.  This is one of the reason why people loved bitcoin than fiat. If governent will consider it legal in a country and will be regulated by a government agency, then bitcoin will have a tax. If this happens, population of bitcoin may decrease. Bitcoiners choose bitcoin because it has no tax, and this tax is what they don't want. Although this tax, is the one who help our government, it just so happen that sometimes taxpayers do not feel the effect of paying taxes in the government. Cause there are government who took corruption rather than using it for its countrymen.

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November 13, 2017, 12:17:48 AM
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I understand that Bitcoin in the US is taxable.  It is treated as a property.  All long term gains must be reported and taxed according to the capital gains rate up to 15% for short term a 25% income tax is applicable.  So if your just holding Bitcoin you will pay alot less compared to a day trader.   Also since it is treated as a property you cannot report more than 3,000 dollars in losses for a single year.

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November 13, 2017, 01:34:10 AM
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every country has different policies on tax rules as well as bitcoin, even in my country even though they have a large income from bitcoin business but there is no binding rule for tax payments on its business in bitcoin. this is probably because of the bitcoin legality factor in my country still unofficial so the government can only monitor the development of bitcoin in this country.

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November 13, 2017, 11:43:12 AM
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every country has different policies on tax rules as well as bitcoin, even in my country even though they have a large income from bitcoin business but there is no binding rule for tax payments on its business in bitcoin. this is probably because of the bitcoin legality factor in my country still unofficial so the government can only monitor the development of bitcoin in this country.
I disagree with you. Buy goods with bitcoin now is almost impossible. It is very important for bitcoin but unfortunately the miners with the kernel developers can not agree. We are pawns in this game. Therefore, each of us needs to periodically change bitcoin to cash. From now on, we are completely at the mercy of the law. This is considered our income and we are forced to pay income tax in any state.

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November 16, 2017, 01:16:53 PM
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tax on bitcoin!!  its good for any government helps economically . i like bitcoin a lot. i think  bitcoin can be converted into money and then easily cut tax from it. really bitcoin is just an amazing currency

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