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Author Topic: tax on bitcoin  (Read 4473 times)
blockman
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October 27, 2017, 11:01:37 AM
#41

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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Proton2233
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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.

blockman
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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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EXtremeAEX
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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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eCrypto
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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 The exchangers themselfs.
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
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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痴 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痴 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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