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migolmigol
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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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SureLockLoans
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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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jekjekman
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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
 #70

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
 #71

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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Agostosmori
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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
 #78

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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william8829
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November 13, 2017, 12:17:48 AM
 #80

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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