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Author Topic: tax  (Read 2200 times)
wawan99
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September 13, 2017, 12:26:17 AM
 #1

in your country income from bitcoin taxed? state the country


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September 13, 2017, 12:27:07 AM
 #2

this tax is not speacial for bitcoin in my country. we are paying tax for yearly income.

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September 13, 2017, 12:29:12 AM
 #3

in brazil there is no taxes for bitcoins.
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September 13, 2017, 01:32:35 AM
 #4

in your country income from bitcoin taxed? state the country

Here in my country, the government is not yet strict on implementing the income tax which is the same thing with any other online income we can get. Maybe they feel that this sector is not yet that big and so we are given more leeway to enjoy the money we can get out of it and just give us the power to declare them or not. There is no guarantee that in the future the government may not be implementing the strict provisions of the income tax law for all citizens regardless if one is offline or online.

Specific to Bitcoin, the exchange provider is not directly adding tax to the transactions but am sure that a certain percentage is being withheld for the government and it is already a part of the amount the buyer is paying for. The government on this instance is treating Bitcoin just like any other foreign currency and we are basing the regulations implemented on the remittance services.

Now, I would say that doing some Bitcoin business here in my country can be smooth and convenient as we can easily convert our Bitcoin just within hours to the local money. We already have the infrastructure for that and I guess there are more coming to the market.
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September 13, 2017, 01:34:10 AM
 #5

Tax is currently in on paper money, I don't think bitcoin is taxed because it is relatively new I think so. Just few people are knowledgeable about digital currency ,so it is yet to come up.

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September 13, 2017, 01:45:44 AM
 #6

in your country income from bitcoin taxed? state the country

if youre country is ready regulate, bitcoin can pay tax,without regulate bitcoin not pay tax
but you still pay about salary tax, all country whatever youre from income still pay salary tax


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September 13, 2017, 02:39:05 AM
 #7

in your country income from bitcoin taxed? state the country

Here in the Philippines, our goverment did not declare bitcoin as a legal or illegal so there is no tax to be impose yet because maybe i think at this time bitcoin is not really known in my country. Here in office alone very few of us are engage to bitcoin maybe it needs  two to three years more that bitcoin popularity will arise so that the goverment can possibly benefit to thru tax.

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September 13, 2017, 04:22:07 AM
 #8

In my country, Spain, bitcoin earnings are considered as stock market earnings in general. If you earn up to 6.000 € you have to pay 19%, if you earn up to 50.000€ you have to pay 21% and if you earn more than 50.000€ you have to pay 23%.

In some cases, it is interesting to cash out a bit less to pay lower tax. So, let’s say that you want to cash out 8.000€ in November but you are not in a hurry. It is better to cash out 6.000€ and wait a couple of months to cash out the other 2.000€ so you will pay 19% tax instead of 21%.

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September 13, 2017, 05:59:08 AM
 #9

As stated from above so far the government of the Philippines dint impose tax on bitcoin earnings yet, but I believe coins.ph is paying tax.

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September 13, 2017, 06:07:28 AM
 #10

in your country income from bitcoin taxed? state the country

Income is taxed everywhere! It doesn't matter if you profit from bitcoins or other sources. The fact of the matter is that you need to pay income tax on anything you are profiting from. There are only a few countries that do not charge income tax. So if you profited from your bitcoins through buying and selling then you need to pay taxes on it.

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September 13, 2017, 06:10:23 AM
 #11

I think we are fortunate here in our country for the moment since the government has not yet imposed tax on bitcoin.  That is why we are enjoying it for the moment because sooner or later,  it will be charged with tax.

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September 18, 2017, 10:41:29 AM
 #12

this tax is not speacial for bitcoin in my country. we are paying tax for yearly income.
Same is the case in my country as well. Till now, there is no such scene of paying tax for the sake of Bitcoins or the earnings which we are getting from Bitcoins. Bitcoin is so far Tax free business all over the globe and it will remain the same till the time we may not see it to be the legal currency.

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September 18, 2017, 10:55:21 AM
 #13

in your country income from bitcoin taxed? state the country

There are several websites operating as bitcoin exchanges or trading sites in the Philippines, accepting ATM remittances and bank cash deposits. The trading here is most certainly not insured by the Philippine Deposit Insurance Corporation nor regulated by the Philippine Securities Exchange Commission. It would do well for the Bureau of Internal Revenue and the Department of Justice to earnestly study this matter. Considering the risks involved, it will probably be better to invest one’s hard earned currency in something less risky. At this stage, let us face it, if one does not have any bitcoin, there is no reason or necessity to acquire one.


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September 18, 2017, 10:58:41 AM
 #14

in your country income from bitcoin taxed? state the country
There is no tax in bitcoin because it is not regulated by our government. But there is a fee in every transaction you did.
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September 18, 2017, 11:20:23 AM
 #15

Still there is no tax in my country from earning or spending bitcoins under the power of the government bank but i have heard some news that central  bank of the philippines is planning to legalized bitcoin and put taxes on it

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September 18, 2017, 11:46:20 AM
 #16

in your country income from bitcoin taxed? state the country
There's no law in our country to get a tax in bitcoin earnings. However once you convert it to fiat, the exchanger automatically include tax in their transaction fee. One of the reason why buying and selling  had a big difference in price.
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September 18, 2017, 11:58:25 AM
 #17

for now it has not been taxed, because in some bitcoin countries it is not a valid payment instrument, and people's understanding of bitcoin has not been widespread.
perhaps in the future the government will make a tax regulation from bitcoin, if it is legalized by government law.

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September 18, 2017, 12:03:28 PM
 #18

I have no idea yet because I just don't know anything about laws and so on, and im not wealthy enough to hire some consultant which most likely doesn't know anything about bitcoin and let alone other cryptos.

Since I will not be selling anything anytime soon, I will keep accumulating and worry about taxes later on when things are more clear and I feel like selling. As far as I know it's only a problem when you want to sell, like gold, so I will just keep making as much BTC as possible for the time being, I have low stress tolerance and don't want to keep thinking about complex stuff like taxes now. Before BTC I had no idea about anything that had to do with economics and I have only basic education so im learning along the way.

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September 18, 2017, 12:43:51 PM
 #19

It used to be taxed in Australia but I think that they have also removed it over Bitcoins.
Now different countries are making different frameworks to start taxing Bitcoins in various ways.
The place where I live, I give all the details to my Accountant who manages everything for me by paying small amounts as Capital Gains tax showing Bitcoins as an asset and paying such taxes after showing it as something over which you can make profits is legal, I haven't faced any problems till date.

   
   
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Mpamaegbu
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September 18, 2017, 12:44:08 PM
 #20

I am from Africa. The idea of Bitcoin has not really caught up with us let alone tax on it. Our government sees Bitcoin as a kind of bubble that can't withstand the test of time. So, the issue of taxation on it does not even come close to discussion. There was a recent incident in my country that a set of mining machines were turned back to the country of purchase because the country's clearing authority did not understand what they were. It is that bad.
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