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Al Amin
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September 27, 2017, 08:39:47 PM
 #21

In my country for now this has not been in kenai.Karena government also has no law for it. And in my country is also still illegal but not banned in using bitcoin

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September 27, 2017, 08:42:03 PM
 #22

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.

Here we have 26% income tax above $5,000 earnings. The authority and the tax bureau says we have to pay tax for digital transactions too. But nobody pays it and no problem so far.

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September 27, 2017, 08:44:22 PM
 #23

In Britain it's classed as an asset - so you pay capital gains tax when you sell. And teh capital gain is the amount you sell it at less the amount you paid for it.

The first £11,300 of the capital gain each year is tax free. Then you pay tax at your marginal rate - so 20% if you are a basic rate taxpayer.

So as long as you don't sell all at once, and cash out slowly year by year, you don't really pay much tax.

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September 27, 2017, 09:15:18 PM
 #24

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.

Exactly, I think the awareness is still low in some countries and continent for it to lead to taxing. Maybe in the future, that might come up thats if there is approval because you don't tax when you have not approved the usage nationwide.
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September 27, 2017, 09:54:51 PM
 #25

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.

Exactly, I think the awareness is still low in some countries and continent for it to lead to taxing. Maybe in the future, that might come up thats if there is approval because you don't tax when you have not approved the usage nationwide.
Yes this means bitcoin in some country has lack its awareness that bitcoin has a tax. Here in my country bitcoin is spreading its usage but no tax has been collecting. Well lets hope that there is no collecting tax in some countries and there will be proper regulation on this.

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September 27, 2017, 10:05:58 PM
 #26

From what I understand, since BTC is seen as an asset here in the U.K., it is only subject to capital gains tax. That means that if over a year timeframe you earn more than £11,100 through trading/selling BTC then you would be subjected to pay tax on those gains.
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September 27, 2017, 11:00:50 PM
 #27

in your country income from bitcoin taxed? state the country

No, not as of now and I am happy with it. My country doesn't give much importance to the bitcoin and that's a good thing for me as well as the fellow bitcoiner like me. Till the time, my government doesn't give a shit about bitcoin, we are good. The moment they start noticing bitcoin as a currency, it will be a doomsday for us.

However, I always declare my income from bitcoin in the tax information form. Whatever I earn from bitcoin during a financial year, I disclose that amount during tax filing under the head "Income from other sources" just to stay safe.

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September 29, 2017, 04:29:18 PM
 #28

we who are citizen on my country who earn thru bitcoin are not directly subject to pay tax..tax free as of now..our goverment knows about bitcoin but they still dont give any massive attention regarding this..maybe because only few people on my country are actively involved on bitcoin and not yet fully recognized on mainstream.
However if our goverment step in and decided to put some tax on bitcoin.we have no choice but to follow.
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September 29, 2017, 04:44:14 PM
 #29

we who are citizen on my country who earn thru bitcoin are not directly subject to pay tax..tax free as of now..our goverment knows about bitcoin but they still dont give any massive attention regarding this..maybe because only few people on my country are actively involved on bitcoin and not yet fully recognized on mainstream.
However if our goverment step in and decided to put some tax on bitcoin.we have no choice but to follow.

Same here in my country too, bitcoin is not that popular and known to many and that maybe the reason also why its not taxed yet although our government do know about it. But if they do put tax on it then we really can't do much about it either.

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September 29, 2017, 04:54:20 PM
 #30

i guess maybe there are few countries that are requiring people who has bitcoins to pay taxes, I am not really sure about it though. in my country it is not yet well recognized, while some people knew it as some kind of fraud. on the other hand, we are not required to pay taxes in bitcoin, not unless it will be legalized in our country i guess.

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September 29, 2017, 08:00:50 PM
 #31

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.
A whole lot of countries are so much going through this phase and it is funny cause if they have been following trend, they should have been able to find a way to utilize it to even benefit the economy. With the mining gadgets being turned back though, that is quite funny. You would not really blame them anyway, cause some government even have no idea on what bitcoin is or how it is generated, let alone, knowing what a mining gadget looks like.



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September 29, 2017, 09:19:15 PM
 #32

income or profit are usually taxed, but until one didn't sell crypto to get fiat - there is no income
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September 29, 2017, 09:28:58 PM
 #33

As far as I am aware in the United Kingdom tax on bitcoin earnings would be treated as capital gains as and when you sell your bitcoin.

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September 29, 2017, 09:48:55 PM
 #34

As far as I am aware in the United Kingdom tax on bitcoin earnings would be treated as capital gains as and when you sell your bitcoin.

And as far as I know people in US should report capital gains to the IRS, traders who buy and holding cryptocurrency should use capital gain or loss tax treatment on sales and exchanges, with the realization method, in the end capital gain or loss needs to be reported on that transaction based on exchange rate at the time. https://en.bitcoin.it/wiki/Tax_compliance
Most countries doesn't have regulations about cryptocurrency and people could trade bitcoin without pay taxes, it is a double edge sword, as people want bitcoin to be regulated, but they have to report all the income and pay taxes if a Country decide to do it. However, Japan as the first country that has legalized bitcoin has eliminated tax on the sale of bitcoin, https://cointelegraph.com/news/its-official-japan-has-eliminated-tax-on-bitcoin-rise-in-trading-expected.

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September 29, 2017, 09:53:42 PM
 #35

In my country we dont have tax on bitcoin, but we have a tottal tax which we should pay yearly for a tottal income. Also it depends on how much you get money, if it is only 500$ per month, than you shouldnt bother about taxes Cheesy

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September 29, 2017, 09:55:16 PM
 #36

I'm from South America - crypto currencies are not yet regulated, it's kind of a grey area right now, like online gambling (poker, casinos, etc). But at the end you still have to pay taxes on your income, so if you wanna be 100% legal you have to report your crypto gains (as long as you've sold/transfered it back to a bank account i guess). Hope it helped Smiley

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September 29, 2017, 10:09:42 PM
 #37

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.

Exactly, I think the awareness is still low in some countries and continent for it to lead to taxing. Maybe in the future, that might come up thats if there is approval because you don't tax when you have not approved the usage nationwide.
Yes this means bitcoin in some country has lack its awareness that bitcoin has a tax. Here in my country bitcoin is spreading its usage but no tax has been collecting. Well lets hope that there is no collecting tax in some countries and there will be proper regulation on this.
Same here in my country on which bitcoin doesnt really have big awareness on its existence here on my country which it cant still be taxed but only to the service which do engage on bitcoin which isnt really bad at all because bitcoin cant really be tax directly this is why most government will surely get tax on those services who do use bitcoin.This is why most governments doesnt really like bitcoin because they can get money out of it and they wont even know if their citizens are already engage on it.

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September 29, 2017, 10:11:19 PM
 #38

Taxing on bitcoin depends on different jurisdiction. Some countries have barely heard of bitcoin, not to talk of making plans for tax on it. The bitcoin needs to first be accepted before taxing. I'm sure the "third world "countries are yet to understand bitcoin .

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September 29, 2017, 10:24:12 PM
 #39

Exactly the same with the other , in our country Bitcoin is not yet well known. Only those online engage persons are knowledgeable about this digital currency. And I hope our country could not notice this Bitcoin so that they will not charge it with tax.

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September 29, 2017, 11:50:38 PM
 #40

I am from the republic of the Philippines, as of now we do not have any kind of tax in cryptocurrency and i really hope that it stay that way  Wink . I personally think that it will be hard to tax any gain from cryptocurrency investment specially if your wallet is a hardware unless you will be honest and declare it.

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