tax

[yusupjatigumilar]

in your country income from bitcoin taxed? state the country

In my country the income from bitcoin is not taxed, because the government itself does not legalize the bitcoin in circulation as a payment alay, so the government can not impose income tax from the business of bitcoin, whereas in my opinion if the government can legalize and make regulations about bitcoin transactions then the country will earn a huge income from bitcoin taxes.

[CherRic]

in your country income from bitcoin taxed? state the country

In my country, there is regulation that every money transfer, money encashment or anything that will run through money encahment establishment, there is a tax, about 12% tax. Bitcoin is not exempted to this because we have a local-based Bitcoin wallet in which you can directly encash it. These wallet is made or developed by our country. That's why, Bitcoin is taxable in my country.

[bechay20]

Here in my country,especially in my place,i think bitcoin is not yet well known by many that is why we're still not paying tax from bitcoin profit  not unless our government recognized it and be legalized there is possibility that they impose tax from it.

[khayecee13]

My country has not yet issued clear guidelines on the tax treatment of bitcoin transactions. However, it is clearly written in our internal revenue laws that any type of income earned by a citizen shall be taxed unless expressly exempted. Yet, given that my country has its massive infrastructure building ambition, the government may impose taxes on bitcoin related transactions.

[sontoloyo177]

at the my country seems to apply. will begin for my country tax purposes, transactions using virtual currency should be reported. Therefore, taxpayers will be required to determine the fair market value of virtual currency in official money. on the date of payment or acceptance. If the virtual currency is listed in the exchange and the exchange rate is determined by the market supply and demand, the fair market value of the virtual currency is determined by converting the virtual currency to official money (or to other real currencies which in turn can be converted to official money) by a reasonable rate, applied consistently.

[TheGreatPython]

in your country income from bitcoin taxed? state the country

 Me im from philippines still no taxes.But if our government put some taxes on bitcoin.I will glad to give to them my taxes as long its on a right price.Because taxes help economy grow.And if economy grow the country will follow

There is no doubt that paying taxes is apparently for improving the economy of the state and taking it to development. But the real problem is that state will progress only when these taxes are used in the right way. In reality these are used in weapons, wars, fights etc. Which are not good for the world on the whole. We should keep in mind that these taxes are not always used for the welfare of the state. They are most of the time residing in bank accounts of evil people.

[contrarian]

in your country income from bitcoin taxed? state the country

I think that no country from everywhere have a tax for bitcoin yet. Even if the country that we reside in have taxes for our yearly income this does not take into consideration the income that we are getting from our investments and encashments on bitcoin. One thing that we must always push theough is for governments and people understand the concept of bitcoin before it be taxed or worse

Many countries tax bitcoin gains. Didn't you read the thread? Here are examples from Spain, USA and the UK:

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%.

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.

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.

[Sled]

In my country, we don't have a law or order from the government to tax the income that i am are getting from bitcoin so it is a really great thing for me work in bitcoin and to get my earnings in full stacks. Bitcoin is slowly getting attention in my country and it is a good thing for me because i can really say that bitcoin is slowly revolutionizing for changing our finance system and making it better.

[Lasvista]

in your country income from bitcoin taxed? state the country

I'm from phillipines so in our country we have  or we doesn't pay tax from bitcoin because it still illegal , and as far as I know bitcoin will be implemented in our country these years so hoping and looking forward.

[luckybegum3907]

I Think 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.  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. No country will really accept bitcoin completely, that is for sure, however, they won't stop anyone from making use of it and they will try every means possible to gain from it.

[Gotumoot]

in your country income from bitcoin taxed? state the country

For my country phillipines is the bitcoin is not taxed though but we all know that it would help the economy and it would probably a big help at many aspects , such as the services and people though.

[joebrook]

in your country income from bitcoin taxed? state the country

In most of the countries where Bitcoins are widely accepted, there are laws where the peoples are taxed whenever they convert their bitcoins into cash, This enables the country to make some money through the regulation.

[Silberman]

guys. bitcoin is not in the tax, but when you sell your bitcoins and if the price is higher than it was when you bought it - you have income. Like it or not - you have to pay taxes if you are lawful. =)

but

if you buy something and pay with bitcoins - hmmm... that when it become interesting. Do we need to pay taxes in that case?

According to some countries you need to pay tax even when you buy something with bitcoins which is odd to say the least, but I suppose they are considering you are selling your bitcoin for a product and in that instance you still need to pay tax in any earnings you made during that period, this is going to make paying your taxes very difficult but that was to be expected.

[Dissident991]

In Russia bitcoin is not yet taxed, but our government really want to get some money from crypto. They just don't know how to do it, the last legistation that they proposed is too raw.

[Roukawa]

There is no tax being implemented in the Philippines. The government just warned us that maybe we lose to much if we will invest in cryptocurrency. As of now, there is no regulation but I think soon they will probably make some regulation about cryptocurrency.

[Yamifoud]

in your country income from bitcoin taxed? state the country

In most of the countries where Bitcoins are widely accepted, there are laws where the peoples are taxed whenever they convert their bitcoins into cash, This enables the country to make some money through the regulation.

This could a way that government can get some benefits from thousands of Bitcoiners in every country. Do the fact that we don't have clarify or even put everything we've been holding in a paper, so therefore still we can manage to escaped from them.  But once this regulations may implement strictly,  I'm really sure that of being anonymous in the public will surely be gone and pushing everyone to declare all the belongings otherwise they confiscate undeclared amounts.

[Zaggeta]

In South Africa, Bitcoin themselves are not taxed because they are not recognised as currency. When they are sold for fiat, the income gained from that is taxed.

https://www.fin24.com/Tech/how-bitcoin-earnings-are-still-taxable-20171214

[Henry Sy]

in your country income from bitcoin taxed? state the country

Here in the Philippines where I belong, no Bitcoin is not taxed because we already know that Bitcoin was decentralized and far away from connectivity to banks and even the government that is why we Bitcoin users are freely using our money to the fullest and gain it with no tax so that we can enjoy what we have invested with time and effort. Also, it is because not all people here in our country do practically know how to use and do not really recognize or know Bitcoin that is why it is not taxed by the government although they have already known its existence.

[balanza96]

Mexico, I do not believe it is taxed.

[kolitski]

Here in my country you pay taxes with your income but income tax from bitcoin is not yet to be impose in our government, i think coin.ph was paying taxes. In my opinion bitcoin no need tax it is because decenralized currency.