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Author Topic: Have people been forced to pay tax over Bitcoin yet?  (Read 5416 times)
Umkar
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April 05, 2018, 04:17:05 AM
 #161

Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.
In the near future all states, along with consideration of the issue of legalization of the crypto currency, that is, its classification, determination of the conditions for its circulation inside the country, will have to consider the taxation of bitcoin and other crypto currency. Some countries, such as Japan and the US, have successfully applied the tax legislation to the crypto currency. Therefore, we want it or not, and the crypto currency will be taxed along with Bitcoin, which we will have to pay. If we want bitcoin and other crypto currency to be legally used in every state, we have to pay tax on profits from operations with crypto-currency and a capital gains tax on increasing its value.
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Virtual miner
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April 05, 2018, 08:35:52 AM
 #162

Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.
Forcing people to pay taxes is not what we expect in our country... where the government is formed following the principles of democracy. The Constitution of India has prescribed rules and formats for the tax payers and tax computation. So if the earnings from the bitcoin fall under any of the heads prescribed under the law, then it would be liable for tax.  
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April 05, 2018, 10:08:55 AM
 #163

Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.

I have a point here for it. Though India is yet to accept / legalize Bitcoin, the Income tax department went on a ride with the traders in a metro city. They were caught and asked to pay tax for the earning they made. The proof was their bank statements given by the respective banks. Large transactions made ITO suspect on this moments. But later, it became normal. Its good to pay tax when bitcoin is legally accepted.
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April 22, 2018, 07:37:01 PM
 #164

I live in a country where gains in crypto are taxed above 30%, but there are countries where you pay much less, in some countries you have zero tax. Example would be Denmark. Very smart, will attract a lot of wealthy people to Denmark

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April 23, 2018, 02:06:54 AM
 #165

Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.
I can disappoint you, because it is time to legalize the crypto currency in each state and along with the establishment of the status of the crypts and the definition of the rules for its circulation inside the country, issues related to its taxation will be simultaneously addressed. Despite the statements of some people on this forum that the crypto currency can not be taxed, we see that in some countries, such as Japan, taxation is quite successful for crypto currency, and it brings profit to both citizens of these countries and the state. Therefore, we will have to pay taxes when dealing with crypto currency in the cases provided by law.
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April 23, 2018, 08:12:34 AM
 #166

Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.

I've heard that people in US are now obliged to do it for their crypto investments but many of them really did  not want to. They are not forced but it looks like it's the same because they will be penalized if they don't follow it.
BTCeminjas
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April 23, 2018, 08:20:10 AM
 #167

Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.

I've heard that people in US are now obliged to do it for their crypto investments but many of them really did  not want to. They are not forced but it looks like it's the same because they will be penalized if they don't follow it.
Yes, that's why the US has a tax day and that happen lately. Having that force tax to the people was good to the economy if the government did not corrupt it. Well, luckily here our country bitcoin was freely on tax as of now we enjoy using bitcoin without getting any tax from my government that's the part we enjoy using bitcoin.
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April 23, 2018, 09:42:51 AM
 #168

Quite curious if this has been the case. Obviously, I'm hoping it hasn't been the case.
If in my country this has not happened yet and I am not forced by anyone to pay taxes on Bitcoin. Bitcoin is still very free in my country and the Government has no right to impose a tax on Bitcoin. Because Bitcoin status in my country is not yet valid, so there is no Bitcoin tax regulation in my country yet.
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April 23, 2018, 10:24:32 AM
 #169

Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.

No experience on that yet. Bitcoin tax has not really been a problem. People still make free money from it and don't remit anything to government because it has not been brought into the constitution.
Binugon
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April 23, 2018, 11:38:58 AM
 #170

the taxpayer must also include the ownership of bitcoin in the property column of the annual tax return. If not include, then the property is found by the tax officer then the taxpayer can be threatened sanctions in the form of fines.
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April 24, 2018, 06:44:35 PM
 #171

I think it's no need must to pay tax on bitcoin. But maybe for the country that has legalized bitcoin already has its own rules to pay taxes on the government, I myself not knowing it yet.. I must paying a taxes to the government considering the government in my country hasn't to regulating bitcoin.
KorakPawon
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April 24, 2018, 10:06:30 PM
 #172

Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.
I am a little confused what do you mean, bitcoin taxes to the government or taxes when we withdraw or send or exchange? if it is to a government that I know is only a country that legalizes bitcoin that charges taxes, but for countries that prohibit and people still use bitcoin, they are tax free only charged fees at the time of redemption or withdrawal.
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April 24, 2018, 10:20:10 PM
 #173

I think it's no need must to pay tax on bitcoin.
If you live in a country that they force regulations to cryptocurrency then you should start paying bitcoin.

But as long as there's no enforcement and law by the said country about taxation for bitcoin, I guess you have to voluntarily go to the taxing commission and file your income tax.

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JanVanHellsing
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April 25, 2018, 12:43:02 PM
 #174

It´s not so simple. Even if your country has no regulations to cryptocurrency you would still be obliged to pay tax as you have to pay tax also if you make a profit in the forex markets and many governments make no difference if it´s regular currencies or crypto currencies your are speculating with.

Zapto25
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April 25, 2018, 05:02:44 PM
 #175

for the moment no one is forced to pay tax on bitcoin, in every country there is no provision of tax bitcoin tax, the government also can not force ask tax bitcoin
marielbeckham
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April 25, 2018, 07:50:11 PM
 #176

Actually, haven't saw information regarding this in the diverse sources yet.
cryptojac17
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April 26, 2018, 11:30:19 AM
 #177

Actually, haven't saw information regarding this in the diverse sources yet.
The law is not yet formulated on the bases  on tax collection because of the bitcoin being decentralized and being anonymous, that's why the government and crypto currency is not in harmony due  to taxation.

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April 26, 2018, 11:40:45 AM
 #178

In a way, it has: you can make all the profit you want from BTC or other cryptocurrencies, but as soon as you try to cash in your profit - you have to "go back" to  the fiat world, and that's when the governments catch you and you pay that tax on that extra income
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April 26, 2018, 11:41:36 AM
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 #179

for the moment no one is forced to pay tax on bitcoin, in every country there is no provision of tax bitcoin tax, the government also can not force ask tax bitcoin

This is a common misconception, do your research and you will notice you have to pay tax if you made money if you were investing or gambling. Governments don't care what game you played or where you invested, they care about your profits and want a part of it.

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May 03, 2018, 12:29:02 PM
 #180

for the moment no one is forced to pay tax on bitcoin, in every country there is no provision of tax bitcoin tax, the government also can not force ask tax bitcoin

This is a common misconception, do your research and you will notice you have to pay tax if you made money if you were investing or gambling. Governments don't care what game you played or where you invested, they care about your profits and want a part of it.

You are paying tax yes, but that is if you do it through the conventional investments or gambling. I don't think traders and crypto gamblers are being taxed just yet. Well if there are then it's probably very minimal that not many know about it

 
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