Looking for information regarding taxation on bitcoin in different countries

[mobnepal]

Many countries have already started taking taxes on bitcoin related activity including personal trading activity and crypto related businesses. But that is not same in every country and as a crypto enthusiast I am searching for clear definition of crypto taxation and how to pay less tax from our trading gains.

We can list crypto related tax info for individual country here so that we can gather overall tax rule for crypto.....

Just paste links which might be useful to understand crypto taxation below....


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1. Australia

Link to source : https://www.ato.gov.au/General/Gen/Tax-treatment-of-crypto-currencies-in-Australia---specifically-bitcoin/
Taxable events : Receiving bitcoin for goods/services as business, Full time cryptocurrency trading, Mining, Running Exchange Platforms
Non-Taxable events : Spending bitcoin online for personal use upto $AUD 10,000

2. Germany

Link to source : N/A
Taxable events : If you sell coins you bought within one year for profit of over 600 EUR
Non-Taxable Events : If you hold coins for more than a year and sell for profit

3. Denmark

Link to source : N/A
Taxable events : N/A
Non-Taxable Events : Trading, Capital Gains

4. Belarus

Link to source : N/A
Taxable events : N/A
Non-Taxable Events : No any tax for cryptocurrency related activity for next 5 years

5. Slovenia

Link to source : N/A
Taxable events : If you run crypto related business or working for bitcoin
Non-Taxable Events : Capital Gains

[1714162215]

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[Lucius]

Many countries have already started taking taxes on bitcoin related activity including personal trading activity and crypto related businesses. But that is not same in every country and as a crypto enthusiast I am searching for clear definition of crypto taxation and how to pay less tax from our trading gains.

We can list crypto related tax info for individual country here so that we can gather overall tax rule for crypto.....

Just paste links which might be useful to understand crypto taxation below....

There is some countries which defined tax on cryptocurrency and one of the most frequently mentioned is Germany.If you buy and hold BTC more then a year there is no any tax to be paid if you sell your coins-also there is a rule if your capital gains are less then 600 EUR there will not be tax ,but I do not know is this also in one year period or something else.

Second country is Denmark,no tax on any trading or capital gains at all if the data is correct(it would be nice to get more info form someone from Denmark),so this country is dream of every crypto trader/holder

One more interesting country is Belarus,there is no tax on anything regarding cryptocurrency in next 5 years,it seems like a very good opportunity for miners and traders.

Perhaps one country is interesting to mention regarding tax,it is Slovenia and there is no tax on capital gains,but citizens must pay tax if they have working for BTC or have some business associated with cryptocurrency.

[mobnepal]

Will update opening post with summary of each country taxation rule shortly. Also thanks to @Lucius for your valuable contribution..

Found this about australia https://www.ato.gov.au/General/Gen/Tax-treatment-of-crypto-currencies-in-Australia---specifically-bitcoin/

You are not subject to any tax or GST if you are using bitcoin for your personal needs like when you use bitcoin to buy goods/services online provided that total expenditure is not more than $10,000 (need some clarification on this).

You are subject to tax if you are receiving bitcoin for your goods and services just like when you sell other products for AUD. Business have to record AUD value at the time of transaction and have to pay income tax + GST on that amount just like normal AUD transactions.

You have to pay capital gain tax only if you are disposing bitcoin which you have got from your business for profit or you are cashing out your profit from crypto investment if you are professional trader or full time trader.

[bitbunnny]

To my knowledge Bitcoin is taxed in some countries but not as a currency or asset itself but as an object of trading and exchanging to fiat currencies. If you have exchanging business and report it to tax authorities you will pay taxes on it. But you will not pay taxes on Bitcoin if you only keep it in your wallet.
However it will be rather hard to collect all information about taxation practice in different cour, I don't think this data is collected somwhere at the same place and the practice is very different from country to country.

[ruthbabe]

In South Africa, the word “currency” is not defined in their Income Tax Act. The South African Revenue Service (SARS) don't consider cryptocurrencies, such as bitcoin legal tender as for income tax purposes or Capital Gains Tax (CGT), instead, they regarded them as assets of an intangible nature. So, anyone who makes money out of cryptocurrencies must have to pay taxes. More here, https://bitcoinmagazine.com/articles/south-africans-instructed-pay-tax-bitcoin-and-cryptocurrency-earnings/

[5hoop5]

The US Internal Revenue Service (IRS) considers Bitcoin as a property, not a currency for federal tax purposes. Thus, any transactions using Bitcoin will be taxed in accordance with the principles applicable to property taxation. This means that bitcoin transactions must be reported to the IRS for tax purposes.

[TheGodFather]

Many countries have already started taking taxes on bitcoin related activity including personal trading activity and crypto related businesses. But that is not same in every country and as a crypto enthusiast I am searching for clear definition of crypto taxation and how to pay less tax from our trading gains.

We can list crypto related tax info for individual country here so that we can gather overall tax rule for crypto.....

Just paste links which might be useful to understand crypto taxation below....


-----------------------------------------------------------------------------------------------------

1. Australia

Link to source : https://www.ato.gov.au/General/Gen/Tax-treatment-of-crypto-currencies-in-Australia---specifically-bitcoin/
Taxable events : Receiving bitcoin for goods/services as business, Full time cryptocurrency trading, Mining, Running Exchange Platforms
Non-Taxable events : Spending bitcoin online for personal use upto $AUD 10,000

2. Germany

Link to source : N/A
Taxable events : If you sell coins you bought within one year for profit of over 600 EUR
Non-Taxable Events : If you hold coins for more than a year and sell for profit

3. Denmark

Link to source : N/A
Taxable events : N/A
Non-Taxable Events : Trading, Capital Gains

4. Belarus

Link to source : N/A
Taxable events : N/A
Non-Taxable Events : No any tax for cryptocurrency related activity for next 5 years

5. Slovenia

Link to source : N/A
Taxable events : If you run crypto related business or working for bitcoin
Non-Taxable Events : Capital Gains

Countries which are able to have a tax regulation when it comes to cryptocurrency is a sign that even if there is a surge in countries or places which it is being banned or that it is being able to be closed off. It still has a lot of huice left when it comes to the other places that it can grow. Having countries with more of this would ultimately spell that it can work and that it can be a viable option towards the financial affairs of a country.

[liamnorthcoins]

Many countries have already started taking taxes on bitcoin related activity including personal trading activity and crypto related businesses. But that is not same in every country and as a crypto enthusiast I am searching for clear definition of crypto taxation and how to pay less tax from our trading gains.

We can list crypto related tax info for individual country here so that we can gather overall tax rule for crypto.....

Just paste links which might be useful to understand crypto taxation below....


-----------------------------------------------------------------------------------------------------

1. Australia

Link to source : https://www.ato.gov.au/General/Gen/Tax-treatment-of-crypto-currencies-in-Australia---specifically-bitcoin/
Taxable events : Receiving bitcoin for goods/services as business, Full time cryptocurrency trading, Mining, Running Exchange Platforms
Non-Taxable events : Spending bitcoin online for personal use upto $AUD 10,000

2. Germany

Link to source : N/A
Taxable events : If you sell coins you bought within one year for profit of over 600 EUR
Non-Taxable Events : If you hold coins for more than a year and sell for profit

3. Denmark

Link to source : N/A
Taxable events : N/A
Non-Taxable Events : Trading, Capital Gains

4. Belarus

Link to source : N/A
Taxable events : N/A
Non-Taxable Events : No any tax for cryptocurrency related activity for next 5 years

5. Slovenia

Link to source : N/A
Taxable events : If you run crypto related business or working for bitcoin
Non-Taxable Events : Capital Gains

Countries which are able to have a tax regulation when it comes to cryptocurrency is a sign that even if there is a surge in countries or places which it is being banned or that it is being able to be closed off. It still has a lot of huice left when it comes to the other places that it can grow. Having countries with more of this would ultimately spell that it can work and that it can be a viable option towards the financial affairs of a country.

This countries mentioned above for me show high regards to cryptocurrency as a whole. The government is wise enough to make use of the demand so i hope other countries could follow. This shows more safety or control compared to unregulated by the law because many erregularities could happened just making used of the decentralized ways.

[bitcad4u]

You had shared the useful information about taxation on bitcoin.Many people don't know bitcoin is legal or illegal their country.If the bitcoin is legal in their country,they no need to worry about the investments in crypto currency.But taxation may reduce the investors.