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Author Topic: Is Bitcoin required to pay taxes?  (Read 1627 times)
sitnikov
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March 16, 2018, 03:36:31 PM
 #81

I think the country will feel the positive impact of bitcoin taxes, such as the high increase in state income. and also can reduce the unemployment of the population. so, reducing poverty.

the negative impact is bitcoin controlled by the government with regulation, and disrupting the spread.

Of course, the governments all over the world can benefit a lot from the tax received through crypto. Still, may governments are not understanding this and are trying to put restrictions on bitcoins in their country.

In my country, the earnings made through crypto is considered as capital gains and is thus taxable. Many people are not aware of this and thus the exchanges here have started informing the investors. Recently, a leading exchange in my country has started partnership with online tax filing company for the members using the exchange for bitcoin investment.

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March 16, 2018, 03:39:38 PM
 #82

If bitcoin starts paying taxes to countries then governments would be forced to accept it so this might be a good thing for bitcoin

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March 16, 2018, 03:54:32 PM
 #83

Britain, Japan and so on are tax on Bitcoin, China's behavior such as Bitcoin transactions is not tax, which is why? What will happen?
If Bitcoin needs to pay taxes, what are the taxation links? Which taxes include?

You'll have to check on a case by case basis some countries wont tax it others will not sure in what manner though.

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March 16, 2018, 03:57:31 PM
 #84

Yes it should be because it become legal
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March 16, 2018, 04:11:07 PM
 #85

Britain, Japan and so on are tax on Bitcoin, China's behavior such as Bitcoin transactions is not tax, which is why? What will happen?
If Bitcoin needs to pay taxes, what are the taxation links? Which taxes include?

Here in our country (Philippines) tax for bitcoin is not yet implemented, since many of our country men didn't take it seriously when it comes​ to bitcoin. Many still believes that bitcoin is just a scam, however I think maybe after few years, if they already have a knowledge with it, maybe thatd the time where taxes will enter.

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July 11, 2018, 04:09:13 AM
 #86

Although the legal framework for trading activities, virtual currency management, virtual property has not yet been finalized and it takes time to issue related legal documents, in practice. There have been cases occur and resolved in accordance with current law.
For example, in the case of Ben Tre province, on September 21, 1977, the Ben Tre Provincial People's Court decried the tax arrears of Mr. Nguyen Viet Cuong's case for electronic money exchange (bitcoin). The court found that there are no legal documents regulating digital money, virtual money are goods and services used for production and consumption in Vietnam, so the decision was made. Collection of tax arrears and decisions on settlement of complaints related to tax offices.
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July 11, 2018, 10:10:00 AM
 #87

I do not think that you need to pay taxes for bitcoin, otherwise the whole idea of ​​creating bitcoin will be lost!

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July 12, 2018, 01:23:35 AM
 #88

Britain, Japan and so on are tax on Bitcoin, China's behavior such as Bitcoin transactions is not tax, which is why? What will happen?
If Bitcoin needs to pay taxes, what are the taxation links? Which taxes include?

From 2017 onwards, tax authorities began to take seriously this unprecedented income. At this point, you'd better guarantee that you've done everything right with tax returns. It is now in the U.S. tax filing season that the IRS will not miss the part of the proceeds they deserve. From 2017 onwards, tax authorities began to take seriously this unprecedented income. At this point, you'd better guarantee that you've done everything right with tax returns.

Well the implementation will depend upon the country that you are residing on as some countries are lenient with its taxation. What makes cryptocurrency difficult to tax is its lack of any regulation among the government or any organization. Unlike any conventional investment tools present, cryptocurrencies tend to deviate from this norm since what determines its value is law of demand and supply- which makes it very distinct from the other investment tools. Although the same LAW may be utilized, its limited supply and intangible nature makes it difficult to have a stable value.

Britain, Japan and so on are tax on Bitcoin, China's behavior such as Bitcoin transactions is not tax, which is why? What will happen?
If Bitcoin needs to pay taxes, what are the taxation links? Which taxes include?

Here in our country (Philippines) tax for bitcoin is not yet implemented, since many of our country men didn't take it seriously when it comes​ to bitcoin. Many still believes that bitcoin is just a scam, however I think maybe after few years, if they already have a knowledge with it, maybe thatd the time where taxes will enter.

I somewhat agree from what you have stated. My colleague visited the BSP and they asked about cryptocurrencies and its status in our country. Based from what the lawyers said, they see bitcoin as a property rather as a currency- therefore making it inapplicable to legal tender. There may be insufficient laws catering to the taxation of bitcoin but once the government sees its potential, expect further regulations.

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July 12, 2018, 09:54:11 AM
 #89

Of course, this will create the trust of society and government, as a result of which there will be an agreement and settlement!

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July 13, 2018, 01:42:12 PM
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It depends upon the country, in your country government put tax means you should the tax otherwise no need. I think still most of the countries didn’t put any tax for bitcoin. If the transaction is done for large amount then surely the government will think about tax in future. If the government put tax for bitcoin means that country would legalize the bitcoin. But at the same time few countries announced tax for using bitcoin.

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July 14, 2018, 02:48:50 AM
 #91

In my view it is the right move in the way of legalizing tender of bitcoins in the particular country.Bitcoin must pay their fair taxes and it should be minimize.It will be beneficial to all either firms, companies,institutions, individuals or concern government.
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August 24, 2018, 02:07:05 PM
 #92

Each state has the right to establish on its territory any taxes and fees. Bitcoin and other decentralized crypto currency can not be an exception in this respect, as it brings significant profits to citizens. If such taxes are established, citizens will have to pay them. Moreover, it will have to be done, otherwise the state, taking into account its non-interest in spreading the decentralized crypto currency, can use this excuse to limit or even prohibit the circulation of the crypto currency. Therefore, it will be in the interests of the citizens themselves to pay taxes.

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August 24, 2018, 03:24:58 PM
 #93

 However, it is clearly written in the internal revenue laws that any type of income earned by a Filipino citizen shall be taxed unless expressly exempted."
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August 24, 2018, 04:50:14 PM
 #94

Taxation on your bitcoin income varies from country to country.

It depends on the specific laws that prevail in the respective countries.

While in some countries, there is full clarification as to how the bitcoin transactions will be taxed and there are no doubt to that.

But in other countries issue of legality of bitcoin is still dubious and not much clear.
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August 24, 2018, 06:59:21 PM
 #95

In countries that have legalized it, Bitcoin holder is required to pay taxes. And what I know is, every country has a different tax regulation, bitcoin tax can be equated with income tax, it can also be calculated with capital gains.

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August 27, 2018, 10:14:32 AM
 #96

Here in the Philippines, it is not yet implemented that Bitcoin required taxes. In my research about that I read this information which verify that it is not yet required in the Philippines: Here is it 'The Philippine Bureau of Internal Revenue (BIR) has not yet issued clear guidelines on the tax treatment of bitcoin transactions. However, it is clearly written in the internal revenue laws that any type of income earned by a Filipino citizen shall be taxed unless expressly exempted."
it is difficult to determine the fair value of bitcoin on buying and selling transactions. Bitcoin is very easy to change and there is a large price swing in one trading day.

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August 27, 2018, 04:36:49 PM
 #97

Britain, Japan and so on are tax on Bitcoin, China's behavior such as Bitcoin transactions is not tax, which is why? What will happen?
If Bitcoin needs to pay taxes, what are the taxation links? Which taxes include?

At first, the attractiveness of bitcoin was partly due to the fact that it was not regulated and could be used in transactions to avoid tax obligations. But, Bitcoin is now listed on the exchange and has been paired with leading world currencies such as the US dollar and the euro.

Government authorities around the world soon realized that bitcoin attracted black marketers who could make illegal transactions. Sure, it is impossible for bitcoin to escape the tax authority radar for a long time.

All over the world, tax authorities have issued regulations on bitcoin. For example, the US Internal Revenue Service (IRS) said that bitcoin must be treated as an intangible and non-currency asset or property because it is not issued by a country's central bank. The treatment of Bitcoin as an asset makes tax implications clear.

The IRS has obliged to report bitcoin transactions in all types, no matter how small the value. So, every US taxpayer is required to keep records of all purchases, sales, investments in, or use bitcoin to pay for goods or services that the IRS considers barter.
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August 28, 2018, 08:14:50 AM
 #98

The solution of taxation issues is not only for the authorities, but for the market participants, since without a corresponding tax status, the crypto-currencies will remain outlawed, which means that market participants are defenseless against the arbitrariness of the same state: you do not pay taxes-you are a criminal, with clear consequences.
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August 28, 2018, 11:22:51 AM
 #99

so far I know bitcoin is no tax. except for reduced fees when it is converted. but I have heard that bitcoin will have taxa in the future. but it is only right for the goverment to give the tax all the money involved.

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August 31, 2018, 06:03:26 PM
 #100

Well, even though Bitcoin can be used like money, But Bitcoin is not considered a legal currency or payment instrument by the IRS or other countries. Instead, they consider Bitcoin to be a private property, such as gold or stocks.

For example, In 2014, the IRS stated the value of Bitcoin for US tax purposes is a fair market value in US dollars on the date it was received. Each transaction fee is added to the Bitcoin base. Unless you are in the business of buying or selling Bitcoin, they are capital assets. Your profit when you use it is taxed with the level of capital gains.
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