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Author Topic: Is Bitcoin required to pay taxes?  (Read 524 times)
ghsh
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March 08, 2018, 01:33:58 AM
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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?
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March 08, 2018, 01:37:03 AM
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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.
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March 08, 2018, 02:06:17 AM
 #3

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."
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March 08, 2018, 02:16:49 AM
 #4

I don't really understand OP's question because he's asking if "bitcoin should pay taxes." And then I thought he was bringing up an interesting aspect of crypto taxation -- taxes on TRANSACTIONS, rather than trading... but he wasn't. lol.

Imho, if bitcoin is truly to be seen as a currency, then it should be taxed just like currency trading on ForEx exchanges.

Hopefully we can leave the definition of bitcoin being a capital gains investment... because it's a currency, and not an investment, for tax purposes.

If you bought 10 british pounds 10 years ago, and now converted those british pounds to dollars... would you really be taxed capital gains tax? The answer should be the same for bitcoin

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March 08, 2018, 02:20:36 AM
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I think the bitcoin should pay fair taxes, and this minimize the enemies who want to end the coin.
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March 08, 2018, 02:23:07 AM
 #6

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.
Our domestic legislation on taxation proceeds from the premise that each object of taxation must be specified in a normative act. Without such an instruction, the tax should not be levied. We do not yet have a tax on the Crypto-currency, but there are already two draft laws on the taxation of crypto-currencies. Of course, soon all states will decide on the taxation of this type of activity. This was to be expected. A good moment in this is that the states, in this case, must clearly define the status of the crypto currency and in fact it will become a legal tender.

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March 08, 2018, 02:26:19 AM
 #7

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?
When the government began to tax Bitcoin, indicating that they have recognized the legitimacy of bitcoin, then bitcoin can be formally into people's attention. And the problem of taxation, I think it is necessary for you to declare, and then in the tax, the government will not count your taxes, but they will watch your bank account.
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March 08, 2018, 02:29:04 AM
 #8

Bitcoin taxation is a problem many governments are still forbidden to think about. Large currency transactions certainly require taxation, but bitcoin transactions are rather special and the tax rate is hard to set so that there are so many countries that bar Bitcoin transactions of.
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March 08, 2018, 02:30:28 AM
 #9

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 are raising questions that are highly localized in nature. Tax laws vary from one country to another. The tax law of the United States of America is different from the ones in Japan or in China. Aside from that, what is happening right now is that Bitcoin is taxable in some countries, especially those that regulated it, while it is not on other countries. The tax specifics will have to depend on how Bitcoin is being treated by the particular country.

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sicnarfkswiss
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March 08, 2018, 02:32:49 AM
 #10

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?
Bitcoin will be hard to tax on, that's why government were against it, how can they collect exact tax when it is anonymous and completely decentralized,, but I guess being a citizen in our country if we have much we should do our share, not only with tax but also to those poor community that really need help.
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March 08, 2018, 02:42:43 AM
 #11

Taxation means that the industry is recognized by the state, and many ICOs will become more normative, with fewer scams and the government will support some projects they approve or lead, which is a lot of things for investors Of course, in terms of supervision, this is what the government needs to think about.
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March 08, 2018, 02:47:38 AM
 #12

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?
bitcoin tax depends on the policies of each country.
Supposedly if there is a bitcoin tax then the state will benefit. But until now many do not legalize bitcoin, because it is considered bitcoin will harm and that is the reason the government
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March 08, 2018, 03:13:11 AM
 #13

If Bitcoin needs to pay taxes, what are the taxation links? Which taxes include?
As far as I understand, atleast in USA, you need to pay tax only if you sell your BTC as long as you see holding it there is no tax. While selling you would need to pay the capital gains tax AFAIK. Most of countries have classified bitcoin as an asset and tax according to that.
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March 08, 2018, 04:02:37 AM
 #14

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 good to have tax in the Philippines, since cryptocurrency can be also an income source of Filipino citizen. But the problem is that, if the government will impose a high percentage of tax in the crypto people.
I hope that the government will not make an advantage to us because probably, a lot of our countrymen will pull out in cryptocurrency.

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March 08, 2018, 04:20:52 AM
 #15

It depends on yhe country's regulation, if crypto currencies already being legalize then I think there is a big chances it will be taxed, and I believe it will be better for the country to taxed it,  if there is no tax on crypto and all of the citizens used crypto then the income tax for the country will be decrease and can caused serious problem

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March 08, 2018, 04:28:43 AM
 #16

Take Bitcoin and crypto away. If You are receiving incomes You should pay taxes in any industry. But rates should be fair when You compare with rates of other industries.
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March 08, 2018, 04:34:02 AM
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China has not yet formulated a suitable tax policy, but in fact each country’s government will choose to formulate taxation. After all, bitcoin transactions are relatively large.

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March 08, 2018, 04:36:06 AM
 #18

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."
I am also from the Philippines and whether we like it or not, we are indirectly paying taxes from our income in bitcoin. Basically, all commodities are taxable and the manufacturers of these commodities passes these taxes to us, the consumers.

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March 08, 2018, 04:47:44 AM
 #19

The main attraction for btc are they are tax free form of investment even though transactions can be done in limited time period one of the vital thing of btc investment was that it is tax free as compared to any other forms of investment and the returns on investment is 10 times higher than any other forms of investment and we don't have to wait for longer period of time to get returns.The investors will still continue to make investments even though taxes are introduced on btc as they won't get as much profit from kinds of investments available in the market.One more main to note is that there is no need to impose tax on btc as it is automatically taxed when the fund goes to the bank account of the btc holder.

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March 08, 2018, 04:54:05 AM
 #20

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?

There are lots of guidelines directing taxation as stipulated by the law. cryptocurrency is still a new technology and no legislation about its operation has been put in place. this will make it difficult to tax bitcoin as there are no grounds and rates at which it should be levied. the Impossibility to trace bitcoin transactions also makes it challenging as there is no certainty on the amount to be levied.
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