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Author Topic: Is Bitcoin required to pay taxes?  (Read 755 times)
Hwario
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March 08, 2018, 05:00:04 AM
 #21

In our country its not yet
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bitfocus
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March 08, 2018, 07:33:49 AM
 #22

you need to check your own tax authority as taxation is different in every country.

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March 08, 2018, 07:43:03 AM
 #23

if so it would be difficult also for new players to develop if there should be any taxes or rules that make it difficult for new people and poor people should need to review how we can receive bitcoin safely and comfortably fit our finances.
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March 08, 2018, 07:44:25 AM
 #24

I think that profits made with crypto currencies are usually taxable in nearly every country.
But due to the anonymity of the crypto currencies it often depends on the willingness of the owner if he really pays the taxes he is supposed to pay.
Unfortunatelly that is not always the case.
To me that is sad, because by paying those taxes the crypto currencies could gather more trust of those people who still are suspicious about crypto currencies.

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March 08, 2018, 07:46:08 AM
 #25

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?
no need pay taxes and no one like to pay crypto taxes
goldade
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March 08, 2018, 07:52:09 AM
 #26

Although,  it is in every nation's law that all forms of income should be taxed,  I do not think income earned from bitcoin can be taxed.
Bitcoin is a new technology and there has been no rules set yet for it to be taxed. It will be very hard to know how and when it should be taxed.
Besides,  the fact that bitcoins transactions are done anonymously makes it very difficult to trace and taxed.
However,  I still think if certain conditions are met, there could be a way bitcoin can be taxed

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March 08, 2018, 07:54:10 AM
 #27

In the USA any and all income you have earned (even from investments) must be reported to the IRS.

It's up to you to decide how to file. Bitcoin is a two way street, maybe you lost money buying bitcoin...
The banks can only federally report what you deposit and that's only the case if you deposit more than 10K at one time.
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March 08, 2018, 08:09:54 AM
 #28

Although,  it is in every nation's law that all forms of income should be taxed,  I do not think income earned from bitcoin can be taxed.
Bitcoin is a new technology and there has been no rules set yet for it to be taxed. It will be very hard to know how and when it should be taxed.
Besides,  the fact that bitcoins transactions are done anonymously makes it very difficult to trace and taxed.
However,  I still think if certain conditions are met, there could be a way bitcoin can be taxed


It does not matter what it is, or how new it is, or if their is rules in place. ALL income must be reported (at least here in the US) to the IRS

All income must be reported period! It's called "Income Tax" NOT "if you can prove it tax"

Bitcoin is not anonymous! It can be tracked and traced. I'll agree that no one can tell who owns each and every wallet, but that's not how you get caught. You get caught by selling coins to an exchange to be deposited into your bank. <----- This is when you get caught.
Banks must report deposits over 10k to the IRS, either keep the deposits low or actually claim the income and pay taxes on your investment.

If you want anonymous cryptocurrency look into Bitcorecoin, Clearcoin, Deeponion Coin, Shieldcoin, Monero, Verge, or Zen
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March 08, 2018, 08:14:44 AM
 #29

As far as I know there are some specific income taxes on bitcoin at some countries like South Korea and United States etc,
Otherwise you dont need to pay single dime as tax cause many countries don't recognize bitcoin as currency still.

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edhp
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March 08, 2018, 08:17:18 AM
 #30

I think it is up to you if you will declare it as a source of income, then you might have to pay taxes for it. In most countries it is not required, yet.
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March 08, 2018, 08:21:08 AM
 #31

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.

I think the government very much aware on that issue they take that scenario as positive sign for economy of the country,  tax collector have a mindset already that whatever income of the people derived from any form of business are used to purchase goods that subject for taxes.

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March 08, 2018, 08:40:24 AM
 #32

If realy government give taxes in bitcoin then we have no choice but to obey this since they are the authority with rules. For now bitcoin dont have taxes itself but if we convert our bitcoin into fiat money we also giving tax in government.

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March 08, 2018, 08:47:07 AM
 #33

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?
Of course its more good if we pay taxes to goverments because this is like a job on internet but i think this bitcoin is free to all no one can control it so i dont know why maybe some country regulated this because they know that this is a new job for all.

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March 08, 2018, 09:03:42 AM
 #34

This one is an interesting question I guess.  Imo, basically every business or trading activities shall be taxable. Meanwhile, determining and calculating the amount of tax that should be paid is not easy at all, since every transactions using bitcoin are anonymous. So instead of answer I even come with another question "Is bitcoin considered illegal(in some countries) because country can't collect tax from it?
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March 08, 2018, 09:12:53 AM
 #35

I'm not satisfy with this kind of regulation. I guess taxation should be done on banks and not on bitcoin. I hate that bitcoin is manipulated by the higher institution. I hope they  have solution with this problem. People needs to be independent and being a Liberian I fight for democracy. We should ellimate taxes.

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March 08, 2018, 09:35:19 AM
 #36

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?
I think the country's government can only do is make an external centralization which is taxing the bitcoin and regulating bitcoin outside its blockchain technology, how ? by simply limiting it's consumer for using bitcoin or leveling people to have it like net worths, the more bitcoin you have the higher the tax you will pay.  What will happen ? obviously the people will somehow lose interest on it.
 
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March 08, 2018, 09:38:08 AM
 #37

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?
I think the country's government can only do is make an external centralization which is taxing the bitcoin and regulating bitcoin outside its blockchain technology, how ? by simply limiting it's consumer for using bitcoin or leveling people to have it like net worths, the more bitcoin you have the higher the tax you will pay.  What will happen ? obviously the people will somehow lose interest on it.

well good news is that no country has ever gone this route that you are suggesting!
instead they simply placed some taxes on bitcoin whenever someone is investing in bitcoin. and some countries like US see it as a commodity so they can tax it easier and some countries like Japan see it as a currency so that their people can adopt it better so they only tax it once when you invest not when you spend.














 

 

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March 08, 2018, 09:54:50 AM
 #38

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?
I think the country's government can only do is make an external centralization which is taxing the bitcoin and regulating bitcoin outside its blockchain technology, how ? by simply limiting it's consumer for using bitcoin or leveling people to have it like net worths, the more bitcoin you have the higher the tax you will pay.  What will happen ? obviously the people will somehow lose interest on it.
 

I don't think that this sounds logical to begin it. Of course government will tax bitcoin if they wanted to, but I don't think that they will limit people on investing on bitcoin. Its like limiting commodities as well.

As far as taxes is concern, I totally agree with government taxing bitcoin, instead of a total ban. What we don't want to see is a total ban and then we are crypto lovers are trading behind their backs. And if we are caught, its either jail time or strict penalties which is not good for all of us.

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March 08, 2018, 09:58:27 AM
 #39

Here in Australia we do I sat through a crypto tax seminar last night was interesting but made me angry the government want there piece of the pie.
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March 08, 2018, 10:48:16 AM
 #40

Here in Australia we do I sat through a crypto tax seminar last night was interesting but made me angry the government want there piece of the pie.
It's interesting to know about your country, is it true that you can buy a crypto currency for cash, in any newsagent?

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