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Author Topic: Are your Bank transactions taxed VAT per transaction?  (Read 252 times)
Findingnemo
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February 07, 2019, 07:16:37 AM
 #21

I didn't paid any VAT tax for my transactions or maybe I am paying it without knowingly.Why should we pay taxes to use our money? Huh

This can be one of the reason as well why government and bank opposing the decentralized payment system but they can't do anything until we are using it while don't care about the prices.

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February 08, 2019, 06:54:23 AM
 #22

I didn't paid any VAT tax for my transactions or maybe I am paying it without knowingly.Why should we pay taxes to use our money? Huh

This can be one of the reason as well why government and bank opposing the decentralized payment system but they can't do anything until we are using it while don't care about the prices.

In many instances Banks do not give you a detailed break down of the fees that you are paying, so most people only spot it when they draw a detailed report from their Bank account. You will not see it, if you just draw a mini statement at a ATM for instance. <which most people do>

Dig a little deeper and you will find the hidden cost and the VAT that are charged on your account. Banks will go out of their way to confuse people into paying more for transactions. <Charging more for higher amounts or giving a few tx's free and then charging higher fees on the following tx's>  Angry

It is still your money, so why do you have to pay them loads of fees to pay for Sport advertisements and sponsoring of these events?

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magneto
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February 08, 2019, 11:32:32 PM
 #23

The Banks in my country adds VAT to their Banking fees for every transaction you make. So I am not just paying the Banks to use my own money, I am paying the government too for the same transaction.

Yes, some Banks give you a small amount of transactions for free (Depending on the type of account), but once that limit is exceeded, you start to pay Banking fees for every transaction.

So Banks and Governments are making millions on fees that we have to pay, to use our own money!

Is this not one of the reasons why governments wants to stop Bitcoin and also the leverage Banks have over governments, if they lose the VAT on those transactions?

Please share your information on the way that governments and Banks are charging you to use your own money. How much is your VAT on those transactions and if you know that VAT is being paid as part of your fees?

I'm not sure what bank you're with and what country you are in, but in my country, domestic transfer fees have pretty much been obsolete for years unless you are paying with credit cards/debit cards. In which case, it makes sense for surcharges or banking fees to also be taxed, since that is a service that is being provided. I really don't see a problem there.

The main problem with banks right now that makes me still want to use bitcoin instead isn't really this at all, but rather international transactions and the fact that they have total control over your funds (essentially not a trustless structure that bitcoin offers).

Bitcoin's fees don't differ across borders, nor are there any exchange rate spreads since bitcoin transactions use BTC as its only native currency. It's also trustless which means that you don't need to trust a third party in order to facilitate transactions for you, but you can do it on-chain. No one can suspend your account, freeze your funds, go insolvent due to fractional reserve etc. That's what's good about bitcoin, and what banks lack.
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February 09, 2019, 12:32:21 AM
 #24

The Banks in my country adds VAT to their Banking fees for every transaction you make. So I am not just paying the Banks to use my own money, I am paying the government too for the same transaction.

Yes, some Banks give you a small amount of transactions for free (Depending on the type of account), but once that limit is exceeded, you start to pay Banking fees for every transaction.

So Banks and Governments are making millions on fees that we have to pay, to use our own money!

Is this not one of the reasons why governments wants to stop Bitcoin and also the leverage Banks have over governments, if they lose the VAT on those transactions?

Please share your information on the way that governments and Banks are charging you to use your own money. How much is your VAT on those transactions and if you know that VAT is being paid as part of your fees?

Government attach VAT on goods selling. Banks should not put taxes on transfer account for example. Government put taxes on goods and service, not on banks service. But banks allowed to collect administration fee but its not taxes.
nur rochid
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February 09, 2019, 05:01:57 AM
 #25

The Banks in my country adds VAT to their Banking fees for every transaction you make. So I am not just paying the Banks to use my own money, I am paying the government too for the same transaction.

Yes, some Banks give you a small amount of transactions for free (Depending on the type of account), but once that limit is exceeded, you start to pay Banking fees for every transaction.

So Banks and Governments are making millions on fees that we have to pay, to use our own money!

Is this not one of the reasons why governments wants to stop Bitcoin and also the leverage Banks have over governments, if they lose the VAT on those transactions?

Please share your information on the way that governments and Banks are charging you to use your own money. How much is your VAT on those transactions and if you know that VAT is being paid as part of your fees?

Government attach VAT on goods selling. Banks should not put taxes on transfer account for example. Government put taxes on goods and service, not on banks service. But banks allowed to collect administration fee but its not taxes.
right, that also happens in my country, there is no VAT for every transaction in the bank, but indeed with administration for each transaction or monthly administration that is applied
ToyotaFortuner
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February 09, 2019, 11:15:18 AM
 #26

I didn't paid any VAT tax for my transactions or maybe I am paying it without knowingly.Why should we pay taxes to use our money? Huh

This can be one of the reason as well why government and bank opposing the decentralized payment system but they can't do anything until we are using it while don't care about the prices.

In many instances Banks do not give you a detailed break down of the fees that you are paying, so most people only spot it when they draw a detailed report from their Bank account. You will not see it, if you just draw a mini statement at a ATM for instance. <which most people do>

Dig a little deeper and you will find the hidden cost and the VAT that are charged on your account. Banks will go out of their way to confuse people into paying more for transactions. <Charging more for higher amounts or giving a few tx's free and then charging higher fees on the following tx's>  Angry

It is still your money, so why do you have to pay them loads of fees to pay for Sport advertisements and sponsoring of these events?
the possibility that bank transaction rules in some countries have different policies such as cryptocurrency, there are still some countries that do not give permission for the use of cryptocurrency, so VAT tax in their country may still be different from some other countries.
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February 09, 2019, 11:55:52 AM
 #27

The Banks in my country adds VAT to their Banking fees for every transaction you make. So I am not just paying the Banks to use my own money, I am paying the government too for the same transaction.

Yes, some Banks give you a small amount of transactions for free (Depending on the type of account), but once that limit is exceeded, you start to pay Banking fees for every transaction.

So Banks and Governments are making millions on fees that we have to pay, to use our own money!

Is this not one of the reasons why governments wants to stop Bitcoin and also the leverage Banks have over governments, if they lose the VAT on those transactions?

Please share your information on the way that governments and Banks are charging you to use your own money. How much is your VAT on those transactions and if you know that VAT is being paid as part of your fees?

I sometimes withdraw my coins with the help of banks and ive never experienced them adding vat or getting tax on it. Its like the usual bank to bank withdrawal with cryptocurrency as a special toppings. Actually, im not aware that some countries have issues on that.

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February 09, 2019, 11:56:32 AM
 #28

Yes sometimes, but it will depend on the transactions. I think they are making a lof of money for all the fees and the sad thing is that, they charge you if withdraw money from other location but your dealing with the same bank, I think they called it interbranch and its so annoying.
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February 09, 2019, 01:24:24 PM
 #29

The rate at which bank take my money in the name of transactions fee and VAT is  extremely too high, I was thinking is it peculiar to only my country or my bank. The charge is very high in my domiciliary account.

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February 09, 2019, 01:32:10 PM
 #30

no , in my country the Bank tax are payed every month and it cut on own capital , but if i transfer to other bank (different bank ) it will get transactions tax
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February 09, 2019, 01:32:48 PM
 #31

Yes sometimes, but it will depend on the transactions. I think they are making a lof of money for all the fees and the sad thing is that, they charge you if withdraw money from other location but your dealing with the same bank, I think they called it interbranch and its so annoying.

Banks have gotten out of hand with their fees.  Some banks were even charging fees if you didn't hold a certain balance in your account, imagine poor people being taken advantage of more than the rich.  I think it is also crazy to be hit with a $40 overdraw fee when only going $1 in the negative.
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February 09, 2019, 02:05:20 PM
 #32

I witness various taxation within certain processes, not every time. The fact that I was living in the country I was living in is not taxed at all, even if I think it was taxed even if I was not taxed. As I mentioned in the first sentence for personal uses, I make certain tax payments in certain periods.
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February 10, 2019, 01:45:54 PM
 #33

Yes, by law banks add VAT even to their transactions and it really sucks. I'm feeling like a tax cow  - the Government is taking 42% of my income in form of social, health and a bunch of other taxes... and then I'm paying VAT of everything else. This is like 65% tax duty on everything from our daily live and let's hope that crypto will change something to better direction.

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