Bitcoin and tax in your countries

[Coyster]

In my country, I'd have loved to call her name, but for some reasons, I won't, there is zero tax on cryptocurrency, my country is not the most developed in the world(underdeveloped), and it's so easy for the citizens to evade taxes as the country doesn't have any effective tax scheme as of yet, and even the little they get from taxes, goes into the pockets of the politicians, I hope I never get to pay taxes for cryptocurrency.

For now cryptocurrency isn't so popular in our area, people are hearing about it definitely, but I doubt if they are getting into it, the last time I checked the percentage of citizens in my country into crypto, it was a very low percentage, maybe, just maybe if it gets more popular, this corrupt government of ours would impose taxes, to embezzle more money for themselves.

[bitzizzix]

Yes, in the country where I live there is also no tax deduction from the government and there is only a slight reduction when exchanging bitcoin to fiat currency where my country lives, and the reduction is in accordance with the amount to be received.
and in my opinion it's only a very small reduction and for me it's not a problem.

[dimonstration]

Yes, in the country where I live there is also no tax deduction from the government and there is only a slight reduction when exchanging bitcoin to fiat currency where my country lives, and the reduction is in accordance with the amount to be received.
and in my opinion it's only a very small reduction and for me it's not a problem.

No tax in my country yet too, the mobile app registered in our SEC may already put tax in transaction fee or in converting our crypto or fiat. The government have no say yet on holding. It will only depend on withdrawals were made. Thanks to instapay option in our country only minimal fee were deducted if depositing in bank from our wallets. I hope it will stay these way and will not implement taxes which might be impossible in the near future when big adoption happens.

[bitcoinposts]

In india we cant do any bank transactions in cryptocurrencies it is completely banned so we cant pay tax to government

[Daniel91]

I think you should pay btc tax only if you receive btc as salary.

In almost every country in the world, taxes are paid on any income, with certain exceptions such as long-term investments etc
Crypto is still in the gray zone in most countries and it's  not regulated. Someone may say that it is best not to pay taxes, but what if the value of btc start to go up and reach  $ 100 000 level  in the coming years and you buy a new house or car? How will you justify this to the authorities if you have not previously declared your crypto earnings and paid taxes?
I think that we are lucky in Croatia because our  government really accept crypto and even state owned Croatian post started pilot project with one private company and they are offering crypto exchange in post offices in Zadar and soon probably in whole Croatia.
Can you believe it?
Without clear tax regulation something like this will not be possible.
So, legal regulation is really very important but it comes with price.

[DabsPoorVersion]

Yes, in the country where I live there is also no tax deduction from the government and there is only a slight reduction when exchanging bitcoin to fiat currency where my country lives, and the reduction is in accordance with the amount to be received.
and in my opinion it's only a very small reduction and for me it's not a problem.

No tax in my country yet too, the mobile app registered in our SEC may already put tax in transaction fee or in converting our crypto or fiat. The government have no say yet on holding. It will only depend on withdrawals were made. Thanks to instapay option in our country only minimal fee were deducted if depositing in bank from our wallets. I hope it will stay these way and will not implement taxes which might be impossible in the near future when big adoption happens.

It is a good thing that they don't tax crypto incomes you can get, same as yours our country does not tax crypto, only fees are being charged and that's a good thing on our side. If ever that the government will take their sight on crypto, and if they realize how it works, maybe they will start to regulate and implement taxation law on it right away.

In india we cant do any bank transactions in cryptocurrencies it is completely banned so we cant pay tax to government

Well, it is banned in the first place so they can't regulate tax on cryptocurrency.

[mobnepal]

My native country : Banned (you don't have to pay taxes on crypto, rather if you just trade your crypto within country for fiat you will get caught)
Where I am : Very open towards crypto but need to pay crypto taxes same as income tax, which is pretty straight forward but we end up paying more than what in other countries people have to pay for cryptocurrency profit.

In india we cant do any bank transactions in cryptocurrencies it is completely banned so we cant pay tax to government

I think there are few pending bills regarding complete ban of crypto in India. From what I know, India haven't banned the use of crypto but yes bank can't provide financial support to crypto related businesses.

[btcto200k]

Well, my country still doesn't accept crypto. So i am all good. Tax free 

[Zeke_23]

~

I never knew you can pay Bitcoin in Lazada. I never really shopped there a lot but I am checking it out when it comes to buying an item that I can't find near my area.
I also used PayMaya back in the day when I really need some temporary virtual debit card so that I can buy online without going through much paperworks just to approve my request of getting a debit/credit card.
Well anyways, if I can recall it correctly, those taxes put up into VAT or Value-Added Tax.

I wanted to clear things out about lazada.
They don't accept bitcoin as payment. And I don't hear any news or updates that they started accepting bitcoin as payment.

See the below photo as reference.

[Yatsan]

~

I never knew you can pay Bitcoin in Lazada. I never really shopped there a lot but I am checking it out when it comes to buying an item that I can't find near my area.
I also used PayMaya back in the day when I really need some temporary virtual debit card so that I can buy online without going through much paperworks just to approve my request of getting a debit/credit card.
Well anyways, if I can recall it correctly, those taxes put up into VAT or Value-Added Tax.

I wanted to clear things out about lazada.
They don't accept bitcoin as payment. And I don't hear any news or updates that they started accepting bitcoin as payment.

There's no bitcoin payment in Lazada, but what I think Wintersoldier meant to say is shopee, since they are almost the same. That's what I guess, haha. Shopee is the biggest online shopping app that is accepting bitcoin here in the Philippines (That's what I know, please correct me if I am wrong).


Here in our country Philippines, There's no tax for the user of the bitcoin or any other cryptocurrency. But for the establishments and businesses that are using bitcoin as a mode of payment, they have to pay their taxes accumulated with bitcoin, same on the local exchanges of cryptocurrency here.

[Asuspawer09]

I would like to hear about the situation with bitcoin and taxes in your countries.
I think it would be interesting to hear different experiences and compare results across countries.
Of course, I understand that in some countries you can't declare bitcoin tax.
I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax.
I will start first.
In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax.
In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment).
If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax.
Can you share situation in your country?

Here in our country, the tax has been going up and down for the past few years because of the unstableness of the government. There was once recent issue that involves stealing the money of the people by those who are in authority. It was also evident here that not all of our tax goes to beneficial stuffs for everyone, some officials steal it and take it as an easy money. When it comes to bitcoin, the government is now silent about the use of it after what happened before where bitcoin was considered as a scam by those who are less knowledgeable about crypto.

In our country bitcoin basically don't pay any tax because as bitcoin transactions were made it is not controlled by the government so basically you could do every transaction anonymously and the government cannot put the tax in the transactions but it is just a transaction not like buying things in a store. But it all depends in the bitcoin wallet that your using the company that made the bitcoin wallet was the one who pays the tax in the government because they have a business and they are using bitcoin so it will make sense we do not directly pay in the government but we pay tax.

[webtricks]

~~

In my country India, there is no special provision regarding taxation on bitcoin. It's taxed based on the source of how you have earned bitcoins. If you are earning it as a remittance on account of your business then you are eligible to claim expenses done in this regards and file it under Profits from gains of Business and considering that you are and Individual you will be taxed at Individual slab rates which are:

0-250000	NIL
250000-500000	5%
500000-1000000	20%
1000000 above	30%

Note: The rates you stated above are for the financial year 2018-19. As from 2019-20 onwards, second tax slab i.e. 250000-500000 is exempted too. Hence you don't have to pay taxes if your income is less than 500K INR.
Also if anyone wondering in which denomination he wrote the value then it is INR. 1 USD = 71.5 INR so you can make your maths accordingly.

In india we cant do any bank transactions in cryptocurrencies it is completely banned so we cant pay tax to government

Either you don't have slightest of the idea how taxation in India works or you have been guided wrongly.
First thing, taxation supersedes criminal law. This means no matter your income is earned from ethical source or unethical, income tax department view all of it as same and tax accordingly.
Secondly, doing bank transactions involving cryptocurrencies are not banned in India. The only thing that is actually banned in India is doing exchange business. So no one can provide intermediary services for buying/selling in BTC/INR pair. But you can always use P2P networks and no one will question you.
Now coming to taxation of Bitcoin. You have to pay taxes. If you are not paying taxes, you are jeopardizing your situation and may land in problems soon.

If you looking for how to pay taxes on Bitcoin incomes in India, here are two threads which explain it in details:
https://bitcointalk.org/index.php?topic=5145589.0
https://bitcointalk.org/index.php?topic=5142949.0

[Daniel91]

I would like to hear about the situation with bitcoin and taxes in your countries.
I think it would be interesting to hear different experiences and compare results across countries.
Of course, I understand that in some countries you can't declare bitcoin tax.
I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax.
I will start first.
In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax.
In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment).
If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax.
Can you share situation in your country?

Here in our country, the tax has been going up and down for the past few years because of the unstableness of the government. There was once recent issue that involves stealing the money of the people by those who are in authority. It was also evident here that not all of our tax goes to beneficial stuffs for everyone, some officials steal it and take it as an easy money. When it comes to bitcoin, the government is now silent about the use of it after what happened before where bitcoin was considered as a scam by those who are less knowledgeable about crypto.

In our country bitcoin basically don't pay any tax because as bitcoin transactions were made it is not controlled by the government so basically you could do every transaction anonymously and the government cannot put the tax in the transactions but it is just a transaction not like buying things in a store. But it all depends in the bitcoin wallet that your using the company that made the bitcoin wallet was the one who pays the tax in the government because they have a business and they are using bitcoin so it will make sense we do not directly pay in the government but we pay tax.

Of course that we in Croatia don't pay any tax on BTC transactions
No way that any government can control it.
After all, bitcoin is not official money in our country.
We pay tax in the moment when we exchange btc funds to fiat and withdraw to our bank account.
If we can prove with FIFO records that we have held these funds for at least 2 years then we do not pay taxes.
I hope it's more clear now.

[Shenzou]

I feel that even in most of the countries that bitcoin presents an occurring or  well established thing people don't pay taxes, i mean even if governments were to issue taxes on crypto earning they would not be able to control or track who are where the transactions are going because they don't own the blockchain network and they have no control over it, i know that exchanges and any sort of leagal company or service providers that deal with crypto has to pay taxes in some way to the government in some countries.

[Duzter]

In my country the users of bitcoin is very low compared to other countries. Slowly this is getting its importance through the young generation, and the country has been researching how to make each and every transaction visible to the government. This is completely impossible, and the same is making government keep on analyzing how to tax bitcoin users.

[Aikidoka]

In my country, we don't even have to pay tax for bitcoin cause we usually buy bitcoin through people who had it, using fiat. Moreover, bitcoin is not well developed yet in my place, it should be more known by this time but sadly not. I'm always trying to get bitcoin with the cheapest price from many sellers here in my country otherwise I just buy from the internet.

[cutesgirl]

In my country the users of bitcoin is very low compared to other countries. Slowly this is getting its importance through the young generation, and the country has been researching how to make each and every transaction visible to the government. This is completely impossible, and the same is making government keep on analyzing how to tax bitcoin users.

Many country only available using bitcoin as trading and investing assets, not possible using bitcoin as currency digital transaction payment and today bitcoin in my country still not must paying tax, bitcoin become illegal transaction currency payment and impossible can get tax from bitcoin transaction, I like bitcoin become illegal because we not have pay tax.

[darkangel11]

In Poland there is a 19% tax on profits made from selling, that includes buying goods or services, but it does not include cryptocurrency-to-cryptocurrency transfers. It used to be more complicated in the past.

I will just say that anyone who pays crypto tax in Croatia (currently and in the past) actually donates state money. And why do I say that? Well, because you have the ability to change crypto (in FIAT) to a certain value per transaction (1000 Euros - daily) without ID, and also to buy/sell gold with crypto in a same way. You also have physical and online stores that accept crypto, which is also a perfectly legal way to avoid paying taxes (or at least it can get you save some time on keeping FIFO records) but you still pay very high VAT.

To be clear, I'm not for tax avoidance - but if there are legal possibilities for me not to pay that tax, then, of course, I will use them while they are available to me.

That's all nice and fine until you want to buy real estate or a car, unless Croatia is different in this regard, which I doubt.

It's steal great that in most countries you can buy little things like gift cards without having to pay tax. The money you're saving this way will not be life changing but every small amount helps.
I have been taking advantage of the german law for a long time now. As long as you are able to prove that you held for more than a year you don't pay any income tax. It's also easy to withdraw small amounts like €1k even if you did not held for a year.

If you guys decide to buy a house tax free, maybe it would be a good idea to move somewhere else, get a residency for a year or two and come back with the money.
It won't be worth it for someone with 100k EUR but if you are ready to convert a million or more, your Polish tax is going to cost you almost 200k EUR. You can buy a nice house for 200k. Would you be willing to donate it to your government? I sure wouldn't.

[malevolent]

It's steal great that in most countries you can buy little things like gift cards without having to pay tax. The money you're saving this way will not be life changing but every small amount helps.
I have been taking advantage of the german law for a long time now. As long as you are able to prove that you held for more than a year you don't pay any income tax. It's also easy to withdraw small amounts like €1k even if you did not held for a year.

If you guys decide to buy a house tax free, maybe it would be a good idea to move somewhere else, get a residency for a year or two and come back with the money.
It won't be worth it for someone with 100k EUR but if you are ready to convert a million or more, your Polish tax is going to cost you almost 200k EUR. You can buy a nice house for 200k. Would you be willing to donate it to your government? I sure wouldn't.

I'm not sure if that would work for bitcoins acquired before moving abroad.

And higher costs of living abroad while leading similar lifestyle would have to be subtracted from 190k not that one still wouldn't save a lot of money if it was possible.

[Free1bitco.in]

unfortunately, so far my country has not imposed a tax on cryptocurrency assets because even though this is a digital investment, the government is not involved in it. In fact, the government only emphasizes that all losses that occur have nothing to do with them because they think that it is a risky investment because of the fluctuation.

although there is no tax in this case. the government still allows the use of bitcoin, or another cryptocurrency as an investment, and other reasons why my country does not take taxes with crypto because the government is aware that not many people use crypto in the country I live in.