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Author Topic: Bitcoin and tax in your countries  (Read 918 times)
Eugenar
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November 14, 2019, 12:43:33 AM
 #81

In my country, one thing I've noticed when buying bitcoin especially from the convenience store is that, if I buy 0.00022BTC, the local exchange is not taxing my transactions through the 7/11, but if it exceeds in that price, I am paying the tax, so what I am doing is cashing in bitcoin with 0.00022BTC to multiple conveniences store so I can save more money and skip the tax. Though, if there is a lot of customers, it is quite embarrassing if If I cash-in to the same convenience store.
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July 10, 2020, 08:55:24 PM
Last edit: July 13, 2020, 07:08:05 PM by flexomob
 #82

In my country, there are no taxes for crypto too. I think as long as it's not an official currency that's ok. I wonder if cryptocurrency becomes legal in all the countries if it will be possible to use itemized deductions to lower the taxable income. Accountant and crypto trader thoughts. I already do this when it comes to my business and paying taxes, but crypto is different and I'm intrigued whether this will be possible or not. Well, as for me, we're not far from the disclosure, so we'll see in the near future.                                    
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July 11, 2020, 03:37:00 AM
 #83

Well in my country there is no taxation on bitcoin, and bitcoin hasn't been legalized and also there is no restriction of crypto in my country, so I think since it hasn't been legalized there wouldn't be intention of the government applying tax on bitcoin.
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July 11, 2020, 03:46:45 AM
 #84

Well in my country there is no taxation on bitcoin, and bitcoin hasn't been legalized and also there is no restriction of crypto in my country, so I think since it hasn't been legalized there wouldn't be intention of the government applying tax on bitcoin.

I thought at first that they didn't legalize Bitcoin in our country but they already did.

The best thing here is that they are not also taxing Bitcoin and other cryptocurrencies as well. But I guess if they required to tax Bitcoin I wouldn't be against that. In the other thread, our country SEC warned our people about scams so if this continues, they might either ban it so I'll just accept them taxing than banning it.

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July 11, 2020, 04:23:13 AM
 #85

In my country, the legality of bitcoin is hanging in a balance, the government does not care as long as they got our tax. The apps in my country does the tax deduction for the crypto that I have earned, most of the time they deduct it when we convert it into physical cash.

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July 11, 2020, 03:06:40 PM
 #86

Actually, it is not possible to cut fees if I send BTC from my wallet to another person's wallet. But I agree with you. if any government required to tax Bitcoin, I would welcome it.  because if we give them tax, they will not think about banning Bitcoin in future.  They will take better steps for our improvement, so that we will be beneficial more. so i think if government want to tax on Bitcoin, that will be good for us. At present the government of my country has no worries about Bitcoin. I hope in future they will be work about it.

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August 20, 2020, 12:42:04 PM
 #87

Here in the Philippines, there's no such law about imposing cryptocurrency taxation unless you declare it as income. The tax you are going to pay is the taxable income. The government is not strict on implementing taxation unless they found out that you earn from it.

Yeah, I think that as of now the government here in the Philippines do not recognize Bitcoin as a taxable goods but I think that they should start studying the bitcoin in order to cope up with other countries that statrting to recognize bitcoin. I think that in the near future bitcoin can help our country in order to minimize our debt and grow our economy.
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August 21, 2020, 01:28:01 PM
 #88

Here in the Philippines, there's no such law about imposing cryptocurrency taxation unless you declare it as income. The tax you are going to pay is the taxable income. The government is not strict on implementing taxation unless they found out that you earn from it.

Yeah, I think that as of now the government here in the Philippines do not recognize Bitcoin as a taxable goods but I think that they should start studying the bitcoin in order to cope up with other countries that statrting to recognize bitcoin. I think that in the near future bitcoin can help our country in order to minimize our debt and grow our economy.
Only if people are honest with their tax records and paying everything as per the policies but I doubt everyone will do that, most of them going to hide their income if it is not earned as salary from a professional job even signature earnings should be reported towards your income but how many of you does that?

javainn
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August 21, 2020, 01:41:30 PM
 #89

my country does not impose any taxes on bitcoin.
our country only imposes a ban on direct transactions using bitcoin "for example: buying coffee with bitcoin" is prohibited.
but if you only trade bitcoin it is not prohibited and not taxed.
this is a story about taxes in my country

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September 14, 2020, 06:00:23 AM
 #90

<snip>
Eh? Is it necessary to report even our salaries on signature campaigns? I doubt that. We don't need to pay taxes for our bitcoin holdings or even for payments that we are getting from campaigns.
Because there is no law regarding bitcoin taxiation in our country, no need to comply for that now. I'm not into crypto taxiation, but it's fine by me if it will be implemented in the future.

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Daniel91
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September 14, 2020, 06:00:51 AM
 #91

In my country,  Croatia,  we have to pay taxes on crypto earnings in the moment when we exchange our crypto funds to fiat.
Tax is only 12 % but if we have kept crypto funds in our wallet for at least 2 years, and we can prove it,  we are exempt from paying taxes.
It's very fair rule.

Cryptoreflector_666
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September 14, 2020, 07:18:38 AM
 #92

In my country,  Croatia,  we have to pay taxes on crypto earnings in the moment when we exchange our crypto funds to fiat.
Tax is only 12 % but if we have kept crypto funds in our wallet for at least 2 years, and we can prove it,  we are exempt from paying taxes.
It's very fair rule.

And what explains the point that if you store more than two years of cryptocurrency in your wallet, you are exempt from taxation? Are there any limits on money withdrawal? So you can put a few million dollars in your wallet and wait a few years, and then withdraw them without interest and everything will be fine. The scheme is too suspiciously simple.

Chrystora123
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September 14, 2020, 07:49:29 AM
 #93

for every cryptocurrency transaction in my country that is still not taxed, my country is still in (gray) setting rules for cryptocurrency holders..  In 2017 there was an issue that Bitcoin would be banned in my country but until now this strict rule has never been enforced at all on the grounds that they still want to learn about the benefits of cryptocurrency in the future..

Anna138
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September 14, 2020, 07:57:05 AM
 #94

for every cryptocurrency transaction in my country that is still not taxed, my country is still in (gray) setting rules for cryptocurrency holders..  In 2017 there was an issue that Bitcoin would be banned in my country but until now this strict rule has never been enforced at all on the grounds that they still want to learn about the benefits of cryptocurrency in the future..

What country are you from? Probably from Austria, since we have a similar situation with bitcoin. The majority of the country's population successfully uses all the privileges of bitcoin, but this is not legally stipulated yet. Perhaps in the near future, the government will somehow settle bitcoin officially, but there are no prerequisites for this yet.

Daniel91
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September 14, 2020, 06:00:53 PM
 #95

In my country,  Croatia,  we have to pay taxes on crypto earnings in the moment when we exchange our crypto funds to fiat.
Tax is only 12 % but if we have kept crypto funds in our wallet for at least 2 years, and we can prove it,  we are exempt from paying taxes.
It's very fair rule.

And what explains the point that if you store more than two years of cryptocurrency in your wallet, you are exempt from taxation? Are there any limits on money withdrawal? So you can put a few million dollars in your wallet and wait a few years, and then withdraw them without interest and everything will be fine. The scheme is too suspiciously simple.

Of course, I’m not a tax expert but from what I understand, the tax office views bitcoin as a type of investment, similar to investing in stocks.
In fact, the tax office views it as a risky investment and applies the same rule as investing in stocks and that is a tax exemption if certain legal conditions are met.
The money you invest in bitcoin or crypto must first come from some other source, another income that has already been taxed, right?

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September 15, 2020, 04:39:42 AM
 #96

<snip>
Eh? Is it necessary to report even our salaries on signature campaigns? I doubt that. We don't need to pay taxes for our bitcoin holdings or even for payments that we are getting from campaigns.
Because there is no law regarding bitcoin taxiation in our country, no need to comply for that now. I'm not into crypto taxiation, but it's fine by me if it will be implemented in the future.
Yes it is necessary to report your signature campaign earning as well into your tax report even if cryptos are not regulated in your country.Because it will be added into your income tax and if all of your earnings exceeds your country's limit then you are liable to pay your taxes.

Daniel91
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September 15, 2020, 05:59:52 AM
 #97

<snip>
Eh? Is it necessary to report even our salaries on signature campaigns? I doubt that. We don't need to pay taxes for our bitcoin holdings or even for payments that we are getting from campaigns.
Because there is no law regarding bitcoin taxiation in our country, no need to comply for that now. I'm not into crypto taxiation, but it's fine by me if it will be implemented in the future.
Yes it is necessary to report your signature campaign earning as well into your tax report even if cryptos are not regulated in your country.Because it will be added into your income tax and if all of your earnings exceeds your country's limit then you are liable to pay your taxes.

I don't think so.
As I understand,  I only need to report my crypto earnings to the tax office when I exchange my crypto funds to fiat,  not before.
Of course,  other countries can have different rules.

Findingnemo
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September 15, 2020, 06:03:12 AM
 #98

<snip>
Eh? Is it necessary to report even our salaries on signature campaigns? I doubt that. We don't need to pay taxes for our bitcoin holdings or even for payments that we are getting from campaigns.
Because there is no law regarding bitcoin taxiation in our country, no need to comply for that now. I'm not into crypto taxiation, but it's fine by me if it will be implemented in the future.
Yes it is necessary to report your signature campaign earning as well into your tax report even if cryptos are not regulated in your country.Because it will be added into your income tax and if all of your earnings exceeds your country's limit then you are liable to pay your taxes.

I don't think so.
As I understand,  I only need to report my crypto earnings to the tax office when I exchange my crypto funds to fiat,  not before.
Of course,  other countries can have different rules.
If you are going to keep the earnings in the form of bitcoin forever then there is no need to report it if your country has no regulations regarding cryptos but when you are going to convert all at once into fiat after a long time then you will be having problems regarding the source of that income and also taxes will be high if you increase a lot at once, but its but its un to you whether you want to report it time to time or all at once.

shoreno
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September 15, 2020, 06:28:20 AM
 #99

for every cryptocurrency transaction in my country that is still not taxed, my country is still in (gray) setting rules for cryptocurrency holders..  In 2017 there was an issue that Bitcoin would be banned in my country but until now this strict rule has never been enforced at all on the grounds that they still want to learn about the benefits of cryptocurrency in the future..

What country are you from? Probably from Austria, since we have a similar situation with bitcoin. The majority of the country's population successfully uses all the privileges of bitcoin, but this is not legally stipulated yet. Perhaps in the near future, the government will somehow settle bitcoin officially, but there are no prerequisites for this yet.
Situation like that are verry common to many countries not just on Austria where btc is planned to be banned before  but in the long run the plan has been forgotten . maybe because they starting to like btc  or there are other reasons behind the continuation of using a btc to those countries . you said btc is still legal on your country so why not enjoy using it while it last and stop or forget about stressing your self for a while because the more you think of it the more itl only make you paranoid   .

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September 15, 2020, 08:28:01 AM
 #100

I'm glad that my country is already accepting the use of bitcoin.

My country developed the use of the coins.ph which is a wallet that supports the use of the bitcoin., ethereum, ripple, and bitcoin cash.

Also, you can pay the bills with the use of this wallet

In terms of transaction fees or taxes, it is less than three dollars. Also, they have three options those are my estimation sometimes it depends on the market movement of the coin too.
1. 0.5$~
2.1.5$~
3.2.5$~

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