Binance Tax Reporting

[aria.newman]

Is there someone from Kazakhstan, I can't find information about taxation in this country. I only found this article https://cryptogeek.info/en/blog/binance-tax-reporting, but here is information about other countries. Who can help?

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[joniboini]

Why don't you try to ask your local tax manager or legal practicer? That should reduce the chance of misinformation and you can easily ask them more without being limited by text communication.

I don't know how tax management works in your country but here each person has one 'manager' that helps taxpayers fill their taxes, calculate their payment, etc. If there's something like that in your country, you don't need to ask some stranger on the internet. That being said, you can also ask on other forums that are focused more on tax and finance.

[semobo]

I made google search about the Kazakstan cryptocurrency taxation system, but I don't find still they passed the proposed bill from 2019, so all your trading earnings will come under the personal income tax rate and also there is no tax for crypto to crypto trades, so you have to report only when you cash out into fiat.

[BIN-BIN]

I guess such tax information is not available online at the moment as I searched Kazakhstan; I know for sure that such information will be available with future legislation tax.

[Potato Chips]

I made google search about the Kazakstan cryptocurrency taxation system, but I don't find still they passed the proposed bill from 2019, so all your trading earnings will come under the personal income tax rate and also there is no tax for crypto to crypto trades, so you have to report only when you cash out into fiat.

Any source they have passed it? Cause I could only find this: Kazakhstan will only tax cryptos once they are sold for fiat, that has a misleading headline as it's actually about the bill under review which means it isn't effective yet.

If I were you op, I'd follow joniboini's advice and get a tax consultant even if you have to pay for it. Taxes can be mind boggling and one mistake could lead to penalties in which you'll be paying more.

Side note: I suggest doing these to get a better set of answers
1. Move this to Legal
2. Change the thread title to something like Taxation in Kazakhstan

[semobo]

I made google search about the Kazakstan cryptocurrency taxation system, but I don't find still they passed the proposed bill from 2019, so all your trading earnings will come under the personal income tax rate and also there is no tax for crypto to crypto trades, so you have to report only when you cash out into fiat.

Any source they have passed it? Cause I could only find this: Kazakhstan will only tax cryptos once they are sold for fiat, that has a misleading headline as it's actually about the bill under review which means it isn't effective yet.

If I were you op, I'd follow joniboini's advice and get a tax consultant even if you have to pay for it. Taxes can be mind boggling and one mistake could lead to penalties in which you'll be paying more.

Side note: I suggest doing these to get a better set of answers
1. Move this to Legal
2. Change the thread title to something like Taxation in Kazakhstan

Still, it doesn't become a law until that is why I am assuming only fiat earnings will be taxed which is will come under the income tax and almost all the countries where the cryptos are yet to be regulated follow this kind of tax reporting.

[OgNasty]

Why don't you try to ask your local tax manager or legal practicer? That should reduce the chance of misinformation and you can easily ask them more without being limited by text communication.

Crypto is pretty new and a lot of tax managers don't fully understand it yet.  I think that you should probably do your own research and educate yourself first, so that you can confirm your findings with a tax professional and make sure that you are both on the same page. 

Blindly going to a tax manager about a complex new issue might result in them being overly cautious and costing you money.  I think walking into a tax office and telling them you need help with your taxes without already having an idea what you should owe is a little like asking a barber if you need a haircut. 

[Stedsm]

Is there someone from Kazakhstan, I can't find information about taxation in this country. I only found this article https://cryptogeek.info/en/blog/binance-tax-reporting, but here is information about other countries. Who can help?

I live also in third world country and I don't have to submit any tax report for now... Tho I don't have much money in crypto.

You must keep all your information handy because if you get raided (for nothing) just because you were on higher authorities' radar, you must have your details available that where you've sold and how much you've received and from where. I mean, nowadays anything can happen and when these guys are trying to make the situation worse by shaking off the markets, it's better to have all your transactions' details available with you. And remember, if your total income from crypto crosses any amount that attracts tax according to your tax slab, I believe you're bound to pay it just because you're (then) withdrawing it in fiat (your local currency).

[TheGreatPython]

Is there someone from Kazakhstan, I can't find information about taxation in this country. I only found this article https://cryptogeek.info/en/blog/binance-tax-reporting, but here is information about other countries. Who can help?

I do not think anyone will be able to answer that question for you here, except for people who are living in the same country as you. Why not ask around, I believe there are people around you, especially friends, who are into crypto trading as well. So, they can help you understand how taxing works for those in Kazakhstan.

Or maybe you should follow the regular tax method. People living in other countries won’t be au fait with Kazakhstan’s taxing system for cryptocurrency.

[Bitum]

in your place, I wouldn't worry about it at all. I am sure that Kazachastan will not make an inquiry to binance about this. The country has not progressed that far. I was born in Kazakhstan, but I live somewhere else. In the country, crypto has not yet been determined and is in the gray zone

[teosanru]

Is there someone from Kazakhstan, I can't find information about taxation in this country. I only found this article https://cryptogeek.info/en/blog/binance-tax-reporting, but here is information about other countries. Who can help?

See Generally there is one single notion in all the countries regarding taxation on bitcoin, except for El Salvador, all the countries either treat it as a financial asset or have no law or status regarding it. In the latter situation too, it would be treated as a financial asset only. For all the financial assets there is generally a unanimous approach on taxation, countries have two types of capital assets, short term and long term based on tenure which vary from country to country and depend on your period of holding it. So check for the tenure in your country. After that second main thing is the tax rate on it. Every country has a different tax rate for capital assets, find the tax rate applicable in your country. In very layman terms, I will suggest you just treat them like you treat shares of any company in your country. Cryptos will generally have same kind of taxation.

[hugeblack]

It is wrong to ask or take advice about taxes in a multilingual forum from non-specialists.
As a general advice, countries that have not passed legislation on Bitcoin are classified as a commodity and are subject to capital gains when they are liquidated into paper money, so they will impose a tax on you when you convert them to cash and generate income.

Otherwise, its trading and the trading of altcoins are not subject to taxes unless there is a relevant law.