SnakePlisken (OP)
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April 19, 2014, 02:34:26 PM |
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I only know of Denmark and Germany but only if you have held them for more than a year I believe.
Does anyone know of any others?
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Sindelar1938
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April 19, 2014, 03:40:11 PM |
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Germany for sure, my jurisdiction as well so love it ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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SnakePlisken (OP)
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April 19, 2014, 04:06:13 PM |
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Germany for sure, my jurisdiction as well so love it ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) Is it true that you just need to hold them for 1 year or is it longer?
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bryant.coleman
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April 20, 2014, 08:17:35 AM |
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Both Dominica and St Kitts (Island nations in the Caribbean) don't have any tax on profit (i.e Capital gains) from Bitcoin sales. This include both long-term and short-term capital gains. Also, if you receive Bitcoin as income, it is tax-free.
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anasazi
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April 20, 2014, 02:41:56 PM |
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what about mining? also, would it be possible to mine in country A which taxes mining profits and later relocate to country B which doesn't, to cash out tax-free? looks to me like country A wouldn't like that, but how could they tell?
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Bharat
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April 21, 2014, 06:05:55 AM |
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what about mining? also, would it be possible to mine in country A which taxes mining profits and later relocate to country B which doesn't, to cash out tax-free? looks to me like country A wouldn't like that, but how could they tell?
how do they know you mined bitcoins ?
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for sale
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anasazi
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April 21, 2014, 10:08:40 AM |
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what about mining? also, would it be possible to mine in country A which taxes mining profits and later relocate to country B which doesn't, to cash out tax-free? looks to me like country A wouldn't like that, but how could they tell?
how do they know you mined bitcoins ? if you use them and there is an audit, you have to explain where you got your wealth from. so i wondered is there any use of tax-free countries when you're not already living there at the time you make that money?
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BitCoinDream
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April 21, 2014, 11:09:52 AM |
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I only know of Denmark and Germany but only if you have held them for more than a year I believe.
Does anyone know of any others?
AFAIK Bitcoin is not taxable in Mauritius too.
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ninjaboon
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May 01, 2014, 02:25:13 PM |
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no tax for bitcoins in Malaysia yet
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Shawshank
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May 03, 2014, 10:12:03 AM |
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As an EU citizen, I thought that my best option to minimize Bitcoin taxes if held for over one year, was moving to Bulgaria. They charge 10% as capital gains tax. Directly from the Bulgarian National Tax Office, in Bulgarian: http://www.nap.bg/news?id=1815Is it true and final that if I move to Germany I wouldn't pay any taxes for profits rendered on bitcoins if they were sold and held for over one year? I understand Germany does not charge capital gains tax in that case, but would they charge general income tax?
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alani123
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May 03, 2014, 10:15:13 AM |
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In Greece cryptocurrencies and Bitcoin have yet to be talked or mentioned in our parliament. There is no strict or popular law about e-currencies here so in no way one could say that it is illegal or should be taxed by law. In fact, there are plenty of local community currencies here that are perfectly legal. Now that I think of it we should let them know about bitcoin. ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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Pulpo
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May 03, 2014, 04:43:09 PM |
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In Spain there hasn't been any news related on bitcoin, and at least on my area of living, I and the friends to whom I talked about bitcoin, we are the few to know about that as far as I know, you can ask anyone from my village and most they can say is, is it related to computers? ![Huh](https://bitcointalk.org/Smileys/default/huh.gif)
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dscotese
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May 03, 2014, 06:46:02 PM |
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Aren't most tax laws related to property value, profits, or trades, regardless of the identity of the underlying property? In the US, there are sales taxes administered by states and cities, though according to http://www.dailyfinance.com/2013/05/05/the-5-states-with-no-sales-tax/, there are five states with no sales tax, and I'm pretty sure a large number of cities have no sales tax. Sales taxes apply to whatever one sells, bitcoin included, but sales tax enforcement is largely performed using the brick and mortar location where sales take place, meaning they aren't generally enforced against transient or occasional or sellers. There are also excise taxes in the US (the US income tax), and they apply to income derived from the exercise of federal privilege, whether that income is in the form of USD or anything else. There are lots of other kinds of taxes, but most are specific to particular kinds of property (alcohol, firearms, tobacco, etc.). So, for the most part, the US has no enforced taxes that apply to bitcoins, except for those who exercise some kind of federal-government-granted privilege to sell them. Unfortunately, most people in the US have been tricked into thinking they have to pay the income tax for simply exercising their right to earn a living. You can check out the legal research and evidence of their error, and learn how to avoid it yourself at www.losthorizons.com
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TrailingComet
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May 04, 2014, 12:56:41 PM |
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Germany takes the view that it's a quasi commodity so holding periods greater than 1 yera mean no cap gains tax
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Shawshank
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May 04, 2014, 05:46:47 PM |
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Germany takes the view that it's a quasi commodity so holding periods greater than 1 yera mean no cap gains tax
But, is that the same as "Germany charges no tax whatsoever on Bitcoin profits for periods greater than one year"?
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TrailingComet
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May 05, 2014, 08:43:33 AM |
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Yes, it is the same thing
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keithers
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May 05, 2014, 09:48:30 PM |
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I think basically any country that hasn't come out in the news and said "we are taxing bitcoin" is still safe from the tax man for the time being.
As stands, it looks like most of the first world countries are taxing BTC, whereas 2nd and 3rd world countries can still get away with having to declare BTC
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Massimo80
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May 05, 2014, 10:42:41 PM Last edit: May 06, 2014, 05:02:11 PM by Massimo80 |
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I'm quite sure nobody in the Italian government has ever heard of Bitcoins (or cryptocurrencies at all); for sure, nobody has either officially or unofficially said anything about them.
Profits from Bitcoin trading might be taxed as capital gains, but, this being Italy, nobody is ever quite sure what gets actually taxed, how and when...
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Agneslikesbits
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May 07, 2014, 10:19:54 AM |
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Bitcoin is quite tough in China since the beginning of 2014```
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ENEWIT
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May 08, 2014, 07:48:54 AM |
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I read that the Department of Taxation of Denmark stated that it will consider transactions with Bitcoin as a personal matter of citizens and won't tax results from such operations. At the same time, companies whose main activity is associated with cryptocurrencies will be taxed in the usual manner in accordance with the income and expenditure. So I wouldn't say that Denmark is a country with no Bitcoin taxes
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