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Author Topic: If I sell my bitcoins do I have to pay vat on them ?  (Read 6136 times)
samcrypto
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November 10, 2017, 12:03:37 AM
#41

VAT is usually paid when you buy things isnt it? I mean its an indirect tax and its incorporated into the price...  Tongue

Yeah right, but in my personal experience when i converted my btc into fiat money, I am not paying any taxes aside from the fees that my wallet implemented. I think the company of my wallet those are the one paying taxes through my fees.

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Rajamuda
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November 10, 2017, 06:45:56 AM
#42

On me personally, I pay for it. When I want to selling bitcoin that I will selling it, on the web site that I use already available pieces for the vat, so after sold to the regular currency.. it's has includes vat piece. I consider this as a tax or obligation to be paid, and it's indeed fair to do. I use "Triv" web site.

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November 10, 2017, 07:51:25 AM
#43

If i sell my bitcoins to a site like coinbase at the end of the year do I need to declare that sale to the vat department and pay the 20% on what i received from coinbase ?
No there is no taxed imposed on that only need to pay is transaction fees. I am from Philippines and i am actively selling my bitcoin because i always need money to buy milk of my kids, also my salary is not enough to sustain our expenses but all of my cash out is only transaction fee is really need it.
I do not think if in other country which bitcoin is already adopted by their government is they already imposed tax in every income of everybody.

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carlfebz2
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November 10, 2017, 08:54:23 AM
#44

VAT is usually paid when you buy things isnt it? I mean its an indirect tax and its incorporated into the price...  Tongue

Yeah right, but in my personal experience when i converted my btc into fiat money, I am not paying any taxes aside from the fees that my wallet implemented. I think the company of my wallet those are the one paying taxes through my fees.
Same here on my side on where my local exchange wallet provider doesn't charge or get any taxes from its users aside on the network fee which means you can totally evade taxes if you do really like to since its still not regulated here or have a low regarding on imposing taxes on those bitcoin or altcoin earners. We do know that possibilities of big income do exist here on bitcoin. Its up to you if you are still willing to pay up taxes or not.



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christian07
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November 12, 2017, 06:30:28 PM
#45

No its free but in the future i think they will govern bitcoin then if that's happen i think they will add tax here because the earnings here is like in real life so i think we need that.There's a lot of conveniece that bitcoin brings so a little tax is ok if question me in that kinds of situation like adding tax here

Qartersa
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November 13, 2017, 06:48:31 AM
#46

No its free but in the future i think they will govern bitcoin then if that's happen i think they will add tax here because the earnings here is like in real life so i think we need that.There's a lot of conveniece that bitcoin brings so a little tax is ok if question me in that kinds of situation like adding tax here

I think your question is highly subjective and is entirely dependent on your governments officials. Should they elect to acknowledge Bitcoin and the earnings that people get from it, I think they have good reasons to tax it. Otherwise, they will be estopped from taxing it because you cannot tax something you do not even acknowledge in the first place.

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Lieldoryn
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November 13, 2017, 11:47:28 AM
#47

Pays VAT only businesses. If you are an individual that when selling bitcoin you only pay income tax. Unfortunately most likely you will not be able to prove that you have spent a certain amount of money to purchase bitcoins. You will have to pay tax on the whole amount which goes to your account.

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