Gloria_16
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October 23, 2017, 05:35:50 PM |
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For the time being there is not, although it depends on the country of residence, so far the crypto currency is not regulated, I hope it will not be ...
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"I'm sure that in 20 years there will either be very large transaction volume or no volume." -- Satoshi
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GeorgiyBilyk
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Activity: 378
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October 23, 2017, 06:02:38 PM |
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Anyway! By increasing the value of bitcoin, there is an increase in profits! Accordingly, it is considered as additional income! Appropriately need to pay income tax!
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Igrylechka
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October 23, 2017, 06:28:22 PM |
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As soon as You request transactions with bitcoins You find yourself under close control by both the tax service and Federal financial monitoring service. The current legislation in force that does not define the status of crypto-currencies until provides for tax control system at a profit from them. In that case, if You are transferring them into rubles and legalsuite in Russia, You will need with the amount received to calculate and pay personal income tax, the main difficulty here will be to indicate the origin of the income.
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qwertyup23
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October 24, 2017, 12:07:34 AM |
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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 ?
The VAT system only works if you buy something from a retailer or a shop, a product or a service using bitcoins. Due to bitcoin's decentralized nature, not even the government can regulate it, thus imposing tax would be impossible. Personally, there is no need for you to declare any VAT since it did not involve any transaction to a third party using bitcoins as a payment. Though it may be a case-to-case basis depending on your country, but I think it is not needed. |
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Emmami@758
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October 24, 2017, 05:43:15 AM |
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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 ?
where are you living actually tax completely depends on that country rules and regulations so you have to keep hold you are bit coin in a wallet. then after try to sell it. but it is depends on country tax only. in my country i have to pay tax really it is very high in my country. if suppose how much your bit coin price like it's price high then you have to pay high tax your bit coin price is low then you have to pay low tax. so tax depends on your earning. |
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Immakillya
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October 24, 2017, 07:41:31 AM |
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If they require you to pay for tax, then pay. You can't oppose them since it a law and you need to comply with their law. But for as long as they are not requiring you to pay, then you are not obliged to do so. Youre fine. Some countries requires declaration of assets. But only public servants are obliged to do this, not citizens. Unless you did something bad like involvement in a corruption. Anyway, government will soon impose taxes to every users who trades bitcoin. That's for sure. So enjoy Bitcoin while it's tax free. There's no law yet created for taxation of bitcoin. Also once you sold your Bitcoin to fiat. You already paid you tax which the exchange get for every bitcoin you sold. Now, exchange will use it to pay tax.
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Jovovich
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October 24, 2017, 10:17:13 AM |
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If they require you to pay for tax, then pay. You can't oppose them since it a law and you need to comply with their law. But for as long as they are not requiring you to pay, then you are not obliged to do so. Youre fine. Some countries requires declaration of assets. But only public servants are obliged to do this, not citizens. Unless you did something bad like involvement in a corruption. Anyway, government will soon impose taxes to every users who trades bitcoin. That's for sure. So enjoy Bitcoin while it's tax free. There's no law yet created for taxation of bitcoin. Also once you sold your Bitcoin to fiat. You already paid you tax which the exchange get for every bitcoin you sold. Now, exchange will use it to pay tax.
Depending on how the country you are trading on how they view bitcoin. Because their are countries that doesnt really accept bitcoin as any asset but still allows trading. Although i am not sure op is pertaining to vat on exchange sites but if it is transfering from wallet to wallet, i think it is just the fee that is to be paid, but if trying to convert to fiat, then it really has taxes especially if it is to be deemed as a form of income. |
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Lieldoryn
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October 24, 2017, 11:30:35 AM |
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VAT paying legal entity. Also the VAT you pay in the event that buy goods abroad and import it to his country. Bitcoin trading has nothing to do with this tax are irrelevant. You have to pay only income tax and then only if you are changing the bitcoins to Fiat.
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Dreamchaser21
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October 24, 2017, 12:24:52 PM |
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VAT is usually paid when you buy things isnt it? I mean its an indirect tax and its incorporated into the price...  You are right, well if you sold your bitcoin on some exchanges you will not pay any taxes all you have to settle is the fee that the exchanges have. Bitcoin is decentralized and i think there is no tax applicable on it maybe aside from the fees. |
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warrior333
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October 24, 2017, 07:08:42 PM |
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VAT is usually paid when you buy things isnt it? I mean its an indirect tax and its incorporated into the price... You are right, well if you sold your bitcoin on some exchanges you will not pay any taxes all you have to settle is the fee that the exchanges have. Bitcoin is decentralized and i think there is no tax applicable on it maybe aside from the fees. You are not right. As soon as the user will get Fiat on your Bank card it will be income and hence the government will have a claim if you do not pay for it with taxes. Of course VAT to pay on income not need. It is a tax on producers which they passed on to the buyer. In some countries, the government does not control small income to the account so maybe you do not have to pay anything. |
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franco123
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October 30, 2017, 02:34:21 AM |
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In my country the payment of VAT is transferrable. And you only need to file or pay for it if you are registered as a VAT business or self employed person. And then to transfer your purchases with VAT, you only need to keep the receipts and declare it as purchases regarding your business transactions.
What you need to pay, if you are really honest because it is hard to trace the government, is the personal income tax. This is every year and you declare it on your own.
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xFiber
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October 30, 2017, 11:07:16 AM |
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In my country the rules are still quite unclear but right now the origin of your bitcoins is pretty important. If you bought bitcoin in 2014 and held untill now you don't have to pay taxes at all but if you actively traded in the meanwhile you have to pay quite a lot (33.3%). For the time being I'm not interested in cashing out, I hope over the course of the next few years rules will become more clear. But ideally I wouldn't want to cash my bitcoins out at all.
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Palmerson
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Live cams shows pimped with cryptocurrency
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October 30, 2017, 12:49:21 PM |
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In my country the rules are still quite unclear but right now the origin of your bitcoins is pretty important. If you bought bitcoin in 2014 and held untill now you don't have to pay taxes at all but if you actively traded in the meanwhile you have to pay quite a lot (33.3%). For the time being I'm not interested in cashing out, I hope over the course of the next few years rules will become more clear. But ideally I wouldn't want to cash my bitcoins out at all.
You are right. That's why the news that Amazon will accept payment in bitcoins blew up the Internet. All the people are waiting for this. The first to make a trading platform with a wide range of products and the ability to pay with bitcoin will hit a big jackpot. It seems to me that this is not Amazon. Dealers are losing large income. I hope soon that niche will be filled. |
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zeze18
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October 30, 2017, 02:49:49 PM |
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VAT is usually paid when you buy things isnt it? I mean its an indirect tax and its incorporated into the price... You are right, well if you sold your bitcoin on some exchanges you will not pay any taxes all you have to settle is the fee that the exchanges have. Bitcoin is decentralized and i think there is no tax applicable on it maybe aside from the fees. You are not right. As soon as the user will get Fiat on your Bank card it will be income and hence the government will have a claim if you do not pay for it with taxes. Of course VAT to pay on income not need. It is a tax on producers which they passed on to the buyer. In some countries, the government does not control small income to the account so maybe you do not have to pay anything. In every country must have different rules about payment of income tax in this case bitcoin, maybe in my country there is no binding regulation for it so far I only charge for the payment of forex transactions either from bitcoin to fiat or vice versa. This may be because the legality of bitcoin is not yet official in my country so there are no binding rules about taxes from bitcoin. |
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migolmigol
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October 31, 2017, 09:11:49 PM |
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In the case of my country, you only pay VAT when you are registered as a self-employed or a business owner that is registered for VAT. And with that, if you are not registered as VAT, what you need to pay is the personal income tax which is usually filed and paid once a year. But if you are VAT registered, the filing must be done both monthly and quarterly. This is the case in the Philippines.
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ishinn99
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BitHostCoin.io
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November 01, 2017, 06:50:42 AM |
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In the case of my country, you only pay VAT when you are registered as a self-employed or a business owner that is registered for VAT. And with that, if you are not registered as VAT, what you need to pay is the personal income tax which is usually filed and paid once a year. But if you are VAT registered, the filing must be done both monthly and quarterly. This is the case in the Philippines.
There are different kinds of VAT, most of it were added in our foods and clothes. There are vat that deducted from our salary and there also vat in paying services. So VAT is everywhere. Though bitcoin dont have direct vat, still there is the transactions fees we're paying. |
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katulus
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November 01, 2017, 08:09:30 AM |
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I dont think you need to pay anything. In fact, you can have it all stay online and just use xapo or bitpay cards to use your crypto for your everyday expenses.
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pxo.011
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November 01, 2017, 10:17:16 AM |
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SureLockLoans
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November 01, 2017, 06:42:19 PM |
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If you are operating as a business and are a registered business which you should be if you are investing over a certain amount every year then you are required to pay vat.
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samcrypto
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Vave.com - Crypto Casino
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November 10, 2017, 12:03:37 AM |
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VAT is usually paid when you buy things isnt it? I mean its an indirect tax and its incorporated into the price... 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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