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ShetKid

sr. member

Activity: 392

Merit: 250

Quote from: Curious8 on November 06, 2015, 07:18:52 PM

Hi

If someone get into his bank account huge amounts every month from bitcoin, He doesn't pay tax and dont have a company in the country
he could be taken to Tax investigation ? Money laundering investigation ? Do banks report income from bitcoin ?

Yes always the case. Unless you can set up an NGO in your name and claim to be accepting money for that through bitcoin. But getting an approval for that will probably be super hard.

Spoetnik

legendary

Activity: 1540

Merit: 1011

FUD Philanthropist™

Quote from: Curious8 on November 06, 2015, 07:18:52 PM

Hi

If someone get into his bank account huge amounts every month from bitcoin, He doesn't pay tax and dont have a company in the country
he could be taken to Tax investigation ? Money laundering investigation ? Do banks report income from bitcoin ?

yup..

Two guys met through Localbitcoins in Florida way back and were nabbed by the FBI.
they traded 30k worth of Bitcoin which is well over the limit.
They were arrested in a parking lot by the FBI.

RustyNomad

sr. member

Activity: 336

Merit: 251

I think you should go see an accountant.

Yes banks do report deposits to the authorities when it goes over a certain amount. This is the case in most countries. It does not matter whether these deposits come from bitcoin and or another source, it's about the size of the deposit.

If the bank account is held in another country, as it seems from your question, then that bank account will be subject to the rules and regulation of that country. The deposits, as mentioned, would most probably be reported if over a certain size. In regards to tax, that will depend on that specific country. Each country have different tax laws. With some everything is taxable to some extend while with others only funds generated within that country is taxable etc...

Its difficult to say what your tax position will be without more information but I'm almost 100% that you will have to file some form of income and or tax report within that country even if no taxes are payable. So best to see an accountant in that specific country and or one who are familiar with the tax rules and regulations of the country where the account is held.

Curious8

full member

Activity: 215

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