Topic: Are your Bank transactions taxed VAT per transaction? (Read 279 times)
Yes, by law banks add VAT even to their transactions and it really sucks. I'm feeling like a tax cow - the Government is taking 42% of my income in form of social, health and a bunch of other taxes... and then I'm paying VAT of everything else. This is like 65% tax duty on everything from our daily live and let's hope that crypto will change something to better direction.
I witness various taxation within certain processes, not every time. The fact that I was living in the country I was living in is not taxed at all, even if I think it was taxed even if I was not taxed. As I mentioned in the first sentence for personal uses, I make certain tax payments in certain periods.
Yes sometimes, but it will depend on the transactions. I think they are making a lof of money for all the fees and the sad thing is that, they charge you if withdraw money from other location but your dealing with the same bank, I think they called it interbranch and its so annoying.
Banks have gotten out of hand with their fees. Some banks were even charging fees if you didn't hold a certain balance in your account, imagine poor people being taken advantage of more than the rich. I think it is also crazy to be hit with a $40 overdraw fee when only going $1 in the negative.
no , in my country the Bank tax are payed every month and it cut on own capital , but if i transfer to other bank (different bank ) it will get transactions tax
The rate at which bank take my money in the name of transactions fee and VAT is extremely too high, I was thinking is it peculiar to only my country or my bank. The charge is very high in my domiciliary account.
Yes sometimes, but it will depend on the transactions. I think they are making a lof of money for all the fees and the sad thing is that, they charge you if withdraw money from other location but your dealing with the same bank, I think they called it interbranch and its so annoying.
The Banks in my country adds VAT to their Banking fees for every transaction you make. So I am not just paying the Banks to use my own money, I am paying the government too for the same transaction.
Yes, some Banks give you a small amount of transactions for free (Depending on the type of account), but once that limit is exceeded, you start to pay Banking fees for every transaction.
So Banks and Governments are making millions on fees that we have to pay, to use our own money!
Is this not one of the reasons why governments wants to stop Bitcoin and also the leverage Banks have over governments, if they lose the VAT on those transactions?
Please share your information on the way that governments and Banks are charging you to use your own money. How much is your VAT on those transactions and if you know that VAT is being paid as part of your fees?
Yes, some Banks give you a small amount of transactions for free (Depending on the type of account), but once that limit is exceeded, you start to pay Banking fees for every transaction.
So Banks and Governments are making millions on fees that we have to pay, to use our own money!
Is this not one of the reasons why governments wants to stop Bitcoin and also the leverage Banks have over governments, if they lose the VAT on those transactions?
Please share your information on the way that governments and Banks are charging you to use your own money. How much is your VAT on those transactions and if you know that VAT is being paid as part of your fees?
I sometimes withdraw my coins with the help of banks and ive never experienced them adding vat or getting tax on it. Its like the usual bank to bank withdrawal with cryptocurrency as a special toppings. Actually, im not aware that some countries have issues on that.
I didn't paid any VAT tax for my transactions or maybe I am paying it without knowingly.Why should we pay taxes to use our money? 
This can be one of the reason as well why government and bank opposing the decentralized payment system but they can't do anything until we are using it while don't care about the prices.
This can be one of the reason as well why government and bank opposing the decentralized payment system but they can't do anything until we are using it while don't care about the prices.
In many instances Banks do not give you a detailed break down of the fees that you are paying, so most people only spot it when they draw a detailed report from their Bank account. You will not see it, if you just draw a mini statement at a ATM for instance.
Dig a little deeper and you will find the hidden cost and the VAT that are charged on your account. Banks will go out of their way to confuse people into paying more for transactions.
It is still your money, so why do you have to pay them loads of fees to pay for Sport advertisements and sponsoring of these events?
The Banks in my country adds VAT to their Banking fees for every transaction you make. So I am not just paying the Banks to use my own money, I am paying the government too for the same transaction.
Yes, some Banks give you a small amount of transactions for free (Depending on the type of account), but once that limit is exceeded, you start to pay Banking fees for every transaction.
So Banks and Governments are making millions on fees that we have to pay, to use our own money!
Is this not one of the reasons why governments wants to stop Bitcoin and also the leverage Banks have over governments, if they lose the VAT on those transactions?
Please share your information on the way that governments and Banks are charging you to use your own money. How much is your VAT on those transactions and if you know that VAT is being paid as part of your fees?
Yes, some Banks give you a small amount of transactions for free (Depending on the type of account), but once that limit is exceeded, you start to pay Banking fees for every transaction.
So Banks and Governments are making millions on fees that we have to pay, to use our own money!
Is this not one of the reasons why governments wants to stop Bitcoin and also the leverage Banks have over governments, if they lose the VAT on those transactions?
Please share your information on the way that governments and Banks are charging you to use your own money. How much is your VAT on those transactions and if you know that VAT is being paid as part of your fees?
Government attach VAT on goods selling. Banks should not put taxes on transfer account for example. Government put taxes on goods and service, not on banks service. But banks allowed to collect administration fee but its not taxes.
The Banks in my country adds VAT to their Banking fees for every transaction you make. So I am not just paying the Banks to use my own money, I am paying the government too for the same transaction.
Yes, some Banks give you a small amount of transactions for free (Depending on the type of account), but once that limit is exceeded, you start to pay Banking fees for every transaction.
So Banks and Governments are making millions on fees that we have to pay, to use our own money!
Is this not one of the reasons why governments wants to stop Bitcoin and also the leverage Banks have over governments, if they lose the VAT on those transactions?
Please share your information on the way that governments and Banks are charging you to use your own money. How much is your VAT on those transactions and if you know that VAT is being paid as part of your fees?
Yes, some Banks give you a small amount of transactions for free (Depending on the type of account), but once that limit is exceeded, you start to pay Banking fees for every transaction.
So Banks and Governments are making millions on fees that we have to pay, to use our own money!
Is this not one of the reasons why governments wants to stop Bitcoin and also the leverage Banks have over governments, if they lose the VAT on those transactions?
Please share your information on the way that governments and Banks are charging you to use your own money. How much is your VAT on those transactions and if you know that VAT is being paid as part of your fees?
Government attach VAT on goods selling. Banks should not put taxes on transfer account for example. Government put taxes on goods and service, not on banks service. But banks allowed to collect administration fee but its not taxes.
The Banks in my country adds VAT to their Banking fees for every transaction you make. So I am not just paying the Banks to use my own money, I am paying the government too for the same transaction.
Yes, some Banks give you a small amount of transactions for free (Depending on the type of account), but once that limit is exceeded, you start to pay Banking fees for every transaction.
So Banks and Governments are making millions on fees that we have to pay, to use our own money!
Is this not one of the reasons why governments wants to stop Bitcoin and also the leverage Banks have over governments, if they lose the VAT on those transactions?
Please share your information on the way that governments and Banks are charging you to use your own money. How much is your VAT on those transactions and if you know that VAT is being paid as part of your fees?
Yes, some Banks give you a small amount of transactions for free (Depending on the type of account), but once that limit is exceeded, you start to pay Banking fees for every transaction.
So Banks and Governments are making millions on fees that we have to pay, to use our own money!
Is this not one of the reasons why governments wants to stop Bitcoin and also the leverage Banks have over governments, if they lose the VAT on those transactions?
Please share your information on the way that governments and Banks are charging you to use your own money. How much is your VAT on those transactions and if you know that VAT is being paid as part of your fees?
I'm not sure what bank you're with and what country you are in, but in my country, domestic transfer fees have pretty much been obsolete for years unless you are paying with credit cards/debit cards. In which case, it makes sense for surcharges or banking fees to also be taxed, since that is a service that is being provided. I really don't see a problem there.
The main problem with banks right now that makes me still want to use bitcoin instead isn't really this at all, but rather international transactions and the fact that they have total control over your funds (essentially not a trustless structure that bitcoin offers).
Bitcoin's fees don't differ across borders, nor are there any exchange rate spreads since bitcoin transactions use BTC as its only native currency. It's also trustless which means that you don't need to trust a third party in order to facilitate transactions for you, but you can do it on-chain. No one can suspend your account, freeze your funds, go insolvent due to fractional reserve etc. That's what's good about bitcoin, and what banks lack.
I didn't paid any VAT tax for my transactions or maybe I am paying it without knowingly.Why should we pay taxes to use our money?
This can be one of the reason as well why government and bank opposing the decentralized payment system but they can't do anything until we are using it while don't care about the prices.
This can be one of the reason as well why government and bank opposing the decentralized payment system but they can't do anything until we are using it while don't care about the prices.
In many instances Banks do not give you a detailed break down of the fees that you are paying, so most people only spot it when they draw a detailed report from their Bank account. You will not see it, if you just draw a mini statement at a ATM for instance.
Dig a little deeper and you will find the hidden cost and the VAT that are charged on your account. Banks will go out of their way to confuse people into paying more for transactions.
It is still your money, so why do you have to pay them loads of fees to pay for Sport advertisements and sponsoring of these events?
I didn't paid any VAT tax for my transactions or maybe I am paying it without knowingly.Why should we pay taxes to use our money?
This can be one of the reason as well why government and bank opposing the decentralized payment system but they can't do anything until we are using it while don't care about the prices.
This can be one of the reason as well why government and bank opposing the decentralized payment system but they can't do anything until we are using it while don't care about the prices.
In my country the tax is always added on top of the thing you buy, so you do not pay any extra taxes because you pay the price that is with taxes, hence we do not have like "10+tax" type of pricing, if something is a certain price then we pay that certain price and nothing more.
Talking about banks, they do take out a certain amount for sending to different bank but not to their bank, so it works out a bit weird, if I am spending money or sending money doesn't matter if its the same bank then its free but if its different you pay about 1 dollar or so for it, it doesn't change according to the price, like it could be something 100 dollars or 10000 dollars , they just take out 1 dollar no matter what the amount you spend is. That is why I try to not really ignore it but also not really care about it too much neither.
Talking about banks, they do take out a certain amount for sending to different bank but not to their bank, so it works out a bit weird, if I am spending money or sending money doesn't matter if its the same bank then its free but if its different you pay about 1 dollar or so for it, it doesn't change according to the price, like it could be something 100 dollars or 10000 dollars , they just take out 1 dollar no matter what the amount you spend is. That is why I try to not really ignore it but also not really care about it too much neither.
I think most of the VAT is on withdrawals, so they want to force you to use your credit card and debit card to make payments. They are gently pushing people to use less cash.
Governments will support them, because cash gives people financial anonymity, Banks cannot track all transactions and report it to these governments. So it is a WIN/WIN for both of them.
We pay more for transactions, they pay less to secure the cash and to handle it and they make more profits.
Governments will support them, because cash gives people financial anonymity, Banks cannot track all transactions and report it to these governments. So it is a WIN/WIN for both of them.
We pay more for transactions, they pay less to secure the cash and to handle it and they make more profits.
Fortunately, here in my country the Value added tax is only applicable to the products that are consumable like food and beverage. Services like in the bank are free of taxes so i guess VAT application to bank will depend of which country you belong in which the banks will oblige to follow the government financial policies.
same as in my country, where there are only transaction fees, and it's a small digologist. but these costs are not value added taxes. there is not even a fee if we transfer to the same bank
Fortunately, here in my country the Value added tax is only applicable to the products that are consumable like food and beverage. Services like in the bank are free of taxes so i guess VAT application to bank will depend of which country you belong in which the banks will oblige to follow the government financial policies.
If you had the transaction within the country then there would be no charges the bank will ask you. Substantial fees and intrusive fees were not asked. It's only the withdrawal charge they are trying to ask you. But if you will have a transaction for international enterprises then that is the time you will be charged for just a very small fee. It won't even hurt you.
For me, the government and the banks are trying to stop bitcoin because of the point that the people would stop availing their services as a bank if they can have their own wallets using the digital currency. Bitcoin is one of the best digital assets in the world. The solution for this
is for the bank to adopt the blockchain technology and benefit from it, as well.
For me, the government and the banks are trying to stop bitcoin because of the point that the people would stop availing their services as a bank if they can have their own wallets using the digital currency. Bitcoin is one of the best digital assets in the world. The solution for this
is for the bank to adopt the blockchain technology and benefit from it, as well.
I am not getting charged any fees for using my debit card, which includes internet banking. I would however get charged for utilizing the credit side of it, which is purely optional, but I don't use it so it doesn't cost me anything.
I feel bad for people who do use credit, because the interest rate of the debt is 1.5% for the first month, then becomes a whopping ~20% on a monthly basis. It's pure extortion, but then again, no one forces you to use it.
Withdrawing credit from an ATM comes at a basic €5 fee. I guess that the reason for the debit card itself to not cost anything is that they hope you borrow money and this will be their income from there.
I feel bad for people who do use credit, because the interest rate of the debt is 1.5% for the first month, then becomes a whopping ~20% on a monthly basis. It's pure extortion, but then again, no one forces you to use it.
Withdrawing credit from an ATM comes at a basic €5 fee. I guess that the reason for the debit card itself to not cost anything is that they hope you borrow money and this will be their income from there.
The Banks in my country adds VAT to their Banking fees for every transaction you make. So I am not just paying the Banks to use my own money, I am paying the government too for the same transaction.
Yes, some Banks give you a small amount of transactions for free (Depending on the type of account), but once that limit is exceeded, you start to pay Banking fees for every transaction.
So Banks and Governments are making millions on fees that we have to pay, to use our own money!
Is this not one of the reasons why governments wants to stop Bitcoin and also the leverage Banks have over governments, if they lose the VAT on those transactions?
Please share your information on the way that governments and Banks are charging you to use your own money. How much is your VAT on those transactions and if you know that VAT is being paid as part of your fees?
Yes, some Banks give you a small amount of transactions for free (Depending on the type of account), but once that limit is exceeded, you start to pay Banking fees for every transaction.
So Banks and Governments are making millions on fees that we have to pay, to use our own money!
Is this not one of the reasons why governments wants to stop Bitcoin and also the leverage Banks have over governments, if they lose the VAT on those transactions?
Please share your information on the way that governments and Banks are charging you to use your own money. How much is your VAT on those transactions and if you know that VAT is being paid as part of your fees?
I think its a general practice all over the world and its always mandated by government and its authorities that they charge this fee on the end users. The banks sometimes because of their own capitalist motive of making profit by all means would continue to charge customers ridiculous fees and the moment they do that, they are under the mandate of the law to charge VAT as well.
I have to make several requests from the bank and I get charged. To get the hard copy of your statement, to request for ATM cards, making transfers from one account to another, requesting for reference letters, getting a loan approved and payment of management fees, transferring beyond certain limits, you will pay and when you do that, just know you are also paying government its own portion.
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