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.
My goodness, this sounds so unfair! Fortunately, in my country banks are actually pretty cool. VAT is a part of the prices for products and services, but for for transactions. Having a debit card of the most popular bank in the country with money being in local currency, I pay like $1 per month for maintenance and nothing if I am paying with it in supermarkets or online. Moreover, I can use it in other countries and the prices get automatically converted at reasonable rate. No taxes and low fees. Fees are usually significant for withdrawing the money (around 3%), transferring money to other accounts (up to 5%, but usually lower) or when using iBox or similar machine to add money on the card (here the fees get crazy, you can end up paying around 10% for the operation). 
Topic: Are your Bank transactions taxed VAT per transaction? - page 2. (Read 304 times)
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?
This is something that I read for the first time.
In my country, the bank doesn't add VAT fee for every transaction. They just add the Bank fee which is their profit from using their services. Every fee that is included in the transaction goes to the bank and not in the state. I think it would be better to be a government profit and not a bank profit that boosts the vicious cycle of the economy even more.
wow ... it's different in my country, for every other bank transfer transaction there are only a few administrative fees. and is not subject to VAT fees, because this is already a different domain. the bank only takes administration every month, and I don't think it is big, even for the transfer of fellow banks, there is no charge
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.
For my country as well, Banks charge a tax for each transaction. But this is a fees they charge you for using their technology platform, they way you use bitcoin wallet. The difference is that, in bank you pay both to Bank and Government and in bitcoin, you pay the bitcoin network.
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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?
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 don't think this is the only reason why Banks and Governments want to stop bitcoin and other cryptos. This may be one of the reasons because even Banks know that if a majority of the people move to bitcoin, their business will take a hit because they won't be able to gather enough money deposit from the public to further lend it to the market. This lending business is the main business of the banks and their main earning is the different in interest rates.
However, there are more serious concerns to the governments about cryptos, like terrorism funding. Please read the below thread and the link given in it,
https://bitcointalksearch.org/topic/hamas-military-wing-crowdfunding-bitcoin-5106291
This is a real threat!
What?The VAT rate in my country is 20% and if they tax every transaction with 20% I would definitely stop using any banking services.VAT is used only to taxate goods and services.
The transactions fees of the bank I'm currently using aren't that horrible and there's a 1 euro monthly bank account maintenance fee.
It is not 20% of the sum you are transferring, that would be to obvious of a theft. No one would cope with that.The transactions fees of the bank I'm currently using aren't that horrible and there's a 1 euro monthly bank account maintenance fee.
It is 20 percent of the the amount the bank it charging you. So basically the state is "stealing" from banks, of that what they steal from you... madness nevertheless. It won't take long till this fancy extortion system of theirs is going to collapse under its own fake weight.
It was designed to fall, that's just another system of control. I'm doing what I can to avoid interaction with banks but its sometimes impossible, state-private bank cooperation, fraternisation and entanglement went to far.
In my country PPH and VAT are one of the obligations at a transaction at the Bank, both local and national, depending on the budget drawn, and similar to crypto transactions such as the VIP market, each recipient must have a discount, VAT, even though my country is not yet in valid likeother countries.
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?
What?The VAT rate in my country is 20% and if they tax every transaction with 20% I would definitely stop using any banking services.VAT is used only to taxate goods and services.
The transactions fees of the bank I'm currently using aren't that horrible and there's a 1 euro monthly bank account maintenance fee.
Yes, In my country all Bank Transactions are taxed VAT per transaction. This was recently done after an update in the banking policies which was enforced by the Central bank of the country.
So this means that Banks and Governments are losing income, when people use other currencies. They will have to find a way to tax Bitcoin transactions to make up for this loss in tax revenue, if they want to allow Bitcoin as a currency.
Just to make clear, I am not referring to normal transactions between customers and merchants, but rather transactions within the Banking system.
Can you imagine the income for the government if every person makes 10 transactions per month and you live in a country like China with more than 1,386 billion people.
Yes, In my country all Bank Transactions are taxed VAT per transaction. This was recently done after an update in the banking policies which was enforced by the Central bank of the country.
It's completely country to country depending. Some add VAT, others not. Check your local laws and regulations.
Another example is SEPA. In Western EU countries costs <1 EURO, in Eastern EU counties it could cost up to 30! EURO. Also, some banks are charging for incoming transfers too.
Another example is SEPA. In Western EU countries costs <1 EURO, in Eastern EU counties it could cost up to 30! EURO. Also, some banks are charging for incoming transfers too.
Within the country, I don't see any substantial or intrusive fees within my banking ventures and transactions, so there's that--however, they are charging $0.26/withdrawal no matter the amount, which is fine by me as I rarely withdraw cash from my account. International wire transfer fees ranges from $25 - $100, depending on the amount, and this is understandable knowing that there are several banking networks that need some form of inter-connectivity with each other to process payments and fees usually go to that middleman. Anyway, there are also maintenance fees that the bank collects every quarter, and even if your account is idle, they'd still take $5 from your account to cover up for the said costs. This gets a huge chunk of money for the banks, and I think that is where they get most of their profits from, knowing how many people are signed up with them. All profits usually go the banks, at least here in the Philippines.
If we're purely focusing on transaction within the country, doesn't matter to what entity, and how often you transact, it's completely free and comes with buyers protection. SEPA transactions don't cost me a penny either, regardless of how many transactions going back and forth.
Transfers to countries outside the SEPA zone will come at a fee that ranges from €5 to €100 depending on the country and the amount. As far as I know, every financial service in the middle will scoop up a chunk of this fee, and there for me isn't any sort of tax involved, unless it's priced in already, which could very well be the case.
This package costs me €2.50 on a monthly basis, which is great value for money if you ask me.
Transfers to countries outside the SEPA zone will come at a fee that ranges from €5 to €100 depending on the country and the amount. As far as I know, every financial service in the middle will scoop up a chunk of this fee, and there for me isn't any sort of tax involved, unless it's priced in already, which could very well be the case.
This package costs me €2.50 on a monthly basis, which is great value for money if you ask me.
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?
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