Bitcoin and tax in your countries - page 2.

milani

sr. member

Activity: 1092

Merit: 254

Quote from: Daniel91 on November 10, 2019, 08:46:12 AM

I would like to hear about the situation with bitcoin and taxes in your countries.
I think it would be interesting to hear different experiences and compare results across countries.
Of course, I understand that in some countries you can't declare bitcoin tax.
I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax.
I will start first.
In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax.
In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment).
If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax.
Can you share situation in your country?

In Ukraine not so long ago yhe draft law has been adopted about the cryptocurrency and regulations in the direction of taxes and so on. In this draft bill, a virtual asset is defined as a collection of data in electronic form, which has a value and exists in the system of circulation of virtual assets. And people must declare their crypto assets in their every year declarations. But there are lots of aspects that are not fully finalized.

johnnathanexo

newbie

Activity: 18

Merit: 0

There are no taxes on buying crypto in my country, or even holding it for as long as anyone want. If the holder is conducting a trade then Income Tax will be applied to the trading profits.

Mr.sprin

full member

Activity: 1554

Merit: 123

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Bitcoin transactions in my country are not taxed because bitcoin in my country is not authorized by the government.
in my country bitcoin is only transactions in the digital world, not exchanging goods or bartering in my country bitcoin is only as virtual currency and stored in the wallet only.

ashler

jr. member

Activity: 51

Merit: 2

Slovakia must be one of the countries with the highest taxes in the world for crypto. It works like this:

- If your yearly income is up to EUR 36,000 then you pay 19% on your crypto profits
- If your yearly income is greater than the above, you pay 25% on your crypto profits.

ON TOP OF THE ABOVE, you pay 14% from the remaining money on health insurance (don't ask my why).

Example: you bought 10 BTC for 1,000 EUR each and you sell all of them for 25,000 EUR - therefore you have a profit of 240,000 EUR. This means you will pay:

25% of 240,000 = 60,000 EUR (tax)
14% of 180,000 = 25,200 EUR (health insurance)
Total paid in 'health insurance' and taxes: 85,200 EUR
Final profit: 154,800 EUR

Is there any worst country than Slovakia when it comes to crypto taxation? Sad

https://translate.google.com/translate?sl=sk&tl=en&u=https://www.mojedane.sk/kryptomeny_danove_priznanie/

Arcas

hero member

Activity: 1036

Merit: 524

The moment the government in a country recognized bitcoin as legal tender and money, things would become a lot easier. not for those who own the bitcoins, but then there is more clarity. By the way, the whole idea of bitcoin is gone, which wants to offer as much transparency in its transactions and anonymity as possible. However, this can also differ enormously from one country to another.

wanted sliter

member

Activity: 398

Merit: 10

Quote from: imstillthebest on September 25, 2020, 10:32:22 PM

Quote from: wanted sliter on September 25, 2020, 10:02:47 PM

In our country, they do not yet recognize crypto as a currency. So there are no crypto taxes. They prohibit payments with cryptocurrencies and are not responsible for any cryptocurrency transactions. We can still own the cryptocurrency.
Any crowdfunding activities in our country must go through the government. ICO projects can only be held outside of our country.

i dont like the other rules on your country except to the last which crowdfunding thru government , this is different from the traditional crowdfunding but i like this because this means only legit ico are qualified but its also wierd at the same time because the ico cant run in the same country .

that means no local supporters can invest on it ? if i remember there were ico that restricts certain countries but i guess that they dont restrict thier own country on the list .

In my country, we do not have a crypto regulation. They allow storage but not crypto payments so participating in an ICO outside of our country is not prohibited.
The government just forbids raising funds and making payments in my country, everything outside is not banned.

k@suy

sr. member

Activity: 882

Merit: 269

Quote from: lepbagong on September 26, 2020, 07:23:25 AM

Even though there is no direct prohibition, in my country trading using bitcoin is strictly prohibited, but if you want to exchange it for fiat, there are no restrictions at all. It is clear that there is no income for the state for every transaction that occurs when bitcoin is used even though this is one of the potential state revenues. but since it is working on the regulations it may take some time for that.

There is no tax in some country when you are exchanging crypto currency into fiat because those transactions are no longer under the government. And those transactions with tax are the transactions under the government only or under their republic and transactions that need their approval before it will be process.

Mr.sprin

full member

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Quote from: lepbagong on September 26, 2020, 07:23:25 AM

Even though there is no direct prohibition, in my country trading using bitcoin is strictly prohibited, but if you want to exchange it for fiat, there are no restrictions at all. It is clear that there is no income for the state for every transaction that occurs when bitcoin is used even though this is one of the potential state revenues. but since it is working on the regulations it may take some time for that.

Yes, I agree, there is no input for the country for each bitcoin transaction. This is where the problem is why the state does not legalize bitcoin, an advantage for the tax state. Bitcoin is legalized so every transaction will be taxed.

lepbagong

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Even though there is no direct prohibition, in my country trading using bitcoin is strictly prohibited, but if you want to exchange it for fiat, there are no restrictions at all. It is clear that there is no income for the state for every transaction that occurs when bitcoin is used even though this is one of the potential state revenues. but since it is working on the regulations it may take some time for that.

carlisle1

hero member

Activity: 2744

Merit: 541

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Quote from: Malam90 on September 25, 2020, 07:36:43 AM

In my country, Bitcoin and crypto trade or use is illegal which is Bangladesh. So, there is no fees and taxes on Bitcoin transaction as i can send and receive money where Govt has no control but huge transaction may cause problem. I hope my country will think to legalize crypto soon if most of the countries will accept crypto as legal currency.

Hope that this will never happen to my country that Bitcoin and crypto being banned and treated as illegal currency.

our government is neutral in regards to Crypto usage,just be aware of the risk and the scams.
this is why we are not paying for taxes in our crypto activities.

Quote from: TIDOVEE on September 25, 2020, 10:46:44 PM

My country government is yet to have time for bitcoin let alone tax, our government must have been hearing bitcoin but they have not really known how well it could pay and since the bear market everything is calm no noise around bitcoin, probably after/by this next bull, they will open their eyes to it but I hope it won't be abnormally like allowing the corps take over forceful payment, as long as the fund is coming in, I don't mind paying the tax.

or maybe your government is secretly supporting Bitcoin and crypto?or maybe some politicians had investment inside crypto.

worldofcoins

sr. member

Activity: 1820

Merit: 418

Telegram: @worldofcoinss

Quote from: Malam90 on September 25, 2020, 07:36:43 AM

In my country, Bitcoin and crypto trade or use is illegal which is Bangladesh. So, there is no fees and taxes on Bitcoin transaction as i can send and receive money where Govt has no control but huge transaction may cause problem. I hope my country will think to legalize crypto soon if most of the countries will accept crypto as legal currency.

Our government doesn't expect us to cover any charges, our nation additionally upholds cryptographic money and many trades are wanting to work together here.
The expenses with the trade are the main duty we are paying and the rest is liberated from charge.
I do trade with no charges, invest, buy, and sell bitcoin.

Daniel91

legendary

Activity: 3374

Merit: 1824

Quote from: Sapphire915 on September 26, 2020, 12:47:35 AM

Quote from: Cryptomiles1 on November 10, 2019, 05:57:19 PM

Quote from: Daniel91 on November 10, 2019, 08:46:12 AM

I would like to hear about the situation with bitcoin and taxes in your countries.
I think it would be interesting to hear different experiences and compare results across countries.
Of course, I understand that in some countries you can't declare bitcoin tax.
I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax.
I will start first.
In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax.
In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment).
If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax.
Can you share situation in your country?

So far in my country were btc is not legally proven and acceptable as other countries does. No tax and you can invest in any platform without paying tax to government. But any other investment out of digital money required tax as the income is being generated.

Same here in my Country. We dont need to worry about this crypto taxation as for this moment because the Government didn't legalized it, yet. So I can say that we are greatfully enjoying our Crypto income and investment, unless we invested outside the digital world and we converted the crypto currency into fiat, just then we need to pay tax.

I think that’s actually logical and normal Cheesy

I think a similar rule applies to almost all countries because they can't tax what is not officially recognized as money.
Of course, when the money arrives in your bank account, it's a completely different story.
I think I read somewhere that the EU government has given similar instructions to member states.

Sapphire915

member

Activity: 182

Merit: 11

Quote from: Cryptomiles1 on November 10, 2019, 05:57:19 PM

Quote from: Daniel91 on November 10, 2019, 08:46:12 AM

I would like to hear about the situation with bitcoin and taxes in your countries.
I think it would be interesting to hear different experiences and compare results across countries.
Of course, I understand that in some countries you can't declare bitcoin tax.
I'm not interested in these countries but the ones where it is possible to declare and pay bitcoin tax.
I will start first.
In Croatia, several years ago we received clear instructions from the tax office on how to file a bitcoin tax.
In short, we must lead FIFO and if we can prove that we held btc funds more than 2 years, than we don't need to pay tax (long term investment).
If we have kept btc funds for less than 2 years, we pay 12 % tax plus surtax.
Can you share situation in your country?

So far in my country were btc is not legally proven and acceptable as other countries does. No tax and you can invest in any platform without paying tax to government. But any other investment out of digital money required tax as the income is being generated.

Same here in my Country. We dont need to worry about this crypto taxation as for this moment because the Government didn't legalized it, yet. So I can say that we are greatfully enjoying our Crypto income and investment, unless we invested outside the digital world and we converted the crypto currency into fiat, just then we need to pay tax.

Janation

hero member

Activity: 1722

Merit: 528

Quote from: ?? on ??

in my country bitcoin is not tax, the exchange of bitcoin for paper money is not tax, maybe in the future it will change because more and more people use bitcoin as a medium of exchange, maybe the government will make a decision to tax but that's not necessarily correct.

I think it is on the exchanges.

Since Bitcoin and other cryptocurrencies are not that popular in most of the countries, exchanges are the ones that gain most profit in the transactions happening when it comes to converting crypto to fiat. Maybe they have this tax for these kinds of exchanges where the currencies they are using can't be taxes like virtual currencies in games.

TIDOVEE

sr. member

Activity: 1246

Merit: 255

My country government is yet to have time for bitcoin let alone tax, our government must have been hearing bitcoin but they have not really known how well it could pay and since the bear market everything is calm no noise around bitcoin, probably after/by this next bull, they will open their eyes to it but I hope it won't be abnormally like allowing the corps take over forceful payment, as long as the fund is coming in, I don't mind paying the tax.

imstillthebest

full member

Activity: 1638

Merit: 122

Quote from: wanted sliter on September 25, 2020, 10:02:47 PM

In our country, they do not yet recognize crypto as a currency. So there are no crypto taxes. They prohibit payments with cryptocurrencies and are not responsible for any cryptocurrency transactions. We can still own the cryptocurrency.
Any crowdfunding activities in our country must go through the government. ICO projects can only be held outside of our country.

i dont like the other rules on your country except to the last which crowdfunding thru government , this is different from the traditional crowdfunding but i like this because this means only legit ico are qualified but its also wierd at the same time because the ico cant run in the same country .

that means no local supporters can invest on it ? if i remember there were ico that restricts certain countries but i guess that they dont restrict thier own country on the list .

wanted sliter

member

Activity: 398

Merit: 10

In our country, they do not yet recognize crypto as a currency. So there are no crypto taxes. They prohibit payments with cryptocurrencies and are not responsible for any cryptocurrency transactions. We can still own the cryptocurrency.
Any crowdfunding activities in our country must go through the government. ICO projects can only be held outside of our country.

AicecreaME

sr. member

Activity: 2436

Merit: 455

Since the Government here in our country got aware about Bitcoin and other cryptocurrencies by scam (sadly), luckily up to now, they hasn't still put tax on cryptocurrency, instead the central bank here are planning to support it by adapting it in their services. There is this saying that goes "If you can't beat them, join them", with that being said, banks could never lay their hands on Bitcoin since it's decentralized.

Maybe that's why instead of fantasizing it to become theirs, that's what they did.

MCobian

full member

Activity: 1190

Merit: 117

My country does not impose taxes on Bitcoin, therefore I am free to trade Bitcoin without having to think about taxes.
Maybe because the government in my country prohibits Bitcoin from being used as a means of payment, so it does not
impose taxes on Bitcoin. Hopefully the government in my country doesn't change its decision. Because if the government
imposes a tax, it's quite burdensome for me as a trader.

yazher

hero member

Activity: 2268

Merit: 588

You own the pen

One of the luckiest countries that don't implement a tax on Bitcoin is our country. It doesn't overwhelm us with some high payment tax if we want to use BTC rather it only gives us some advice that crypto investment is not reliable. whatever they say about it, as long as they won't put any unnecessary tax about it. We can see some countries instead of giving their full support to bitcoin, they increase the tax on it. They didn't follow these lists of countries that don't tax bitcoin gains.

https://news.bitcoin.com/eight-countries-that-dont-tax-your-bitcoin-gains/

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