Bitcoin is ...nothing,acording to my country`s laws. - page 2.

EugeneAS

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Quote from: davis196 on July 29, 2017, 07:09:59 AM

I live in a country in the EU and i tried to get some information about how can i pay my taxes for my btc revenue.
Acording to my country`s legislation:
1.Bitcoin isn`t digital money.
2.Bitcoin isn`t a digital asset.
Acording to the laws,bitcoin is nothing...BUT acording to the same legislation,i`m obligated to pay taxes for all my revenues,including the income from online trading.What if all my income comes from bitcoin trading?
Do i have to pay any taxes or no?Sorry,if this questions is asked here before.
Is this ridiculous?

I think taxes should be paid when you transferring crypto into fiat.

12tribes

member

Activity: 378

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Well, you should know that every country has their rules to safeguard its citizens and that's not to say that it will not be accepted in the nearest future.
Relax and find a way about settling the taxes. Peace.

Palmerson

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Live cams shows pimped with cryptocurrency

Quote from: davis196 on July 29, 2017, 07:09:59 AM

I live in a country in the EU and i tried to get some information about how can i pay my taxes for my btc revenue.
Acording to my country`s legislation:
1.Bitcoin isn`t digital money.
2.Bitcoin isn`t a digital asset.
Acording to the laws,bitcoin is nothing...BUT acording to the same legislation,i`m obligated to pay taxes for all my revenues,including the income from online trading.What if all my income comes from bitcoin trading?
Do i have to pay any taxes or no?Sorry,if this questions is asked here before.
Is this ridiculous?

Judging by the description you live in one of the countries of the former Soviet Union. There really is no regulation of the use of cryptocurrency. But that doesn't mean that you don't have to pay taxes. You must pay income tax on the amount which is exchanged for Fiat. If the amounts are very large then you have a chance to get into the field of view of law enforcement. All of them are corrupt in these countries and is used not thoroughness of legislation to extort money from you.

Emmami@758

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Quote from: davis196 on July 29, 2017, 07:09:59 AM

I live in a country in the EU and i tried to get some information about how can i pay my taxes for my btc revenue.
Acording to my country`s legislation:
1.Bitcoin isn`t digital money.
2.Bitcoin isn`t a digital asset.
Acording to the laws,bitcoin is nothing...BUT acording to the same legislation,i`m obligated to pay taxes for all my revenues,including the income from online trading.What if all my income comes from bitcoin trading?
Do i have to pay any taxes or no?Sorry,if this questions is asked here before.
Is this ridiculous?

yes bit coin is just online digital money it we can't see with our eyes. but has it great demand. suppose if we have paper money we have to submit our property details to the government. but we have bit coin no need to submit any one. it can not see with our eyes. so bit coin is having great demand. in my country bit coin has more value, my country's court's law says who are using bit coin just use it properly in legal way other wise don't use it.

franco123

full member

Activity: 252

Merit: 100

Quote from: davis196 on July 29, 2017, 07:09:59 AM

I live in a country in the EU and i tried to get some information about how can i pay my taxes for my btc revenue.
Acording to my country`s legislation:
1.Bitcoin isn`t digital money.
2.Bitcoin isn`t a digital asset.
Acording to the laws,bitcoin is nothing...BUT acording to the same legislation,i`m obligated to pay taxes for all my revenues,including the income from online trading.What if all my income comes from bitcoin trading?
Do i have to pay any taxes or no?Sorry,if this questions is asked here before.
Is this ridiculous?

To be honest I find the legislative body of your country very confusing as they do not believe Bitcoin as an asset yet they still want to ask for tax. Income tax is probably what they are asking for if you gain money from it. But that just proves that Bitcoin is an asset.

Maybe it will only just take some time for your country to further understand Bitcoins. I am sure that as the Bitcoin continues to increase, the government will see it and will not let itself be left behind with the success.

coin_1122

full member

Activity: 1134

Merit: 102

Quote from: SixOfFive on October 22, 2017, 12:41:05 PM

Though many countries around the world has not recognized BITCOIN so it is difficult to determine the income earned from it under the income tax law. As per my country tax law, BTC income is not considered as an income unless it is converted into fiat currency.

Yes, even my country also has the same problem after converting to local currency only government's will understand about Bitcoin transactions but I think we have to pay taxes on transacting Bitcoin into Fiat currency.

glowing10

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Activity: 812

Merit: 142

Quote from: savushkinTA on October 22, 2017, 08:51:30 AM

It takes time for states to deal with this

Country try to understand this type of technological currency which is so called as currency is something which is issued by the govt and regulated by them. This cypto currency is not credited and not governed by them. So its becomes difficult under what law they can accept it.

Gabb

full member

Activity: 392

Merit: 105

This situation is truly paradoxical, because on the one hand the authorities refuse to recognize the bitcoin as a valid option to carry out financial transactions, nevertheless the fiscal laws force us as citizens of a nation to pay taxes for our profits. Given the lack of clarity of current regulations regarding the nature of bitcoin and its acceptability in today's economy, I believe that we should be kept out of paying taxes until the issue of crypto-coins is clearly regulated.

palle11

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Activity: 2366

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Quote from: davis196 on July 29, 2017, 07:09:59 AM

I live in a country in the EU and i tried to get some information about how can i pay my taxes for my btc revenue.
Acording to my country`s legislation:
1.Bitcoin isn`t digital money.
2.Bitcoin isn`t a digital asset.
Acording to the laws,bitcoin is nothing...BUT acording to the same legislation,i`m obligated to pay taxes for all my revenues,including the income from online trading.What if all my income comes from bitcoin trading?
Do i have to pay any taxes or no?Sorry,if this questions is asked here before.
Is this ridiculous?

This scenario you have here is strictly legal and has to be viewed in legal perspective.

Looking at your items one and two , it seems as if you didn't mention a confine for bitcoin - I mean, there is no "umbrella " for its coverage aforementioned. Therefore, I would just as you a rhetorically question maybe - where does bitcoin belong to?

Then, the rule is , again according to you that taxes are to be collected or payed for income including those from online business or trading .

The argument therefore is that, since bitcoin is not mentioned in the class of activities to be taxed or if bitcoin is not classed as digital money or digital asset and you make your income from bitcoin (that we all know that it is digital in nature), it means you don't have to pay any tax or taxes accruing from bitcoin .

In conclusion , "you don't put something on nothing and expect it to stand".

Cindy1983

full member

Activity: 196

Merit: 100

The same with my country. In my country Bitcoin is not good, currency or money so there are a lot of people in my country earning Bitcoin everyday and of course they don't have to pay taxes for Bitcoin income cause it's nothing unless it's legalized in here and I'm not a exception

). I'm earning Bitcoin everyday and I don't have to spend any pennies from my Bitcoin income for taxes. I think you'll be the same with me Cheesy

Immakillya

sr. member

Activity: 560

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Well, if they haven't find out. Then don't pay. There are no specific law regarding imposing tax to cryptocurrencies as far as i know. But if there is, then pay your taxes. But if you want everything to be clear. Then report your income statement to the government. From that, they will charge you tax for your trading activities and you are not going to have any troubles about taxes in the future. But for me, as long as there's no law regarding to that matter. I think i will not going to pay them. I will just wait until they find out. Anyway, i think government will implement this law in the future. So enjoy while government still not implementing that law.

777Bitcoin

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Quote from: Skyborn on October 22, 2017, 12:01:03 PM

As long as I don't cash out my bitcoins to the fiat currency in my country, I don't think I have to pay any kind of taxes. So the plan is to just keep everything into bitcoin until I can use bitcoin for my daily needs or my government has clearly made a statement on bitcoin and cryptocurrency in general.

That’s better idea I think, it’s long term holding at the same time. What a way to escape paying taxes, I think I’ve learned something today. I might to do the same when he situation in my country about bitcoin and cryptocurrency will be having this implementation in the future. Hoping it won’t but being prepared for the worst is the best thing a good bitcoiners must do.

Lancusters

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Activity: 630

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Quote from: BitHodler on October 22, 2017, 05:19:50 PM

Quote from: SixOfFive on October 22, 2017, 12:41:05 PM

As per my country tax law, BTC income is not considered as an income unless it is converted into fiat currency.

It shouldn't matter. If you receive 1BTC today for whatever services that you provided, you'll have to pay tax over the fiat value at the moment of receiving it. Current rate is $5900, which means that you declare $5900 as income.

Quite often people just assume that because their government doesn't yet 'recognize' Bitcoin as asset or whatever, that they are exempt from paying tax, but that's nothing more than wishful thinking.

It basically means that even participating in a signature campaign can also be taxed. For us it's just 'earning' Bitcoin for something we're doing anyway, which is posting, but in reality it's a service that we provide.

I disagree with you. When it comes to participation in the company to collect signatures from the point of view of the state's income. But only after you exchange your coins for Fiat. But as for trading on the stock exchange here I have a question. How can the state consider how much money I spent on a failed transaction? Or how they take into account the money that I invested in buying bitcoin? This is only possible if I am registered as a legal entity and will use the special account. Otherwise, the state the entire amount is considered income.

entrepmind23

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Quote from: davis196 on July 29, 2017, 07:09:59 AM

I live in a country in the EU and i tried to get some information about how can i pay my taxes for my btc revenue.
Acording to my country`s legislation:
1.Bitcoin isn`t digital money.
2.Bitcoin isn`t a digital asset.
Acording to the laws,bitcoin is nothing...BUT acording to the same legislation,i`m obligated to pay taxes for all my revenues,including the income from online trading.What if all my income comes from bitcoin trading?
Do i have to pay any taxes or no?Sorry,if this questions is asked here before.
Is this ridiculous?

Well it seems that your country needs to classify what bitcoin really is so that they can have the proper law applied to a certain security or source of income. If you are earning revenue from bitcoin trading and you are obligated to pay from online trading then I think you should pay taxes because once they track you are earning from it and not paying then maybe they will have surcharges and interest charge in addition for your tax liability making you liable for more than the amount you should pay for when you reported and payed it at the right time.

Nameless27

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Activity: 322

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Quote from: davis196 on July 29, 2017, 07:09:59 AM

I live in a country in the EU and i tried to get some information about how can i pay my taxes for my btc revenue.
Acording to my country`s legislation:
1.Bitcoin isn`t digital money.
2.Bitcoin isn`t a digital asset.
Acording to the laws,bitcoin is nothing...BUT acording to the same legislation,i`m obligated to pay taxes for all my revenues,including the income from online trading.What if all my income comes from bitcoin trading?
Do i have to pay any taxes or no?Sorry,if this questions is asked here before.
Is this ridiculous?

If that what your law indicated then you have a choice to follow it or not. If your a law abiding citizen that would be easy to do. But honestly that is not worth the taxpayers money, they don’t recognized bitcoin as such and want a share from it. That absolutely not right in any aspect at all.

Then that would be your choice to be fooled by them and pay tax or get away with anonymity and be careful with it.

BitHodler

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Quote from: SixOfFive on October 22, 2017, 12:41:05 PM

As per my country tax law, BTC income is not considered as an income unless it is converted into fiat currency.

It shouldn't matter. If you receive 1BTC today for whatever services that you provided, you'll have to pay tax over the fiat value at the moment of receiving it. Current rate is $5900, which means that you declare $5900 as income.

Quite often people just assume that because their government doesn't yet 'recognize' Bitcoin as asset or whatever, that they are exempt from paying tax, but that's nothing more than wishful thinking.

It basically means that even participating in a signature campaign can also be taxed. For us it's just 'earning' Bitcoin for something we're doing anyway, which is posting, but in reality it's a service that we provide.

mrcash02

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Money can only be taxed on the moment you exchange it to fiat and use a bank service, right? And depending the amount it can pass away from the government's radars, without need to pay taxes. And if you exchange your profit in BTCs to fiat in small packages, you don't need to pay any tax, right?

I say using the example Bitcoin is nothing according to country's laws.

SixOfFive

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Activity: 630

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Though many countries around the world has not recognized BITCOIN so it is difficult to determine the income earned from it under the income tax law. As per my country tax law, BTC income is not considered as an income unless it is converted into fiat currency.

Skyborn

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As long as I don't cash out my bitcoins to the fiat currency in my country, I don't think I have to pay any kind of taxes. So the plan is to just keep everything into bitcoin until I can use bitcoin for my daily needs or my government has clearly made a statement on bitcoin and cryptocurrency in general.

izanagi narukami

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If bitcoin still not legalized yet then I have no right to pay the tax for bitcoin.
It's reasonable ,right ?

I'm happy with current situation but in other side , bitcoin still less popular in my place so I'm seldom to see any public service accept bitcoin as their main transaction

Topic: Bitcoin is ...nothing,acording to my country`s laws. - page 2. (Read 2851 times)