Bitcoin is ...nothing,acording to my country`s laws. - page 3.

Don Pedro Dinero

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The first decentralized crypto betting platform

Quote from: Coffee135 on October 22, 2017, 10:11:11 AM

Quote from: Don Pedro Dinero on October 21, 2017, 09:41:00 AM

Quote from: SvenBomvolen on October 19, 2017, 12:30:00 PM

Looks like the author totally doesn't interested in founding a reply on his question, he didn't comment the thread for months!
Well, I think we all may realize our trading and other crypto activity in the same way as before, cause of no country called about Butcoin taxation yet. So, if it's not illegal it is legal by the logic

I think answers found here can be useful for people in a similar situation, even if the author hasn’t come back.

What he comments shows again how governments go behind events. Technology changes very fast but laws are slow, so it’s not surprising what you are talking about.

As some have commented, if you want to avoid paying taxes legally the best thing would be to exchange bitcoin for goods and services directly, although I also live in a EU country and it is discussed in local forums if government could claim tax for that. I think in theory they could, but they don’t have the means to track those transactions and make people pay and there is no clear legislation on the subject.

What I would advise anyone to do is to declare and pay all crypto transactions that go through your bank (like send a transfer to an exchange, make profits, and send funds back to your bank). Fiat profits are clearly taxed, crypto profits are not.

The state is always trying to deceive the citizens. You may have problems in order to prove that the amount you withdrew from the Bank accounts were used for profit, and may be excluded from your income. If you are a legal entity then you will have problems. The entire the amount you will receive at the expense of the state regards as income.

With all due respect, I don’t see much sense in what you are saying, and I don’t understand why you are saying it as a reply to what I wrote. Or maybe I know why. Therefore, I’m not going to argue with you.

Coffee135

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Activity: 392

Merit: 137

Quote from: Don Pedro Dinero on October 21, 2017, 09:41:00 AM

Quote from: SvenBomvolen on October 19, 2017, 12:30:00 PM

Looks like the author totally doesn't interested in founding a reply on his question, he didn't comment the thread for months!
Well, I think we all may realize our trading and other crypto activity in the same way as before, cause of no country called about Butcoin taxation yet. So, if it's not illegal it is legal by the logic

I think answers found here can be useful for people in a similar situation, even if the author hasn’t come back.

What he comments shows again how governments go behind events. Technology changes very fast but laws are slow, so it’s not surprising what you are talking about.

As some have commented, if you want to avoid paying taxes legally the best thing would be to exchange bitcoin for goods and services directly, although I also live in a EU country and it is discussed in local forums if government could claim tax for that. I think in theory they could, but they don’t have the means to track those transactions and make people pay and there is no clear legislation on the subject.

What I would advise anyone to do is to declare and pay all crypto transactions that go through your bank (like send a transfer to an exchange, make profits, and send funds back to your bank). Fiat profits are clearly taxed, crypto profits are not.

The state is always trying to deceive the citizens. You may have problems in order to prove that the amount you withdrew from the Bank accounts were used for profit, and may be excluded from your income. If you are a legal entity then you will have problems. The entire the amount you will receive at the expense of the state regards as income.

savushkinTA

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It takes time for states to deal with this

Don Pedro Dinero

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The first decentralized crypto betting platform

Quote from: SvenBomvolen on October 19, 2017, 12:30:00 PM

Looks like the author totally doesn't interested in founding a reply on his question, he didn't comment the thread for months!
Well, I think we all may realize our trading and other crypto activity in the same way as before, cause of no country called about Butcoin taxation yet. So, if it's not illegal it is legal by the logic

I think answers found here can be useful for people in a similar situation, even if the author hasn’t come back.

What he comments shows again how governments go behind events. Technology changes very fast but laws are slow, so it’s not surprising what you are talking about.

As some have commented, if you want to avoid paying taxes legally the best thing would be to exchange bitcoin for goods and services directly, although I also live in a EU country and it is discussed in local forums if government could claim tax for that. I think in theory they could, but they don’t have the means to track those transactions and make people pay and there is no clear legislation on the subject.

What I would advise anyone to do is to declare and pay all crypto transactions that go through your bank (like send a transfer to an exchange, make profits, and send funds back to your bank). Fiat profits are clearly taxed, crypto profits are not.

TravelMug

hero member

Activity: 2632

Merit: 833

Quote from: Aamir1 on October 20, 2017, 06:05:52 AM

In my country, you are not obliged to pay taxes on any of your online revenues, and when it comes on Bitcoin, i don't even know if my government is aware of the technology yet. I have never heard of any government authorities talking about or saying anything about bitcoin or things related to it. In fact, the people in my country doesn't mostly know a lot about Bitcoin. I can barely find someone knowing a few things about bitcoin that it is a digital currency with a very high price, other than this, they know almost nothing about it.

Well in my country, our local exchanges just this year have impost a more strict regulations in terms of KYC/AML compliant. However they are very friendly to bitcoin, and even have approved already two more exchanges to be operational soon, maybe in 2018. So our government is very active about cryptocurrency, but they are not strict. So I'm assuming in just a couple of years there will be a government rule specially imposing of taxing bitcoin. But I'm more willing to comply though as long as its within the boundaries, I guess all of us will need to follow and comply.

Aamir1

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Activity: 756

Merit: 500

In my country, you are not obliged to pay taxes on any of your online revenues, and when it comes on Bitcoin, i don't even know if my government is aware of the technology yet. I have never heard of any government authorities talking about or saying anything about bitcoin or things related to it. In fact, the people in my country doesn't mostly know a lot about Bitcoin. I can barely find someone knowing a few things about bitcoin that it is a digital currency with a very high price, other than this, they know almost nothing about it.

ALT67890

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Activity: 126

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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?

It is hypocritical in its finest, they labelled it as “nothing” or “useless” but they want you to pay taxes for earning to it. That’s more of greedy to the same government who supposedly support you than taking in your advantage without them doing they’re mandated to do so.

In my country it’s not yet illegal and we don’t pay tax for it and that is just right for me.

Jovovich

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Activity: 316

Merit: 110

Quote from: bacardibacani on October 19, 2017, 02:25:50 PM

As long as you're making profit, it will be recorded in the country's GDP or GNP. Which makes it taxable.
Best thing to do is to coordinate and pay your taxes. Because once your government creates a regulatory framework on the taxation of cryptocurrencies, then they will also include investigations on past recorded transactions, and you might pay much much more when that happens.

I think it's better also to have another business in real life. To at least cover up revenues from bitcoin. Bitcoin according to your post is not illegal but it's just not recognized. If you have a business IRL and you get findingrom bitcoin, at least you can declare income that you have business rather than online trading only.

bacardibacani

newbie

Activity: 34

Merit: 0

As long as you're making profit, it will be recorded in the country's GDP or GNP. Which makes it taxable.
Best thing to do is to coordinate and pay your taxes. Because once your government creates a regulatory framework on the taxation of cryptocurrencies, then they will also include investigations on past recorded transactions, and you might pay much much more when that happens.

SvenBomvolen

hero member

Activity: 588

Merit: 500

Looks like the author totally doesn't interested in founding a reply on his question, he didn't comment the thread for months!
Well, I think we all may realize our trading and other crypto activity in the same way as before, cause of no country called about Butcoin taxation yet. So, if it's not illegal it is legal by the logic

roddy5

full member

Activity: 220

Merit: 100

Quote from: leonair on October 19, 2017, 09:40:11 AM

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?

Bitcoin isn't a digital money because unlike credit cards that you can use online which has a fiat account that
is associated with it bitcoin really don't have any value. But there are people who wants to have that coin in
exchange of their fiat so it has a value.

Reason why you are being asked by your country to pay for taxes was because you converted it to fiat, and fiat is subject for taxes.

I agree with this once you have your bitcoin converted to fiat this will be considered will be subject to taxes.
All income or any addition to your asset is subject to taxes even if it is from a donation or no matter what the sources are.
Bitcoin may not be considered as an asset but once you got an asset out of it then that is subject to taxes.

leonair

sr. member

Activity: 1400

Merit: 420

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?

Bitcoin isn't a digital money because unlike credit cards that you can use online which has a fiat account that
is associated with it bitcoin really don't have any value. But there are people who wants to have that coin in
exchange of their fiat so it has a value.

Reason why you are being asked by your country to pay for taxes was because you converted it to fiat, and fiat is subject for taxes.

Almat

sr. member

Activity: 254

Merit: 250

That's pretty freaking ridiculous. Maybe you could get away with not declaring it? I don't think they can straight up tax you for converting to fiat either, since they can't automatically assume that you're converting earnings.

botany

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Activity: 1582

Merit: 1064

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?

It doesn't what it is classified as, the government will still want taxes.
Your best bet is to do the calculations and pay taxes; it will help you if the government suddenly changes its mind and starts digging out old records.

Nazmul012

full member

Activity: 799

Merit: 100

You don't have to but to fulfil demands of your early life , & Due to BitCoin isn't take for granted by your Government, you have to exchange BitCoin with money of your county,, thus you can use use BitCoin as legal and aslo pay taxes Grin

Mehedi72

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Activity: 760

Merit: 109

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if bitcoin isn't recognized by your country, then you don't have to obey to pay any taxes for it But as a responsible citizen of your country, you may pay taxes from your income Wink

realdeanz

member

Activity: 83

Merit: 10

If Bitcoin gets more accepted globally as a convenient payment method, it is possible that governments around the world would lose out 'bigly' on VAT and other Taxes. Therefore, it is likely that many governments will try their best to make sure your bitcoins and other cryptocurrencies are taxable.

wuvdoll

legendary

Activity: 1442

Merit: 1025

Bitcoin is nothing according to the laws of most countries as the governments are reluctant to officially recognizing it as a form of money or currency or a digital asset even. But the problem is, you cannot buy your mother's medicine or pay your son's school fees with bitcoins.

So, you have to convert it to fiat at one point of time. And the moment you convert it, it will be treated as money earned, and the tax axe falls on you.

orions.belt19

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Interesting! In my country (in Southeast Asia), Bitcoin was recently just recognized by the country's central bank and according to the laws, its not necessarily "nothing". Bitcoin is not recognized as a digital/cryptocurrency or payment system but rather it is considered as property. Because of this, it said to be not having any legal tender - or in other words, it is not a medium of payment recognized by the legal system in our country. We also have income tax but I don't know how it would apply to Bitcoin earners because of this kind of recognition by the government.

iamTom123

hero member

Activity: 490

Merit: 501

In this case, you have to declare your income wherever they may come from Bitcoin or not so that you can pay the appropriate tax. Though your country is not yet recognizing Bitcoin whether as a currency or asset, the point here is that there is already a law which demands that anyone having an income must pay a tax percentage on that income. It does not matter then where is the source of the income. And your country is not alone with this kind of situation.

Topic: Bitcoin is ...nothing,acording to my country`s laws. - page 3. (Read 2851 times)