Here in my country, there is no tax when you buy bitcoin but there is a fees when you buy in bitcoin company like coins.ph, buybitcoin.ph. Thats why they earn a lot of profit / money because of they make a business that trade real money into bitcoin.
yes no tax even in my country on bitcoin. i think my country the government even do not know about bitcoin but still there are a lot of people who are using bitcoin, in future when bitcoin will become so much popular and become legal currency then may be government put tax on bitcoin. 
Topic: Bitcoin vs Taxes - page 12. (Read 6968 times)
Here in my country, there is no tax when you buy bitcoin but there is a fees when you buy in bitcoin company like coins.ph, buybitcoin.ph. Thats why they earn a lot of profit / money because of they make a business that trade real money into bitcoin.
yes no tax even in my country on bitcoin. i think my country the government even do not know about bitcoin but still there are a lot of people who are using bitcoin, in future when bitcoin will become so much popular and become legal currency then may be government put tax on bitcoin. 
I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
At one point of view bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
If you make a lot of money, like dozens of thousands USD per year, trading cryptos, Bitcoin included, I think taxes should be paid from that. But taxing every $20 worth of Bitcoin selling is ridiculous imo. Amount should matter, rich people have to pay more taxes, poor people shouldn't pay any. But that's just my opinion
There are different opinions
For example, I agree that poor people should not pay any income tax at all. In this way they will be prompted to earn more (well, at least, I think so). But I disagree that rich or wealthier people should pay more overall. There should be a flat tax for any level of income. Otherwise, rich people will be looking for "optimizing" their taxes (well, they will be looking for that anyway, but in the latter case there will just be more incentive). But since their wealth allows them to hire more experienced and skilled financial and tax advisors, they will do a lot better at this tax burden optimization than ordinary people. And the progressive income tax may in fact work in reverse in real life, and less rich people may end up paying more than wealthier tax payers
I agree and that's why I am averse to the progressive income tax. Taxes should be high for rich people, but they shouldn't be progressive because, apart from what you've said, progressive income taxes suppress initiative and thus we can get stagnation we all don't want.
But there are still a few caveats
More specifically, you can't make taxes high only for the rich, and set no taxes for the rest of the population. That wouldn't be much different from a progressive income tax in its effect. Basically, it would still amount to setting up a tax ladder as is the case with an outright progressive tax. No progressive tax policy should limit itself only to really poor people who actually need it, and which doesn't raise any questions in respect to its fairness. Everyone else should pay the same tax burden (in percentage terms, obviously) or doesn't pay any income tax at all
I agree with you in general and I wasn't saying no taxes for the rest of the population, I was saying no taxes for the poor. I know that in some cases progressive taxes eat almost all the profit and I think that is ridiculous.
I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
At one point of view bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
If you make a lot of money, like dozens of thousands USD per year, trading cryptos, Bitcoin included, I think taxes should be paid from that. But taxing every $20 worth of Bitcoin selling is ridiculous imo. Amount should matter, rich people have to pay more taxes, poor people shouldn't pay any. But that's just my opinion
There are different opinions
For example, I agree that poor people should not pay any income tax at all. In this way they will be prompted to earn more (well, at least, I think so). But I disagree that rich or wealthier people should pay more overall. There should be a flat tax for any level of income. Otherwise, rich people will be looking for "optimizing" their taxes (well, they will be looking for that anyway, but in the latter case there will just be more incentive). But since their wealth allows them to hire more experienced and skilled financial and tax advisors, they will do a lot better at this tax burden optimization than ordinary people. And the progressive income tax may in fact work in reverse in real life, and less rich people may end up paying more than wealthier tax payers
I agree and that's why I am averse to the progressive income tax. Taxes should be high for rich people, but they shouldn't be progressive because, apart from what you've said, progressive income taxes suppress initiative and thus we can get stagnation we all don't want.
But there are still a few caveats
More specifically, you can't make taxes high only for the rich, and set no taxes for the rest of the population. That wouldn't be much different from a progressive income tax in its effect. Basically, it would still amount to setting up a tax ladder as is the case with an outright progressive tax. No progressive tax policy should limit itself only to really poor people who actually need it, and which doesn't raise any questions in respect to its fairness. Everyone else should pay the same tax burden (in percentage terms, obviously) or doesn't pay any income tax at all
I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
At one point of view bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
If you make a lot of money, like dozens of thousands USD per year, trading cryptos, Bitcoin included, I think taxes should be paid from that. But taxing every $20 worth of Bitcoin selling is ridiculous imo. Amount should matter, rich people have to pay more taxes, poor people shouldn't pay any. But that's just my opinion
There are different opinions
For example, I agree that poor people should not pay any income tax at all. In this way they will be prompted to earn more (well, at least, I think so). But I disagree that rich or wealthier people should pay more overall. There should be a flat tax for any level of income. Otherwise, rich people will be looking for "optimizing" their taxes (well, they will be looking for that anyway, but in the latter case there will just be more incentive). But since their wealth allows them to hire more experienced and skilled financial and tax advisors, they will do a lot better at this tax burden optimization than ordinary people. And the progressive income tax may in fact work in reverse in real life, and less rich people may end up paying more than wealthier tax payers
I agree and that's why I am averse to the progressive income tax. Taxes should be high for rich people, but they shouldn't be progressive because, apart from what you've said, progressive income taxes suppress initiative and thus we can get stagnation we all don't want.
Maybe the fee's are included when you guys buy bitcoin but if government included taxes those who gonna buy bitcoin then this is different questions people are using bitcoin because they don't want to pay high taxes in work eople don't want to pay taxes because its need they using bitcoin because they want it low fees whether they sending money or using it as their personal purposes .
Here in my country, there is no tax when you buy bitcoin but there is a fees when you buy in bitcoin company like coins.ph, buybitcoin.ph. Thats why they earn a lot of profit / money because of they make a business that trade real money into bitcoin.
yes no tax even in my country on bitcoin. i think my country the government even do not know about bitcoin but still there are a lot of people who are using bitcoin, in future when bitcoin will become so much popular and become legal currency then may be government put tax on bitcoin. Here in my country, there is no tax when you buy bitcoin but there is a fees when you buy in bitcoin company like coins.ph, buybitcoin.ph. Thats why they earn a lot of profit / money because of they make a business that trade real money into bitcoin.
yes no tax even in my country on bitcoin. i think my country the government even do not know about bitcoin but still there are a lot of people who are using bitcoin, in future when bitcoin will become so much popular and become legal currency then may be government put tax on bitcoin. I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
At one point of view bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
If you make a lot of money, like dozens of thousands USD per year, trading cryptos, Bitcoin included, I think taxes should be paid from that. But taxing every $20 worth of Bitcoin selling is ridiculous imo. Amount should matter, rich people have to pay more taxes, poor people shouldn't pay any. But that's just my opinion
There are different opinions
For example, I agree that poor people should not pay any income tax at all. In this way they will be prompted to earn more (well, at least, I think so). But I disagree that rich or wealthier people should pay more overall. There should be a flat tax for any level of income. Otherwise, rich people will be looking for "optimizing" their taxes (well, they will be looking for that anyway, but in the latter case there will just be more incentive). But since their wealth allows them to hire more experienced and skilled financial and tax advisors, they will do a lot better at this tax burden optimization than ordinary people. And the progressive income tax may in fact work in reverse in real life, and less rich people may end up paying more than wealthier tax payers
Here in my country, there is no tax when you buy bitcoin but there is a fees when you buy in bitcoin company like coins.ph, buybitcoin.ph. Thats why they earn a lot of profit / money because of they make a business that trade real money into bitcoin.
For you personally, the fees that you end up paying for using whatever service have nothing to do with tax at all. In this case it's the service in question that is responsible for paying tax over their operational income (which obviously fee income is also part of).
But as always, they will have no problems with legally finding a way to avoid paying the full percentage of tax, which at the same time can't be said about regular users.
At most they can choose to hide a large portion of their holdings and profits, but that obviously isn't a legal way of avoiding having to pay the full tax percentage.
If bitcoin has been inaugurated in my country then the government will issue tax on each user, As we know that bitcoin does have properties that do not materialize so bitcoin only serves as property only but its value is so valuable that bitcoin users of course burdened with the existence of separate taxes not from Government because its existence can not be inaugurated.
I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
At one point of view bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
If you make a lot of money, like dozens of thousands USD per year, trading cryptos, Bitcoin included, I think taxes should be paid from that. But taxing every $20 worth of Bitcoin selling is ridiculous imo. Amount should matter, rich people have to pay more taxes, poor people shouldn't pay any. But that's just my opinion.
In my country there is no such problem. I deduce on the Bank account only in small amounts and therefore they are not monitored by tax authorities. When making major purchases there are many other ways how not to pay taxes.
At us while bitcoin it is not assessed tax, but I think in a short time in all countries will begin bitcoin to tax. The state wants to profit from any valuable things and it will find a way to do it.
Here in my country, there is no tax when you buy bitcoin but there is a fees when you buy in bitcoin company like coins.ph, buybitcoin.ph. Thats why they earn a lot of profit / money because of they make a business that trade real money into bitcoin.
Most of countries consider Bitcoin as an asset or intangible property ( as by IRS ). Bitcoin's treatment as an asset makes the tax implication clear. However, taxation on bitcoins and its reporting is not as simple as it seems. For starters, it is difficult to determine the fair value of the bitcoin on purchase and sale transactions. Frequent traders and investors could use "first in, first out" (FIFO) or "last in, first out" (LIFO) accounting techniques to reduce tax obligations.
Bitcoin tax applies only to countries that accept bitcoin, and in other places, bitcoin is not mentioned, it is invisible, it does not violate the law, and the user does not have any tax period
It is true that there tax is applicable on bitcoin trading. You have to pay the tax if you are selling your bitcoins in your local bitcoin exchange for fiat.
Most of countries consider Bitcoin as an asset or intangible property ( as by IRS ). Bitcoin's treatment as an asset makes the tax implication clear. However, taxation on bitcoins and its reporting is not as simple as it seems. For starters, it is difficult to determine the fair value of the bitcoin on purchase and sale transactions. Frequent traders and investors could use "first in, first out" (FIFO) or "last in, first out" (LIFO) accounting techniques to reduce tax obligations.
Well it's complicated but I think the best way to include taxes on Bitcoin transactions would be to add them up to the miner fees and charge them per each transaction that moves over the blockchain but I don't know how practical this could be since we are all not living in the same country and our laws regarding taxes might vary.
Taxes would in no way affects miner fees as they are both independent while an indivudal is earning bitcoin for his job or activities or even sale, the miner is collecting his own fees for making the transaction possible so in the case of tax, both of them will be taxed because they are both generating income. For those whose countries have taken a position, there is really no way out of it but for countries like mine, we just need to keep hoping the decision is not taken any time soon in to keep enjoying our interest free investment.
Most of countries consider Bitcoin as an asset or intangible property ( as by IRS ). Bitcoin's treatment as an asset makes the tax implication clear. However, taxation on bitcoins and its reporting is not as simple as it seems. For starters, it is difficult to determine the fair value of the bitcoin on purchase and sale transactions. Frequent traders and investors could use "first in, first out" (FIFO) or "last in, first out" (LIFO) accounting techniques to reduce tax obligations.
Well it's complicated but I think the best way to include taxes on Bitcoin transactions would be to add them up to the miner fees and charge them per each transaction that moves over the blockchain but I don't know how practical this could be since we are all not living in the same country and our laws regarding taxes might vary.
You should not be comparing miner fees and taxes. Both could exist and hit your wallet. Transaction fees will go down when scaling solutions are implemented. You cannot say the same thing about taxes.
If you sell Bitcoin for Fiat, then you have to pay taxes.
If you didn't buy some bitcoins then nope. You pay taxes on the profits made from buying and selling only
However, taxation on bitcoins and its reporting is not as simple as it seems. For starters, it is difficult to determine the fair value of the bitcoin on purchase and sale transactions. Frequent traders and investors could use "first in, first out" (FIFO) or "last in, first out" (LIFO) accounting techniques to reduce tax obligations.
Not difficult, you know how much dollars you injected and how much dollars you receive from sales. It's up to people to keep track records of the money spent to buy
Well bitcoin kinda is already taxed, but only for US citizens, and only after you convert it to a Fiat currency. So we kinda have to deal with the high fee situation and the capital gains tax situation, but I will concede that most likely, virtually no one is paying proper bitcoin tax. I use the Shift card that Coinbase offers; I'm subject to sales tax on my bitcoin purchases, which is interesting.
Bitcoin is taxed not only in the US, there are several countries as well. Is no one paying taxs on Bitcoin? There are a loooot of people and companies paying those taxs. And trying to avoid to pay those is the same as looking to cheat the country, the population, own friend, family, etc. If people cheat the taxs then they shouldn't be eligible for a lot of things in their own country
Miner fees are much better than taxes. As you know government taxes are more than miner fees. So it is better that bitcoin is taking fees on transactions etc by miners. I would prefer that miner’s fees are much better than taxes. Taxes would decrease the demand of bitcoin in a market. If there is no demand how bitcoin will run?
You have to pay taxs on food, do you see a decrease of food market/demand?
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