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Topic: Do Bitcoins have Tax?? (Read 40193 times)

sr. member
Activity: 357
Merit: 250
January 21, 2017, 02:14:04 AM
Yes obviously if we convert bit coins into fiat or transfer it to anyone in a trade ,tax would be their
It is moreoif transaction fee than tax
For storing them in wallets we won't have to pay tax and that's obvious.

   
   
 
hero member
Activity: 1372
Merit: 503
January 20, 2017, 10:17:59 AM
Depending on your location and exact country, for example in the US nobody is going to say pay us these taxes while holding a paper BUT you have to make sure you are the one compliant, and if they find out you are not "Bank TX's or anything suspicious you can't explain"...
Whenever you are bitcoin always tax you even you are using different bitcoin wallet nor you are using wallet that based on your country, it always had a fee when you are doing transaction you see the TX there that has it fee's even you are exchange your bitcoin into fiat currency.
legendary
Activity: 3066
Merit: 1147
The revolution will be monetized!
January 20, 2017, 09:30:38 AM
There are no tax on bitcoins as no one control the bitcoins there is no questions of tax. However small transaction fees will always required as it will be the only income for the service provider.
Nope. Almost every country in the world requires some kind of tax on bitcoin.

Yes, it requires tax yet tax come when you convert your bitcoin into your fiat and withdraw it, and I guess transaction fees is just a tax being paid by the service given to the server. But directly bitcoins has no taxes.
 
And I think it can vary a lot around the world. Here in the U.S. you owe capitol gains when you convert to fiat or when you spend bitcoin. And the fee is not a tax at all but rather a fee for service. Only nation states (and maybe warlords) can issue a tax. 
hero member
Activity: 2856
Merit: 618
Leading Crypto Sports Betting & Casino Platform
January 20, 2017, 09:12:03 AM
There are no tax on bitcoins as no one control the bitcoins there is no questions of tax. However small transaction fees will always required as it will be the only income for the service provider.
Nope. Almost every country in the world requires some kind of tax on bitcoin.

Yes, it requires tax yet tax come when you convert your bitcoin into your fiat and withdraw it, and I guess transaction fees is just a tax being paid by the service given to the server. But directly bitcoins has no taxes.
 
hero member
Activity: 1190
Merit: 511
January 20, 2017, 09:10:30 AM
It depends on which country do you live, some countries tax on bitcoin revenue, like USA, but some countries don't tax, like China. In the future, if bitcoin is defined as money in most countries, it means that government will tax it.

Well, no need to tax bitcoin, coz one way or another we will be exchanging our bitcoin to fiat. Most probably that is one reason why bitcoin is not being taxed by some countries yet. I do believe that bitcoin will be taxed by the government if it is considered as its property and the use of it is being regulated by them.
You are right but one day it will happen that everyone will use online bitcoin and they will also buy things with bitcoin so then they will not need to convert their bitcoins to fiat so in this case no one will impose tax on bitcoin but only if the governments accept bitcoin as legal for their states.
If bitcoin happens to be our mode of payment in online shopping or even in mall etc, it will possibly that government have imposed tax already with it because businesses have business tax and that tax will pass to the buyer so whatever you buy with bitcoin all transaction have tax included with it.
hero member
Activity: 672
Merit: 500
January 20, 2017, 08:54:19 AM
It depends on which country do you live, some countries tax on bitcoin revenue, like USA, but some countries don't tax, like China. In the future, if bitcoin is defined as money in most countries, it means that government will tax it.

Well, no need to tax bitcoin, coz one way or another we will be exchanging our bitcoin to fiat. Most probably that is one reason why bitcoin is not being taxed by some countries yet. I do believe that bitcoin will be taxed by the government if it is considered as its property and the use of it is being regulated by them.
You are right but one day it will happen that everyone will use online bitcoin and they will also buy things with bitcoin so then they will not need to convert their bitcoins to fiat so in this case no one will impose tax on bitcoin but only if the governments accept bitcoin as legal for their states.
hero member
Activity: 882
Merit: 500
January 20, 2017, 08:41:42 AM
It depends upon the country you are inhabitants of.
There are no taxes on bitcoins if you keep them in your wallet but if you want to do transaction or payment with it then their will be taxes on it
Government cannot just directly put taxes on bitcoins transactions.
Yeah but in some countries they can   
Yup ! But I also thinks that. , i indirectly we are giving tax to the government . Because when we transfer our money from our bank to another person to buy bitcoin then we need to declare for which reason we have tranffered the money of bank to the beneficiary account .
So in this way to.keep himself from any law of government we need to pay tax , according to taxation system , So no doubt we are paying tax indirectly .
sr. member
Activity: 357
Merit: 250
January 20, 2017, 07:26:25 AM
It depends upon the country you are inhabitants of.
There are no taxes on bitcoins if you keep them in your wallet but if you want to do transaction or payment with it then their will be taxes on it
Government cannot just directly put taxes on bitcoins transactions.
Yeah but in some countries they can   
member
Activity: 70
Merit: 10
January 20, 2017, 06:15:48 AM
It's depend from country to country and theirs laws.

In mine, we have to pay tax only if we buy from a person living in my country. So mostly it isn't a strict law to actually pay but most of them never pay. And also there is only tax if we purchase 20 bitcoin or more on a single day so many people just purchase 19 bitcoins daily.
Some of us buy it with Paypal to hide it. There are laws but aren't so strict if we purchase with credit card or bank transfer no tax.
legendary
Activity: 2366
Merit: 2054
January 20, 2017, 05:15:36 AM
My country has a duty as a supervisory exchange tax every bitcoin exchange with original currency will be charged a hefty memberatka
legendary
Activity: 3010
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Leading Crypto Sports Betting & Casino Platform
January 20, 2017, 03:36:51 AM
It depends on which country do you live, some countries tax on bitcoin revenue, like USA, but some countries don't tax, like China. In the future, if bitcoin is defined as money in most countries, it means that government will tax it.
Taxing on bitcoin is not just when it's defined as a currency or official money, as for example In U.S.A bitcoin is considered as a property, therefore, it's taxed. But in my opinion, the money itself never taxed by the government but the things which are taxed by the government is your wealth not matter you're saving it up in which form.
If you ever curious about how the taxation in USA against bitcoin works, go here : https://www.irs.gov/uac/newsroom/irs-virtual-currency-guidance
sr. member
Activity: 546
Merit: 255
January 20, 2017, 03:23:06 AM
If you are asking just about Bitcoin , like taking it just as a crypto currency,
then there is no nax. Infact have you heard of any currency having tax ?
But if you go to make payments , obviously there will be tax , like if there is no tax ,
how will the government work.
Also it depends on your country. As far as i know not all countries accept Bitcoin
as a currency even.
So it depends on the scenario of your surroundings.
legendary
Activity: 1134
Merit: 1599
January 20, 2017, 01:57:13 AM
It depends on which country do you live, some countries tax on bitcoin revenue, like USA, but some countries don't tax, like China. In the future, if bitcoin is defined as money in most countries, it means that government will tax it.

Well, no need to tax bitcoin, coz one way or another we will be exchanging our bitcoin to fiat. Most probably that is one reason why bitcoin is not being taxed by some countries yet. I do believe that bitcoin will be taxed by the government if it is considered as its property and the use of it is being regulated by them.

That is not called a tax. Exchanging from Bitcoin to fiat or vice versa is not mandatory, you can only do it if you want. Otherwise there's no implied tax in it except the transaction fees, which again, are not mandatory. I consider taxes the amounts you have to pay on a regular period, like every month. Bitcoin is still not taxxed and/or controleld by govs.
hero member
Activity: 3178
Merit: 661
Live with peace and enjoy life!
January 20, 2017, 01:47:04 AM
It depends on which country do you live, some countries tax on bitcoin revenue, like USA, but some countries don't tax, like China. In the future, if bitcoin is defined as money in most countries, it means that government will tax it.

Well, no need to tax bitcoin, coz one way or another we will be exchanging our bitcoin to fiat. Most probably that is one reason why bitcoin is not being taxed by some countries yet. I do believe that bitcoin will be taxed by the government if it is considered as its property and the use of it is being regulated by them.
What we are trying to discuss here is to determine the proper tax based on the type of income we are making, if this will be converted to fiat and we are not tax on our income with bitcoin, most probably we are paying like VAT for the products and services we avail. I guess the government does not want that as there are different tax depending on how to classify it and they have different rates.
hero member
Activity: 798
Merit: 500
★YoBit.Net★ 350+ Coins Exchange & Dice
January 20, 2017, 01:18:26 AM
It depends on which country do you live, some countries tax on bitcoin revenue, like USA, but some countries don't tax, like China. In the future, if bitcoin is defined as money in most countries, it means that government will tax it.

Well, no need to tax bitcoin, coz one way or another we will be exchanging our bitcoin to fiat. Most probably that is one reason why bitcoin is not being taxed by some countries yet. I do believe that bitcoin will be taxed by the government if it is considered as its property and the use of it is being regulated by them.
sr. member
Activity: 307
Merit: 250
January 20, 2017, 12:54:39 AM
It depends on which country do you live, some countries tax on bitcoin revenue, like USA, but some countries don't tax, like China. In the future, if bitcoin is defined as money in most countries, it means that government will tax it.
legendary
Activity: 1386
Merit: 1020
DGbet.fun - Crypto Sportsbook
January 20, 2017, 12:52:15 AM
The government will never have a power to tax a bitcoin transactions because It was a decentralized system it have a Transaction fee but it's too low that you cant even feel it , those fees will go to the miner who process your transactions
yes that is right but to me i think there is no tax on bitcoin because the governments have not yet recognize bitcoin as legal currency, therefore they cannot put tax on illegal currency. i think they will put tax on bitcoin when they will put tax on it.
but still government may still be thinking how to find way to impost tax on bitcoin. may be they turn bitcoin for the purpose of to impose tax on it. but i think still it will take some more time to turn bitcoin as legal currency .
We could not discount that possibility, it can happen, they see the growing community of bitcoin and that means income to them. They are gonna tax us as they started to regulate big exchange sites already by directing them to comply with the KYC policy, the next thing will happen is for them to determine our income and tax us accordingly.
It is already happening now on which government are  trying to impose  or implement regulation on some exchanges related to tax which means we do really be affected specially to those people who always buying and using those exchangers. Government cant impose taxes on bitcoin directly thats why they are seeking another way.
legendary
Activity: 3080
Merit: 1292
Hhampuz for Campaign management
January 19, 2017, 10:30:41 PM
The government will never have a power to tax a bitcoin transactions because It was a decentralized system it have a Transaction fee but it's too low that you cant even feel it , those fees will go to the miner who process your transactions
yes that is right but to me i think there is no tax on bitcoin because the governments have not yet recognize bitcoin as legal currency, therefore they cannot put tax on illegal currency. i think they will put tax on bitcoin when they will put tax on it.
but still government may still be thinking how to find way to impost tax on bitcoin. may be they turn bitcoin for the purpose of to impose tax on it. but i think still it will take some more time to turn bitcoin as legal currency .
We could not discount that possibility, it can happen, they see the growing community of bitcoin and that means income to them. They are gonna tax us as they started to regulate big exchange sites already by directing them to comply with the KYC policy, the next thing will happen is for them to determine our income and tax us accordingly.
full member
Activity: 126
Merit: 100
January 19, 2017, 04:20:23 PM
Depending on your location and exact country, for example in the US nobody is going to say pay us these taxes while holding a paper BUT you have to make sure you are the one compliant, and if they find out you are not "Bank TX's or anything suspicious you can't explain"...
hero member
Activity: 588
Merit: 500
January 19, 2017, 03:01:35 PM
The government will never have a power to tax a bitcoin transactions because It was a decentralized system it have a Transaction fee but it's too low that you cant even feel it , those fees will go to the miner who process your transactions
yes that is right but to me i think there is no tax on bitcoin because the governments have not yet recognize bitcoin as legal currency, therefore they cannot put tax on illegal currency. i think they will put tax on bitcoin when they will put tax on it.
but still government may still be thinking how to find way to impost tax on bitcoin. may be they turn bitcoin for the purpose of to impose tax on it. but i think still it will take some more time to turn bitcoin as legal currency .
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