Do Bitcoins have Tax?? - page 11. | Bitcointalksearch.org

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legendary

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Quote from: RodeoX on December 12, 2016, 01:46:04 PM

Obviously taxes apply in most (all?) countries.
But I wonder if there is any place on Earth that has no taxes associated with bitcoin? Like maybe Dubai?
Anyone know this?

The oil belt doesn't tax Bitcoin. No sales or income tax at all. The UAE did announce they would implement a Value Added Tax but that doesn't kick in until 2018.

United Arab Emirates - VAT soon
Oman - 0
Bahrain - 0
Qatar - 0
Saudi Arabia - 0
Kuwait - 0

lakisis

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Quote from: abel1337 on December 13, 2016, 08:49:55 AM

Quote from: jak3 on December 13, 2016, 08:35:18 AM

government has taxes which are said that it is being used by government for your countrys development and in case of bitcoin transactions that is not tax its transaction fees which are payed to the bitcoin miner for verifying the transaction and to mine a new block. taxes are fixed but the amount of mining fees is not.. it depends on your priority

Thats right bitcoin doesnt have tax for now , We only pay for bitcoin transaction fee when we transact . And the good side about it that is bitcoin transaction fee is low if you compared to other payment processors.

yeah bitcoin transaction fees is very low firstly use other online payment service and i pay a big fees when i bought something online but now i just use bitcoin for online shopping because bitcoin transaction is very much faster and its transaction fees is very much lower than other .

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Quote from: salmanahmedone on December 13, 2016, 09:08:50 AM

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Quote from: RodeoX on December 12, 2016, 01:46:04 PM

Obviously taxes apply in most (all?) countries.
But I wonder if there is any place on Earth that has no taxes associated with bitcoin? Like maybe Dubai?
Anyone know this?

There are a lot of countries that bitcoin is still not yet honored so they don't have choice but to ignore bitcoin even though their citizens are earning good amount with it that's why there are a lot of people who are using bitcoins that are evading taxes because their source is not taxable and that is with bitcoin.

Yes, even us bitcoin itself doesn't have tax but transaction does, but then when you exchange your bitcoin into a fiat currency there will be a tax given and it depends on how much you exchange for withdrawal.

I agree with you, that we do not need to give any taxes if we have our holdings in Bitcoins itself, but if we are going to exchange it into fiat, then it is obvious that we are bound to pay taxes and we need to have our statements ready to show the same to our governments that we sold Bitcoins in order to get that amount, and in some cases, also need to show that how are we getting bitcoins... As fiat is our local currency, we need to pay taxes on it at any cost (based on the income tax slab)...

thejaytiesto

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Quote from: RodeoX on December 12, 2016, 01:46:04 PM

Obviously taxes apply in most (all?) countries.
But I wonder if there is any place on Earth that has no taxes associated with bitcoin? Like maybe Dubai?
Anyone know this?

There are a lot of countries that bitcoin is still not yet honored so they don't have choice but to ignore bitcoin even though their citizens are earning good amount with it that's why there are a lot of people who are using bitcoins that are evading taxes because their source is not taxable and that is with bitcoin.

Even if bitcoin is not recognized as anything, it wouldn't automatically mean that you are excempt of paying any taxes. I think all governments in the world are going to demand you taxes over capital gains, all that's going to change is the % you pay, that is why all those rich footballers and companies put their money offshore to pay as little as possible. Google pays a small% because its based in Ireland.. meanwhile we small people get crushed by taxes.

BitHodler

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Quote from: Watershin on December 13, 2016, 08:56:28 AM

Bitcoin Tax law is different in each country and in some country Bitcoin is illegal so you cannot also show that you are a user of bitcoin. The country which have bitcoin recognized have some tax law and you have to follow them so that you dont get in legal problem in future when government take steps against not tax payers. In my country still bitcoin is not given any status so it is upto us to show in tax or not

It depends on what countries you are referring to. People tend to take certain news articles way too serious and directly think the usage of Bitcoin is prohibited.

That aside, countries don't have to recognize Bitcoin as whatever they want. Bitcoin is part of your total wealth which is the most important aspect.

You making profits through Bitcoin fits in the same category as you making profits through stocks for example. No real difference here.

The government doesn't care what valuable things you're holding or what kind of profits you make. They just want you to fill in your tax reports so they can take "their" cut.

salmanahmedone

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Quote from: RodeoX on December 12, 2016, 01:46:04 PM

Obviously taxes apply in most (all?) countries.
But I wonder if there is any place on Earth that has no taxes associated with bitcoin? Like maybe Dubai?
Anyone know this?

There are a lot of countries that bitcoin is still not yet honored so they don't have choice but to ignore bitcoin even though their citizens are earning good amount with it that's why there are a lot of people who are using bitcoins that are evading taxes because their source is not taxable and that is with bitcoin.

Yes, even us bitcoin itself doesn't have tax but transaction does, but then when you exchange your bitcoin into a fiat currency there will be a tax given and it depends on how much you exchange for withdrawal.

Watershin

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Bitcoin Tax law is different in each country and in some country Bitcoin is illegal so you cannot also show that you are a user of bitcoin. The country which have bitcoin recognized have some tax law and you have to follow them so that you dont get in legal problem in future when government take steps against not tax payers. In my country still bitcoin is not given any status so it is upto us to show in tax or not

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Quote from: jak3 on December 13, 2016, 08:35:18 AM

government has taxes which are said that it is being used by government for your countrys development and in case of bitcoin transactions that is not tax its transaction fees which are payed to the bitcoin miner for verifying the transaction and to mine a new block. taxes are fixed but the amount of mining fees is not.. it depends on your priority

Thats right bitcoin doesnt have tax for now , We only pay for bitcoin transaction fee when we transact . And the good side about it that is bitcoin transaction fee is low if you compared to other payment processors.

jak3

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government has taxes which are said that it is being used by government for your countrys development and in case of bitcoin transactions that is not tax its transaction fees which are payed to the bitcoin miner for verifying the transaction and to mine a new block. taxes are fixed but the amount of mining fees is not.. it depends on your priority

Capradina

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Quote from: al0729 on December 13, 2016, 04:35:28 AM

bitcoins have no tax , because for me bitcoins is not a company bitcoins can get in internet easily so why do they put in a tax on bitcoins .

Yeha is indeed for now bitcoin has no mandatory or not to tax. Because for now will only give advantage bitcoin individually and the Government until now has not been able to decide to accept bitcoin in digital currency, so the tax is something that will never be found in the bitcoin. Now that there has been no official policy of most countries that accept bitcoin and if taxes already exist in the bitcoin then automatically bitcoin users more and more and everyone knows it

al0729

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bitcoins have no tax , because for me bitcoins is not a company bitcoins can get in internet easily so why do they put in a tax on bitcoins .

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Quote from: lottery248 on December 12, 2016, 07:12:23 PM

Quote from: richardsNY on December 12, 2016, 07:02:27 PM

Quote from: john2231 on December 12, 2016, 06:54:32 PM

Quote from: ?? on ??

Quote from: RodeoX on December 12, 2016, 01:46:04 PM

Obviously taxes apply in most (all?) countries.
But I wonder if there is any place on Earth that has no taxes associated with bitcoin? Like maybe Dubai?
Anyone know this?

There are a lot of countries that bitcoin is still not yet honored so they don't have choice but to ignore bitcoin even though their citizens are earning good amount with it that's why there are a lot of people who are using bitcoins that are evading taxes because their source is not taxable and that is with bitcoin.

There is no tax only the company or exchange are paying for a tax that is why they are giving a exchange rate not the exact price in in preev price.
In bitcoin we are just paying fee for every transaction but in local exchange like here in my country there is no fee for every transaction this good thing in our wallet.. but i think that company are paying in taxes which is a company that nearly here in my place.. anytime you can go near to them and see the bitcoin atm.. tax only apply if they are asking for a fee for withdrawals..

Exchanges and other Bitcoin related services do pay tax over their entire revenue and profits translated to the fiat equivalent. They can't hide from the IRS. Most exchanges don't charge you anything when you cash out fiat, so from that point there is nothing they have to pay tax over. That's however not the case with certain services that allow you to buy and sell coins. They mostly charge fees ranging from 1 to 5% per transaction. Over that percentage they have to pay tax.

does that mean they could only charge the the fees or taxes in case of exhanging between fiats and cryptos, in a nutshell?

government should reserve bitcoins and altcoins in order to ensure they have sufficient fund to sustain the country instead of simply asking their citizens for the tax.

That's a good move, only if they will even try to consider that bitcoin is going to be able to help to the country's finances. This is possible to happen if a country from the first world will do this initiative and after that the smaller countries will try to do this too and will imitate what's on the trend from the rich countries.

That's too much to ask for them, we are not even regulated and bitcoin is not considered as an asset or commodity like gold is. It should be in a sequential process and we start with the beginning which is being regulated.

lottery248

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Quote from: richardsNY on December 12, 2016, 07:02:27 PM

Quote from: john2231 on December 12, 2016, 06:54:32 PM

Quote from: ?? on ??

Quote from: RodeoX on December 12, 2016, 01:46:04 PM

Obviously taxes apply in most (all?) countries.
But I wonder if there is any place on Earth that has no taxes associated with bitcoin? Like maybe Dubai?
Anyone know this?

There are a lot of countries that bitcoin is still not yet honored so they don't have choice but to ignore bitcoin even though their citizens are earning good amount with it that's why there are a lot of people who are using bitcoins that are evading taxes because their source is not taxable and that is with bitcoin.

There is no tax only the company or exchange are paying for a tax that is why they are giving a exchange rate not the exact price in in preev price.
In bitcoin we are just paying fee for every transaction but in local exchange like here in my country there is no fee for every transaction this good thing in our wallet.. but i think that company are paying in taxes which is a company that nearly here in my place.. anytime you can go near to them and see the bitcoin atm.. tax only apply if they are asking for a fee for withdrawals..

Exchanges and other Bitcoin related services do pay tax over their entire revenue and profits translated to the fiat equivalent. They can't hide from the IRS. Most exchanges don't charge you anything when you cash out fiat, so from that point there is nothing they have to pay tax over. That's however not the case with certain services that allow you to buy and sell coins. They mostly charge fees ranging from 1 to 5% per transaction. Over that percentage they have to pay tax.

does that mean they could only charge the the fees or taxes in case of exhanging between fiats and cryptos, in a nutshell?

government should reserve bitcoins and altcoins in order to ensure they have sufficient fund to sustain the country instead of simply asking their citizens for the tax.

richardsNY

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Quote from: john2231 on December 12, 2016, 06:54:32 PM

Quote from: ?? on ??

Quote from: RodeoX on December 12, 2016, 01:46:04 PM

Obviously taxes apply in most (all?) countries.
But I wonder if there is any place on Earth that has no taxes associated with bitcoin? Like maybe Dubai?
Anyone know this?

There are a lot of countries that bitcoin is still not yet honored so they don't have choice but to ignore bitcoin even though their citizens are earning good amount with it that's why there are a lot of people who are using bitcoins that are evading taxes because their source is not taxable and that is with bitcoin.

There is no tax only the company or exchange are paying for a tax that is why they are giving a exchange rate not the exact price in in preev price.
In bitcoin we are just paying fee for every transaction but in local exchange like here in my country there is no fee for every transaction this good thing in our wallet.. but i think that company are paying in taxes which is a company that nearly here in my place.. anytime you can go near to them and see the bitcoin atm.. tax only apply if they are asking for a fee for withdrawals..

Exchanges and other Bitcoin related services do pay tax over their entire revenue and profits translated to the fiat equivalent. They can't hide from the IRS. Most exchanges don't charge you anything when you cash out fiat, so from that point there is nothing they have to pay tax over. That's however not the case with certain services that allow you to buy and sell coins. They mostly charge fees ranging from 1 to 5% per transaction. Over that percentage they have to pay tax.

john2231

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Quote from: ?? on ??

Quote from: RodeoX on December 12, 2016, 01:46:04 PM

Obviously taxes apply in most (all?) countries.
But I wonder if there is any place on Earth that has no taxes associated with bitcoin? Like maybe Dubai?
Anyone know this?

There are a lot of countries that bitcoin is still not yet honored so they don't have choice but to ignore bitcoin even though their citizens are earning good amount with it that's why there are a lot of people who are using bitcoins that are evading taxes because their source is not taxable and that is with bitcoin.

There is no tax only the company or exchange are paying for a tax that is why they are giving a exchange rate not the exact price in in preev price.
In bitcoin we are just paying fee for every transaction but in local exchange like here in my country there is no fee for every transaction this good thing in our wallet.. but i think that company are paying in taxes which is a company that nearly here in my place.. anytime you can go near to them and see the bitcoin atm.. tax only apply if they are asking for a fee for withdrawals..

RodeoX

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Obviously taxes apply in most (all?) countries.
But I wonder if there is any place on Earth that has no taxes associated with bitcoin? Like maybe Dubai?
Anyone know this?

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Quote from: kidoseagle0312 on December 12, 2016, 02:15:13 AM

If we are going back to the meaning of bitcoin, it is decentralized peer to peer currency, Therefore, bitcoin has no tax in every transaction but only charge fee for every transactions.

This is true since its been written on the whitepaper of bitcoins project on which its been created to make decentralized p2p transactions and this is the most accurate answer for this. So it means it doesn't really have tax and its impossible to impose tax on it and no government could able to do that. That's why they don't like bitcoin and some of them ban it because of this reason.

kidoseagle0312

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If we are going back to the meaning of bitcoin, it is decentralized peer to peer currency, Therefore, bitcoin has no tax in every transaction but only charge fee for every transactions.

bitcoinisbest

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The taxation policy of each country varies and particularly OP will need to mention which country he would like to know.

Like for our country if for certain income its tax free and if you cross that then there are slab wise % of tax. Accordingly profits you earn from bitcoin and personal income needs to be clubbed together and accordingly you will have to pay tax.

dearbesz1219

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Quote from: Jemzx00 on February 11, 2016, 10:40:17 AM

Since bitcoin is an internet currency that can be turn into a actual money. And Bitcoin too is known on Government but still government can't observe bitcoin that good. So I'm thinking if Bitcoin has tax??

Edit:
Now I know that bitcoin doesn't have tax but Transaction does..
Where do these Tax go?Government? And what kind of tax is it??

So far at the present time now, bitcoin don't have have any taxes in this kind of bitcoin industry. Only they get charge for every transaction of all the community we had it in bitcoin world.

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