Do Bitcoins have Tax?? - page 20. | Bitcointalksearch.org

groll

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Quote from: genos on November 01, 2016, 09:52:51 PM

Quote from: mlbs on November 01, 2016, 09:41:36 PM

Most countries do not tax bitcoins. They dont even regulate them. The thing is, a government can not impose taxes on bitcoins since it is a currency, same as fiats. The only thing they can impose taxes upon is to the goods and services we acquire by the means of paying with bitcoins. So it is not bitcoins are being taxed upon but the goods and services.

Yes it is realy hard to take a tax of bitcoin becouse bitcoin is used anonimously so no oe can trace bitcoin transaction. In exception, if bitcoin used to buy some thing in supermarket they have to pay tax becouse supermarket are under goverment permission.

Bitcoin is not being taxed because it is not yet government regulated. The government has known about it but they can't impose tax on it because originally it is decentralized and it is hard to trace the person in transaction with it. And maybe the reason why bitcoin is not really popular is that the government doesn't promote it to all people because they don't have the authority to regulate it. For me , the only thing that could shield bitcoin from tax issues are the goods and services being taxed. Wink

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Quote from: mlbs on November 01, 2016, 09:41:36 PM

Most countries do not tax bitcoins. They dont even regulate them. The thing is, a government can not impose taxes on bitcoins since it is a currency, same as fiats. The only thing they can impose taxes upon is to the goods and services we acquire by the means of paying with bitcoins. So it is not bitcoins are being taxed upon but the goods and services.

Yes it is realy hard to take a tax of bitcoin becouse bitcoin is used anonimously so no oe can trace bitcoin transaction. In exception, if bitcoin used to buy some thing in supermarket they have to pay tax becouse supermarket are under goverment permission.

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Most countries do not tax bitcoins. They dont even regulate them. The thing is, a government can not impose taxes on bitcoins since it is a currency, same as fiats. The only thing they can impose taxes upon is to the goods and services we acquire by the means of paying with bitcoins. So it is not bitcoins are being taxed upon but the goods and services.

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Quote from: Wandering Soul~ on November 01, 2016, 05:20:58 AM

In my country bitcoin has no tax caused it's not covered by the government. However since the bitcoin community in my country is getting bigger they might tax it especially the exchange sites.

But if that happens it just denies the whole concept of bitcoin cause it's anonymous, not controlled by anyone and decentralized Huh

Why does it need to get covered by the government? Governments care about their potential income through taxing people and companies and whatever they own and generate. That said, exchanges already pay tax over their turnover and profit generated with fiat, but also with Bitcoin. Nothing new here. And no, this will not deny the whole concept of Bitcoin. It's something that only happens in your head. Governments depend on our honesty when it comes to declaring our holdings and turnover. If we don't declare anything, then they don't get anything.

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Quote from: Wandering Soul~ on November 01, 2016, 05:20:58 AM

In my country bitcoin has no tax caused it's not covered by the government. However since the bitcoin community in my country is getting bigger they might tax it especially the exchange sites.

But if that happens it just denies the whole concept of bitcoin cause it's anonymous, not controlled by anyone and decentralized Huh

Yep. I think you're just overthinking. You know that that cannot happen since the bitcoin network is decentralized. I don't think they can put a tax on local exchange websites at all. The government cannot put tax on bitcoin users even if every single person in your country use bitcoins. Simply because how are they going to do it? They cannot put a tax on every transaction that you make since everything's decentralized.

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Quote from: Wandering Soul~ on November 01, 2016, 05:20:58 AM

In my country bitcoin has no tax caused it's not covered by the government. However since the bitcoin community in my country is getting bigger they might tax it especially the exchange sites.

But if that happens it just denies the whole concept of bitcoin cause it's anonymous, not controlled by anyone and decentralized Huh

I think wherever you are, or in any country there is no state that accepts bitcoin openly and cover bitcoin, so there are currently no bitcoin users who have to pay taxes for using bitcoin
yeah I think if that happens of course it's going to hit the system from bitcoin itself like decentralized and anonymous

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Quote from: rinhunter on November 01, 2016, 06:06:17 AM

Quote from: Wandering Soul~ on November 01, 2016, 05:20:58 AM

In my country bitcoin has no tax caused it's not covered by the government. However since the bitcoin community in my country is getting bigger they might tax it especially the exchange sites.

But if that happens it just denies the whole concept of bitcoin cause it's anonymous, not controlled by anyone and decentralized Huh

not only in your country in every country bitcoin have no tax, maybe just pay fee for bitcoin transaction, for exchanger site i think it's not a tax, just additional payment for service.

Maybe many are thinking it wrong that those fees are considered as tax, so people are thinking that bitcoin in their country is taxable. But the fact is that I don't have any news read that bitcoin is already under a law and needs to be included for those industry who are profiting and needs to have pay their own obligation for its taxation.

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Quote from: TastyChillySauce00 on November 01, 2016, 05:52:15 AM

actually if the exchanger companies that is currently now running in your country were legal and had been recognised as a company by the government,they are already taxed,because it's company so it's normal,govt always taxing everything

That is a big possibility, though bitcoin transaction has no tax but the legit local remittance services /exchanges pay tax to government when they register their business.They pay charges and tax upon renewal,money that comes in and out etc. In return they can a percentage in service charge,though not direct but still the government earn from it.

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Quote from: Wandering Soul~ on November 01, 2016, 05:20:58 AM

In my country bitcoin has no tax caused it's not covered by the government. However since the bitcoin community in my country is getting bigger they might tax it especially the exchange sites.

But if that happens it just denies the whole concept of bitcoin cause it's anonymous, not controlled by anyone and decentralized Huh

not only in your country in every country bitcoin have no tax, maybe just pay fee for bitcoin transaction, for exchanger site i think it's not a tax, just additional payment for service.

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Quote from: Wandering Soul~ on November 01, 2016, 05:20:58 AM

In my country bitcoin has no tax caused it's not covered by the government. However since the bitcoin community in my country is getting bigger they might tax it especially the exchange sites.

But if that happens it just denies the whole concept of bitcoin cause it's anonymous, not controlled by anyone and decentralized Huh

actually if the exchanger companies that is currently now running in your country were legal and had been recognised as a company by the government,they are already taxed,because it's company so it's normal,govt always taxing everything

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In my country bitcoin has no tax caused it's not covered by the government. However since the bitcoin community in my country is getting bigger they might tax it especially the exchange sites.

But if that happens it just denies the whole concept of bitcoin cause it's anonymous, not controlled by anyone and decentralized Huh

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Quote from: jonpande on November 01, 2016, 03:16:51 AM

In my country there is no tax to Bitcoin, the government in my country is not so concerned with bitcoin
Bitcoin is still regarded as monopoly money by central banks and authorities, so there is no tax, but if the government imposed a tax on bitcoin Personally, I would not mind paying taxes on my earnings. the authority will regulate the market and prevent flooding fraud that might be good for bitcoin.

Here in my country the exchange site we have here is registered within the government and even though they are earning bitcoins.

And bitcoin is not covered by government laws about taxation, they are still oblige to pay taxes since they are a registered exchange site.

So it is just like bitcoins has tax in my country.

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In my country there is no tax to Bitcoin, the government in my country is not so concerned with bitcoin
Bitcoin is still regarded as monopoly money by central banks and authorities, so there is no tax, but if the government imposed a tax on bitcoin Personally, I would not mind paying taxes on my earnings. the authority will regulate the market and prevent flooding fraud that might be good for bitcoin.

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Weird question, bitcoins doesn't have a tax, bitcoins can be taxed, that is correct.
Countries tax different things, and that is how they earn money. From them depends how big tax will be, for some baby stuff we don't pay tax in my country, for luxury stuff tax is higher.
Tax depends from country and their system, it's not same in every county. With bitcoins things are not clear, many countries didn't classified bitcoin, until that happen on some places using bitcoins will be free but in some countries bitcoins will be taxed.

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Quote from: TTMNewsK on October 31, 2016, 08:13:55 PM

It actually depends on your country.
Most country didn't accept btc as a currency but I think there's no tax on bitcoin but you'll have to pay some tax if you'll going to exchange the fiat to btc or btc to fiat.

Those taxes are applicable for sure because you are going to get the money in a bank or something which cuts their taxes from the amount as usual, but taxes on earning bitcoins are not applicable no matter which country you live in, as long as you have freedom on internet, you won't need to pay any taxes for this.

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Quote from: BlokF4No27 on October 31, 2016, 08:48:24 PM

There are no tax on bitcoins as no one control the bitcoins there is no questions of tax.

Haven't you taken the effort to browse through the last few pages of this thread in order to read what people are saying? Bitcoin being decentralized doesn't mean you don't have to pay tax. In your country you have to pay tax over everything you own. Bitcoin is money, and thus it adds up to your fiat wealth where you normally pay tax over. In that regard, you also have to pay tax over your coins.

Great example;

Quote from: BitHodler on October 21, 2016, 07:51:20 PM

Whether you have 10BTC that is valued at $6290 right now, or just that amount in money, it doesn't matter since Bitcoin is also money.

Quote from: BlokF4No27 on October 31, 2016, 08:48:24 PM

However transaction fees will always required as it will be the only income for the service provider.

This thread has nothing to do with fees, so I am not sure why you bring that up here.

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Quote from: Zadicar on November 01, 2016, 12:34:51 AM

Quote from: erickkyut on October 31, 2016, 10:01:07 PM

Bitcoin has no tax because it is decentralized.
Meaning, government has no control over bitcoin transactions.
In fact, you use bitcoin anonymously. Your bitcoin wallet provider only charged transaction fees I guess that's their source of income to maintain their service.

This is very correct, bitcoin is decentralized and theres no way for government to impose tax on it and thats the beauty of bitcoin and government wouldnt like it soo much because they cant able to impose tax on it. SO government would see bitcoin as a threat for them thats why some countries ban bitcoin with this.

I agree to that, this bitcoins dont have imposed tax and i think only the wallets used for pay out processing was taxed by the government becaused it has been registered by the government. Some countries prohibit bitcoin by reasons of no tax will be collected to it.
As i can see there is no bill for that obligating this bitcoin to be registered to pay tax and maybe in the future this governments planning to impose this in law, i hope its not possible in the future.

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Quote from: erickkyut on October 31, 2016, 10:01:07 PM

Bitcoin has no tax because it is decentralized.
Meaning, government has no control over bitcoin transactions.
In fact, you use bitcoin anonymously. Your bitcoin wallet provider only charged transaction fees I guess that's their source of income to maintain their service.

This is very correct, bitcoin is decentralized and theres no way for government to impose tax on it and thats the beauty of bitcoin and government wouldnt like it soo much because they cant able to impose tax on it. SO government would see bitcoin as a threat for them thats why some countries ban bitcoin with this.

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I don't think as of now there are any tax associated with it. It's not yet recognised currency. As and when it does then maybe. But for time being no, until your local laws have notified it

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Bitcoin has no tax because it is decentralized.
Meaning, government has no control over bitcoin transactions.
In fact, you use bitcoin anonymously. Your bitcoin wallet provider only charged transaction fees I guess that's their source of income to maintain their service.

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