Topic: Do Bitcoins have Tax?? - page 28. (Read 40193 times)
Bitcoin has no tax and it's highly unlikely that the governments are able to put a tax on it. Bitcoin is decentralized, the only tax that you might pay is exchanging fees on altcoin exchange website but nothing else other than that. If you get a thousand dollars because of your work here in the Bitcoin world, then no one's going to put a huge amount of income tax to you. But if you get a thousand dollars from your day job instead, then expect that it will come to you lesser than it really should.
On my country there is not tax for bitcoin, bitcoin is considered as new things and there are not valuable in it. Bitcoin's users are still little amount be compared with users of fiat or gold.
in my country the bitcoin user 1:1000 so only 1person from 1000 population know about bitcoin, it's very small proportion, the goverment see bitcoin as online thing not a legal payment prosesor or currency, so no tax at bitcoin.
many country like your country, just a developing country, no many rules about bitcoin, perhaps even no rules
On my country there is not tax for bitcoin, bitcoin is considered as new things and there are not valuable in it. Bitcoin's users are still little amount be compared with users of fiat or gold.
in my country the bitcoin user 1:1000 so only 1person from 1000 population know about bitcoin, it's very small proportion, the goverment see bitcoin as online thing not a legal payment prosesor or currency, so no tax at bitcoin.
Bitcoin is not have tax on my regional because there is not rules who adjust about bitcoin and i think mostly of countries they doesn't take tax for bitcoin activity.
It varies according to each countries. Usually them may take some transaction charges , that is if you buy or sell bitcoin with fiat currency. It best you talk with your financial adviser if you planning to invest a serious amount in bitcoin
On my country there is not tax for bitcoin, bitcoin is considered as new things and there are not valuable in it. Bitcoin's users are still little amount be compared with users of fiat or gold.
Since there is no government interference in mining and we can say it's just a private property which is mined not printed or what ever. It's just a barter system we pay money , get bitcoin and we sell bitcoin and we get money that's it dip in this system TAX is not applicable.
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??
Bitcoin is a internet online currency and the goverment does not have any control over it so they can not put any tax on top of it. 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??
This is also why people make use of Bitcoin.
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??
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??
You already said in your first sentence in the edit zone that there is no tax then why still ask where do this tax go?
It is not really tax it is just a transaction fee. Just like Western Union and other money transfer they need some fees.
if it isn't legal in your country, the government can't reach tha tax from your bitcoin transactions.
its only take an exchanger fees.
its only take an exchanger fees.
Since there is control of government and it is mined by algorithm not by government banks so obviously there is no tax applicable on bitcoin but yes there is transaction charges while you transfer your bitcoin to others account.
There are plenty of countries where you do have to pay tax over everything you own in Bitcoin. So what you say doesn't make any sense. However, is there a way for the government to know you have a position in Bitcoin and you have made profits? Not really. Perhaps if they start digging in your bank account(s) and your exchange history, ten it could be possible. If not, then it's your secret.
bitcoin don't have tax while you just use it and transfer in online. But if you release or convert it into fiat that was taxable and you will notice that. Just like on casino, there is no tax when you play on slots or different types of gambling games there but they will deduct you a fee once you converted your chips into money.
Whether you have $1,000,000 in cash, or Gold, or in Bitcoin, it's no different here where I live. Everything I own in Bitcoin adds up to what I already own. And over that amount in total, I have to pay tax. Converting your Bitcoins to fiat doesn't change anything.
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??
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??
yes it have taxese for transaction
No bitcoin has not tax in any country across the world i think,specially in my country i am sure that there is no such law about bitcoin taxes because government does not control bitcoin,its decentralised and anonymous so no body can track how much bitcoin is one holding in his/her wallet,so bitcoin tax is not possible.
if someone could ever beat every single code inside the blockchain, then that would be likely able to take over that bitcoin network and 'tax'.anyway, it is not possible as we don't even have enough source to find every single address.
No bitcoin has not tax in any country across the world i think,specially in my country i am sure that there is no such law about bitcoin taxes because government does not control bitcoin,its decentralised and anonymous so no body can track how much bitcoin is one holding in his/her wallet,so bitcoin tax is not possible.
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??
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??
bitcoin transactions have tax according to diffuclty of mining and amount of btc you transacted
becqause miners required fee to transaction then through blocks !!
in my country each service anything linked about bitcoin or not you must pay 1% or taxing.
but not all people do it, some people not reporting his service then he not paying the tax too.
but not all people do it, some people not reporting his service then he not paying the tax too.
Since there is control of government and it is mined by algorithm not by government banks so obviously there is no tax applicable on bitcoin but yes there is transaction charges while you transfer your bitcoin to others account.
There are plenty of countries where you do have to pay tax over everything you own in Bitcoin. So what you say doesn't make any sense. However, is there a way for the government to know you have a position in Bitcoin and you have made profits? Not really. Perhaps if they start digging in your bank account(s) and your exchange history, ten it could be possible. If not, then it's your secret.
bitcoin don't have tax while you just use it and transfer in online. But if you release or convert it into fiat that was taxable and you will notice that. Just like on casino, there is no tax when you play on slots or different types of gambling games there but they will deduct you a fee once you converted your chips into money.
Since there is control of government and it is mined by algorithm not by government banks so obviously there is no tax applicable on bitcoin but yes there is transaction charges while you transfer your bitcoin to others account.
There are plenty of countries where you do have to pay tax over everything you own in Bitcoin. So what you say doesn't make any sense. However, is there a way for the government to know you have a position in Bitcoin and you have made profits? Not really. Perhaps if they start digging in your bank account(s) and your exchange history, ten it could be possible. If not, then it's your secret.
Since there is control of government and it is mined by algorithm not by government banks so obviously there is no tax applicable on bitcoin but yes there is transaction charges while you transfer your bitcoin to others account.
There is no tax right now but when I try to convert bitcoin in fiat I have to pay service tax.
it's not a tax but a transaction fee
tax is a sum of money demanded by a government for its support or for specific facilities or services, levied upon incomes, property, sales, etc. while transaction fee is a fee that a broker-dealer assesses on a client for the service of filling an order. Usually, the transaction fee is a percentage of the value of the transaction, but sometimes it is a flat rate, such as two cents per share or seven dollars per trade. those are two different things my friend Thanks for the reply but I'm sure that, it is a service tax because,
That is stated and shown under different head named 'Service Tax'
They do charge fees in different head named 'Fee'
And service tax rate is 15% (which is levied by the government of India) and fees are charged by the service provider.
You can confirm this in fees structure of Unocoin - https://www.unocoin.com/post/92
Since wealth tax is abolished in India, we don't have any such kind of tax as of now but since we are using service to convert any asset, commodity in fiat currency using professional service then in such case we have to pay service tax for the service used.
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