Do Bitcoins have Tax?? - page 32. | Bitcointalksearch.org

blackmachinegun

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Quote from: Runnermann on July 28, 2016, 04:51:33 PM

Bitcoin has not tax in my country but my friend said to me there is tax for bitcoin for some countries .

lol today no country openly gives legalizing to the use of bitcoin for their country and said that bitcoin is an option for their country's currency?
so I think there is no country that provides tax for bitcoin. and I thought it sounded impossible to bitcoin have tax

serjent05

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Quote from: coinsocieties on July 29, 2016, 11:50:47 AM

I know here in PA, bitcoin is not taxes as a currency, however it is taxed as an asset. Once the government realizes that trading bitcoin for goods will eliminate the sales tax portion of taxes here in PA, I would think that there is a small possibility that that will change a bit.

In my country bitcoin isnt tax for asset nor currency. Government know bitcoin but they are too busy with politics and drugs related activities so they don't pay much attention on some digital currency. Though they are aiming to shutdown illegal online casinos but i think it is only to those who operates or main base is in the country. But well once used as payment we are autmatically taxed due to the VAT.

MingLee

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Quote from: coinsocieties on July 29, 2016, 11:50:47 AM

I know here in PA, bitcoin is not taxes as a currency, however it is taxed as an asset. Once the government realizes that trading bitcoin for goods will eliminate the sales tax portion of taxes here in PA, I would think that there is a small possibility that that will change a bit.

I think it all depends on what tax rates are applied to the assets vs currency aspects. If they can tax it more as an asset i think they'll keep it that way for as long as they want, as they get to have the most amount of money from something they can't control. If they have to find a compromise, chances are they'll compromise control for increased revenues.

coinsocieties

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I know here in PA, bitcoin is not taxes as a currency, however it is taxed as an asset. Once the government realizes that trading bitcoin for goods will eliminate the sales tax portion of taxes here in PA, I would think that there is a small possibility that that will change a bit.

densuj

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Just share info in my country (Indonesia) bitcoin is not have tax because users who use bitcoin are still little and still not too famous. Even if there is market of bitcoin who has big volume transaction but it is still low for government take tax from it.

CryingMidget

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Quote from: bitcoinisfurture on July 29, 2016, 09:52:34 AM

It will depend upon country to country. But I think income is mostly taxed in all country dependent upon if you fall under tax laws of that country. Also which all country has zero taxation policy let us know.

Transaction fees goes to the miners who use it as an incentive to confirm your transaction. Governments do not have a viable way to apply taxation policies to every Bitcoin users due to it being pseudonymous. With that, government would be more reluctant to accept Bitcoin.

bitcoinisfurture

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It will depend upon country to country. But I think income is mostly taxed in all country dependent upon if you fall under tax laws of that country. Also which all country has zero taxation policy let us know.

Yutikas_11920

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Quote from: JeffBrad12 on July 29, 2016, 09:11:50 AM

Quote from: Ferrero on July 29, 2016, 08:14:04 AM

It is only a matter of time before the governments start gathering information about your addresses and exchange accounts.

And where from the government can getting about the personal information like address and exchange account, it's wrong maybe the government will make a permanent address for their civilians and easy to monitoring the activity of their transaction.

You do not need to worry about it, because the Government certainly has a way as he said. so this is an issue that can be addressed, I think the cost of the tax for users of bitcoin will make considerable changes in the growth of the bitcoin. Because if the Government has already enacted a tax, then the Government officially approved the existence of bitcoin

JeffBrad12

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Quote from: Ferrero on July 29, 2016, 08:14:04 AM

It is only a matter of time before the governments start gathering information about your addresses and exchange accounts.

And where from the government can getting about the personal information like address and exchange account, it's wrong maybe the government will make a permanent address for their civilians and easy to monitoring the activity of their transaction.

Ferrero

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It is only a matter of time before the governments start gathering information about your addresses and exchange accounts.

TheGodFather

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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??

Tax is implemented by the Government Agencies. These taxes is used to upgrade the city or a country. If a Country don't have any tax, maybe they don't have a good government. Some people says that Taxes are the biggest wallet in your country. The bigger the tax, the higher the amount. Tax can be used into government buildings, government machines, public places, and many more.

Almagro

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Countries will tax bitcoin soon or later as they see they can get a fee from it ,even not aceepting it yet they will tax ,if not declared they will take full control of the wallets as had already happened with a member here ,and law hitted his pocket deeply...

raver36

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Quote from: RodeoX on July 21, 2016, 10:18:05 AM

Short answer: YES

Bitcoin has no authority to demand taxes, its a math program.
Governments have the authority however. In the U.S., ALL MONEY YOU MAKE IS SUBJECT TO TAX LAW. Sometimes your tax rate may be zero, but the laws still apply. In the case of bitcoin you owe capitol gains on the appreciation in value. The rate varies depending on your tax bracket and other factors, but 10% is a normal amount.

Don't kid yourself into thinking that you don't have to pay taxes. All your transactions have been recorded on the blockchain forever and one day the IRS may hand you a bill that also includes penalties and interest. You might even have to do a little jail time.

What the fuck man xDDD. This shit sounds scary Cheesy

:D

They can't prove that you own the BTC address.

Capradina

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Quote from: yubsep on July 29, 2016, 05:31:52 AM

Taxing of bitcoin depending on your zone.. In my country still no details on bitcoin...

It might just happen, but I think it will never happen. Because the system cannot be modified or bitcoin edited by everyone who uses it, because the system has locked bitcoin and owner of the bitcoin is unknown. There is only one option that might be the case, any country that wants to take taxes from bitcoin bitcoin wallet and should make all countries should use the wallet

yubsep

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Taxing of bitcoin depending on your zone.. In my country still no details on bitcoin...

Xester

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Quote from: gkv9 on February 11, 2016, 03:06:48 PM

In my country, there ain't any taxes and everybody here is warned not to trade Bitcoins as it is the most volatile currency and our Reserve Bank says that "we should not invest what we cannot afford to lose"... Wink

The banks has a point but bitcoin is better than saving in banks making our money sleep without return.

Bitcoin is not taxable not because its volatile but because it is decentralized and not regulated by the laws and policies of the government.

Wowcoin

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I know there is no tax in bitcoin . Because I've used it so I know it tax free . Transaction fee per transfer more because my main wallet I carried blockchain trasaction fee with it . So i'm using Xapo because no fee transaction . The main wallet I just can reduce your fee for remittance to issue money. So bitcoin is tax free.

PsursV

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Quote from: Runnermann on July 28, 2016, 04:51:33 PM

Bitcoin has not tax in my country but my friend said to me there is tax for bitcoin for some countries .

i dont think that there will be a single country where the government has imposed tax on bitcoin. i think some countries may be thinking about this but only those countries who have accepted bitcoin and make a policy for bitcoin. only those countries will be thinking about bitcoin to impose tax on them, other wise i dont think that still a single country has tax on bitcoin.

groll

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Quote from: junder on July 29, 2016, 01:24:17 AM

the same here in my country still not have tax
because the government in my country not accept bitcoin for the payment.

Yes, bitcoins have no tax at all. Since it is not regulated by the government yet and there are no policies as basis for the tax scheme for bitcoin activities and business there are no basis to have bitcoin taxes.
Another thing bitcoin is decentralized and thats what makes it also hard to tax.
But maybe in the future that will happen when government will pursue regulating bitcoins.

Decoded

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No tax here in Australia. But if you liquidate a fair sum of bitcoin into Fiat, the government might think something's up, and even charge you for income tax.

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