Bitcoins have a "tax" on transactions, which are fees, because it helps the miners to have a bit more Bitcoin in their pocket, while prioritizing your transactions and helping everything to move along smoothly.
As for tax on income with Bitcoin, the only tax that exists is one that is imposed by the government on any capital gains you might get from Bitcoin, and anything else that's similar to that.
Topic: Do Bitcoins have Tax?? - page 35. (Read 40195 times)
There is no tax yet here in Pakistan as of yet on BTC, because it is not as popular to masses yet. I think once our government has a sniff about it, they'll surely tax it quite heavily.
Taxation entirely depends on the country of your residence. Even if your country don't have taxes on bitcoin, you can always declare your income as foreign asset in your income declaration form. The taxing authority will put the taxes accordingly.
I heard Canada is planning to impose tax on bitcoin but I see that most countries simply don't bother about bitcoin.
I heard Canada is planning to impose tax on bitcoin but I see that most countries simply don't bother about bitcoin.
yeah you can never give a general answer to this because each country has a different set of rules about bitcoin and some countries are not even aware of bitcoin existence.
for example where i live nobody knows what bitcoin is and i searched about laws about bitcoin and its usage, there were a couple of proposals but no laws were made so far.
In most of the countries bitcoin is not legal, so there won't any taxes, but once it is legal then surely they will deduct the taxes, i hope in some countries bitcoin are accepted in stores so there may be taxes.
Though we don't have and are not even close anything we could call standardization of cryptocurrency taxes, we can observe some moves toward regulating and taxing Bitcoin.
We should be happy, because this indicates that cryptocurrencies are definitely moving toward mainstream and financial industry acceptance.
If we want bitcoin to become a major currency taxation is inevitable.
We should be happy, because this indicates that cryptocurrencies are definitely moving toward mainstream and financial industry acceptance.
If we want bitcoin to become a major currency taxation is inevitable.
Taxation entirely depends on the country of your residence. Even if your country don't have taxes on bitcoin, you can always declare your income as foreign asset in your income declaration form. The taxing authority will put the taxes accordingly.
I heard Canada is planning to impose tax on bitcoin but I see that most countries simply don't bother about bitcoin.
I heard Canada is planning to impose tax on bitcoin but I see that most countries simply don't bother about bitcoin.
Generally be taxed as ordinary income, and be ineligible for capital gain treatment. If you get paid in dollars it doesn’t matter that the price of dollars against euros changes before you spend it. The value of the dollar may be rising internationally, but you are not taxed on that return like a normal investment.
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Taxation is done by governments and according to ones income. For one to be taxed, there needs to be documented evidence of income like bank transactions, paychecks etc. At the moment, there has been no government or institution which has recognized bitcoin as a form of currency and therefore I doubt if there is anybody in this world who is being taxed due to his income in bitcoin. I would love to know if there exists one.
a very clear explanation, no need to utter any more words, it has been said very well. 
Well as long as i keep btc in my wallet and those addresses aren't traceable to me i don't pay any taxes over it. But here in my country once you got extra cash over 2500 euro's per year we have to notify the authorities and pay taxes over it. So btc itself is tax free untill converted to a certain amount in euro's and then i pay taxes anyways.
Taxation is done by governments and according to ones income. For one to be taxed, there needs to be documented evidence of income like bank transactions, paychecks etc. At the moment, there has been no government or institution which has recognized bitcoin as a form of currency and therefore I doubt if there is anybody in this world who is being taxed due to his income in bitcoin. I would love to know if there exists one.
No I never heard tax being enfored on bitcoins in any country because its not controlled by government so why tax.But yes if some one convert large amount of bitcoins into fiat then may be he has to pay tax of his/her fiat money.
Then you hear it for the first time here. Bitcoin can in fact be tax charged if you declare all your holdings. At least, that's how it goes here in Western Europe. If you (hide) don't declare your holdings, then of course you won't be forced to pay anything as they don't know anything about you and what you hold, etc.
For now here in my country there is no tax but i didnt know for other country.. also bitcoin is very restrict now a days here in my country and i think we will experience of tax after few years.. here in my country because they are restricting gambling online also bitcoins here..
Well, I think, we might not feel it that much but for sure, the exchange is paying their taxes in the government and most probably they charge that to us, might be too small, a very small fraction that we couldn't almost feel it, and also, when we cash out, those remittances are also charging a few to us.. so it means,once we convert our bitcoin to cash and use it, that's the only time it get tax and take note, it is not on bitcoin but on the converted money..
in my country (indonesia) not yet, but the company where open service for eschange bitcoin to fiat, must pay 1% of total omzet, this is goverment rules all people who open bussiness must pay 1% of total omzet
It is only a matter of time before the governments start gathering information about your addresses and exchange accounts.
The biggest issue at the moment is, if you don't declare your bitcoins and you make a big purchase, how are you going to explain where the money came from? If you can't explain, you may get fined or be charged for tax evasion.. Want to risk it? Better to just declare what you hold imo.
The biggest issue at the moment is, if you don't declare your bitcoins and you make a big purchase, how are you going to explain where the money came from? If you can't explain, you may get fined or be charged for tax evasion.. Want to risk it? Better to just declare what you hold imo.
Yes it is when the time comes that you will be found out where did your money comes from the moment you sold your bitcoins. So at this point if we have large amount of bitcoins it is nice to declare it and pay tax even though the government is not asking. In the end honesty is the best policy. And honesty may save your money and bitcoins from the eyes of anti - money laundering law.
Bitcoin is decentralized virtual digital currency. No one control it. So there is no TAX for altcoins till any government implement cryptocurrency in main stream of economy.
Already bitcoin or any altcoin use transaction fee to pay to miner who verify transactions.
Yes no tax in bitcoin or any other cryptocurrency because government has no control over the bitcoins. Also government can never know how much bitcoins are there in any ones wallet but it doesnt matter bitcoins can not have tax.Already bitcoin or any altcoin use transaction fee to pay to miner who verify transactions.
There is already some countrie taxing bitcoin as they consider it as investment like gold or similiar, even being digital currencie i believe its USA that has this option to expose our portfolio, making maybe the coins looks like more clean then if we dont declare them to the government.
The government will always find a way to squeeze tax from us, even from bitcoin which is supposed to be decentralized and free from government intervention. That is why there are a lot of rich people who resort to tax-evading schemes just to avoid paying for something that doesn't benefit them much in return. 
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 not taxable that's why many people prepared to use it as a currency, and the government don't have the authority to taxx bitcoin , but it's already discussing in other country but of course the community will not accept it if it will happen. And for tax you mention its not tax it's a fee for every transaction and the fee will not go to the government.
There is already some countrie taxing bitcoin as they consider it as investment like gold or similiar, even being digital currencie i believe its USA that has this option to expose our portfolio, making maybe the coins looks like more clean then if we dont declare them to the government.
Old Chinese proverb:
Those who take tax advise from Internet stranger will one day take cock up ass from prison stranger.
Those who take tax advise from Internet stranger will one day take cock up ass from prison stranger.
to me up to now there is no tax on bitcoin any where. but i think those countries who have accepted bitcoin and consider it as a legal currency i think they may be thinking about to impose tax on bitcoin now.
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