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.
though bitcoins themselves dont have any taxes except for the fees you pay during transactions 
Topic: Do Bitcoins have Tax?? - page 36. (Read 40195 times)
I think all the Bitcoin exchanges in countries where Bitcoin is legalized will be connected to the national revenue agency and customers' data will be automatically collected upon withdrawal of coins/cash. And I believe Bitcoins will be taxable so there is no way around that if people use the licensed Bitcoin exchanges. For private deals off the Internet I think it's possible to keep the coins secret and not taxable but this will be a crime though.
This is one of the reasons that the governments do not see bitcoin as a currency at this time, they see it as an asset. There is so little control they cn take over it, but you better believe that you need to make sure you pay your taxes on what ever bitcoin transactions you do. If you get hit with an audit and need to explain, you will be in for a world of trouble if you do not pay your taxes.
If bitcoin is decentralized virtual digital currency, than why you need to pay tax? I think no, it's already your tax when you pay transaction's fee. Until it's not controlled, you need to pay taxes. In my country, there is no tax, so I don't worry now about this.
I did not have paid any tax till now , as no one know that I have bitcoin so none of the government can ask for tax from me, Bitcoin is anonymous currency and so none of the way for tax is introduced.
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.
For now i think we are still not experience with tax.. but maybe in the future if government will adopt bitcoin and we know governments are corrupted. So if there is bitcoin they can make more money to corrupt.
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..
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.
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.
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 no tax on bitcoins, but when you buy a product with bitcoins this product could be taxed by your government. Also some countries are asking to tax the money that you earn with trading bitcoins, like they tax the stocks earnings.
Besides transaction fees, as stated above, bitcoin is a commodity and is taxed when sold for capital gain. If you sell bitcoin for fiat, you will be liable for taxes on it that year, in the States at least.
There is no tax. You are not claiming it. But if gov't sees your assets are worth more than what you make annually they will start to look into where is that extra income is coming from. The IRS is known for doing that.
well to be honest there are some taxes, i think that transaction fees you can call as taxes because it requires to be paid all the time though those are really low
Its really interesting to hear that no tax is deducted on this. Seriously paying tax has become a big burden. More do not love to do so. It depends on the government how much they tax on different section. I wish the tax should be decreased in my country.
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 has no tax, and transaction too, what they have deducted is just a transaction fee and not a tax, transaction fee is the payment for those who processed the transaction (i.e. blockchain) in local wallets provider it is their earnings.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 has no tax. That's true. However, I've read an article that there are state/s that is/are planning to place tax on bitcoins.
Bitcoin is an internet currency so the government cannot put any tax on it if I am correct and that is the great thing with Bitcoin.
But I am sure that if Bitcoin becomes legal that it is going to change.
Yaa Bitcoins don't have tax. There are just transaction fee that is paid to the wallet. That fact that bitcoins are decentralized and noBut I am sure that if Bitcoin becomes legal that it is going to change.
one can have legit control over it is amazing. So, there are no tax involved and even if bitcoins are made legal and regulated, I still
think that many people can escape tax.
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??
I think these taxes for transactions go to some companies, from whose websites we send money to our wallets. 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??
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 has no tax, and transaction too, what they have deducted is just a transaction fee and not a tax, transaction fee is the payment for those who processed the transaction (i.e. blockchain) in local wallets provider it is their earnings.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 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.
Im no tax expert but also think if you have a business and take bitcoins as payment you
would have to pay tax on that income?
would have to pay tax on that income?
Obviously, you pay taxes based on the tax rules where your business is registered in. It is really not different from other form of payments you might accept as well.
If you have online business, it is smart to register and operate your business from country with lowest taxes. I see it as a form of free market where you choose the place with lowest operational costs.
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