do i have to pay tax on bitcoins ? - page 3.

brontosaurus

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Quote from: omer_parvez on September 30, 2016, 12:11:44 PM

so i wanna know do i realy have to pay taxes on bitcoins and does my gov recognize bitcoins as my property and do i have to care about any legal action by gov on my bitcoin property ?

Dude, I think you forgot to mention a very important particular about yourself!! Which country are you from!!??

The policies, laws, rules and regulations are different in every country and taxation on bitcoin is a part of the governmental policy. These policies regarding taxation on bitcoin are not uniform throughout the world. So you may confirm this whether your bitcoin transactions in your country attract taxation.

1jaffa1

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Bitcoin is not an official currency. That is, most countries still require you to pay income taxes, sales, payroll, and capital gains tax on anything that has value including bitcoin. It is your responsibility to ensure that you comply with any other tax and legal rules or policies issued by your government and / or policy makers in your area.

Fantastic33

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Bitcoin doesnt have a tax, but there are fees that you need to pay when making any transactions such as when you wanted to convert your btc to fiat, or you want to cash out some of your bitcoins. Like here in the philippines, the bureau of internal revenue has not yet issued clear guidelines on tax treatment on bitcoin transactions. But i think one day they may impose tax on those who gain huge profit from bitcoins.

alinda

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Most of the countries are yet to form a regulatory body when it comes to cryptocurrency and ico's but when it comes to tax, they do come up with an early solution for this.Decentralized currencies need to have a decentralized land free of crypto tax Wink

Wong Kalong

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Quote from: omer_parvez on September 30, 2016, 12:11:44 PM

so I wanna know do I really have to pay taxes on bitcoins and does my gov recognize bitcoins as my property and do I have to care about any legal action by gov on my bitcoin property?

Pay or not it depends on your country. If indeed in your country are required to pay tax on Bitcoin yes you have to pay. But if in your country the Government does not issue any regulation about Bitcoin, yes you do not need to pay taxes. So whether in your country Bitcoin has been legalized?

crisanto01

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Quote from: budz0425 on March 12, 2018, 02:47:19 AM

Quote from: btcmegastar on March 10, 2018, 05:10:31 AM

Quote from: Edraket31 on March 09, 2018, 11:46:35 AM

Quote from: Uno17 on March 09, 2018, 10:05:49 AM

For now let us just enjoy the bitcoin while it is taxfree, and for me i think bitcoin should not be taxed then because the government of each country didn’t acknowledge bitcoin yet but when time comes that the government will impose tax on bitcoin, of course, all we have to do is obey and follow whatever implemented. So for now no yet pls😊 but in the future let’s see what’s gonna happen😊

It is fine to pay tax in bitcoin when necessary because it will be an added income to our government and can reflect a good economy over the world, so it is okay for me for as long as it will not exceed to 10% and the thing that they will just tax is the income from trading.

It depends on the present government whether they will use tax for economic growth, they are collecting huge taxes but when it comes growth they are mentioning they are quarreling about the previous governments. Economic growth will not depends on paying taxes, government should provide benefits to people.

If it is required then you have to follow the rules, even if your country was not too strict in searching for those tax evaders it is right to initiate to pay your taxes rather than paying nothing at all and after you have been found out that you are escaping it then that is the time you'll gonna pay with damages and it will cause you much burden.

That is right, it is our national obligation to pay tax when required and necessary and if we don't follow the rules of our country then a big risk will be awaiting to us so it is better that at the beginning you are following the rules rather than the police or the tax collector will follow you.

budz0425

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Quote from: btcmegastar on March 10, 2018, 05:10:31 AM

Quote from: Edraket31 on March 09, 2018, 11:46:35 AM

Quote from: Uno17 on March 09, 2018, 10:05:49 AM

For now let us just enjoy the bitcoin while it is taxfree, and for me i think bitcoin should not be taxed then because the government of each country didn’t acknowledge bitcoin yet but when time comes that the government will impose tax on bitcoin, of course, all we have to do is obey and follow whatever implemented. So for now no yet pls😊 but in the future let’s see what’s gonna happen😊

It is fine to pay tax in bitcoin when necessary because it will be an added income to our government and can reflect a good economy over the world, so it is okay for me for as long as it will not exceed to 10% and the thing that they will just tax is the income from trading.

It depends on the present government whether they will use tax for economic growth, they are collecting huge taxes but when it comes growth they are mentioning they are quarreling about the previous governments. Economic growth will not depends on paying taxes, government should provide benefits to people.

If it is required then you have to follow the rules, even if your country was not too strict in searching for those tax evaders it is right to initiate to pay your taxes rather than paying nothing at all and after you have been found out that you are escaping it then that is the time you'll gonna pay with damages and it will cause you much burden.

btcmegastar

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Activity: 700

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Quote from: Edraket31 on March 09, 2018, 11:46:35 AM

Quote from: Uno17 on March 09, 2018, 10:05:49 AM

For now let us just enjoy the bitcoin while it is taxfree, and for me i think bitcoin should not be taxed then because the government of each country didn’t acknowledge bitcoin yet but when time comes that the government will impose tax on bitcoin, of course, all we have to do is obey and follow whatever implemented. So for now no yet pls😊 but in the future let’s see what’s gonna happen😊

It is fine to pay tax in bitcoin when necessary because it will be an added income to our government and can reflect a good economy over the world, so it is okay for me for as long as it will not exceed to 10% and the thing that they will just tax is the income from trading.

It depends on the present government whether they will use tax for economic growth, they are collecting huge taxes but when it comes growth they are mentioning they are quarreling about the previous governments. Economic growth will not depends on paying taxes, government should provide benefits to people.

tuvok007

legendary

Activity: 1358

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Different counties diferent rules,but mostly you dont have to pay taxes on bitcoin. The other thing is if you sell your bitcoin for your local currency and you transfer that money to your bank account than you most probably have to pay taxes. 12 percent on capital gains in my country,Croatia.

Edraket31

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Quote from: Uno17 on March 09, 2018, 10:05:49 AM

For now let us just enjoy the bitcoin while it is taxfree, and for me i think bitcoin should not be taxed then because the government of each country didn’t acknowledge bitcoin yet but when time comes that the government will impose tax on bitcoin of course all we have to do is obey and follow whatever implemented. So for now no yet pls😊 but in the future let’s see what’s gonna happen😊

It is fine to pay tax in bitcoin when necessary because it will be an added income to our government and can reflect a good economy over the world, so it is okay for me for as long as it will not exceed to 10% and the thing that they will just tax is the income from trading.

Uno17

member

Activity: 322

Merit: 12

For now let us just enjoy the bitcoin while it is taxfree, and for me i think bitcoin should not be taxed then because the government of each country didn’t acknowledge bitcoin yet but when time comes that the government will impose tax on bitcoin of course all we have to do is obey and follow whatever implemented. So for now no yet pls😊 but in the future let’s see what’s gonna happen😊

sheenshane

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Quote from: BUK2016 on March 07, 2018, 10:31:24 AM

Quote from: omer_parvez on September 30, 2016, 12:11:44 PM

so i wanna know do i realy have to pay taxes on bitcoins and does my gov recognize bitcoins as my property and do i have to care about any legal action by gov on my bitcoin property ?

All depends on the country you live because there are country where bitcoin are not accepted and there are countries where bitcoin and other crypto currency are accepted. So, if you live in a countries where bitcoin and altcoins are accepted you are expected to pay tax from your earning.

If we pay tax on bitcoin it is a really small amount for us, when we cash out our bitcoin and convert to cash we already have a tax payment when we claim at any remittance center at our country. Legalization of bitcoin is upon on which country you are but why you are bothered about bitcoin legalization? Bitcoin is decentralized and as a user, we have our own network and technology that nobody other people involve on this bitcoin to manipulate us.

BUK2016

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Quote from: omer_parvez on September 30, 2016, 12:11:44 PM

so i wanna know do i realy have to pay taxes on bitcoins and does my gov recognize bitcoins as my property and do i have to care about any legal action by gov on my bitcoin property ?

All depends on the country you live because there are country where bitcoin are not accepted and there are countries where bitcoin and other crypto currency are accepted. So, if you live in a countries where bitcoin and altcoins are accepted you are expected to pay tax from your earning.

valintino7

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Quote from: omer_parvez on September 30, 2016, 12:11:44 PM

so I wanna know do I really have to pay taxes on bitcoins and does my gov recognize bitcoins as my property and do I have to care about any legal action by gov on my bitcoin property?

Each country has its own rules. If in your country the Government tells you to pay taxes from Bitcoin earnings means you must obey the rules. But if in the country there is no law that regulates the taxation of Bitcoin, yes I do not think you need to pay taxes.

bitcoinFPT

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IT is depend on your country but as I know It's hard for the government to charge you taxpayers because they will not be able to manage who is using bitcoin as a source of income.

Yara1

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You can not pay tax on your bitcoin becouse government is yet to approve bitcoin as a legal tender but converting your bitcoin to any country,s currency you will have to pay the bank bank some charges for your transaction

Brambam

newbie

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Merit: 0

If your country doesn't recognize Bitcoin yet then you don't have to pay taxes on it. But you will pay on your fiat income.
If you avoid to change it to fiat (paper money) and buy things, you will end up paying taxes on those things.

dbers79

newbie

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For those interested in bitcoin and how it relates to the laws of your land, what happened to this man may serve as a lesson to all: http://sbj.net/stories/breaking-news-klein-sentence,55367 and http://time.com/5161663/bitcoin-sting-jason-klein-crypto-irs-money-transmitter/. Things that seem ordinary for us regular guys may not be what it is. The moral of the story is to be aware of the existing legislation for bitcoin/crytocurrencies around your place and adhere to the law. The government pouncing on the jason klein's of this world may seem like overkill to some but being caught up in legal tangles with the government will only bring unwanted troubles to yourself.

budz0425

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Quote from: NJB18 on March 05, 2018, 01:08:52 AM

Those countries that welcomed bitcoin most probably may imply taxation rules soon. Australia and Germany as what I heard aren't imposing tax on bitcoin so hopefully other countries will follow.

Since we are not yet required to pay bitcoin here in our country so we are free to do whatever we want with our earnings, but as far as I know they are already studying or working with how much rate they are going to imposed tax with regards to crypto related concerns.

NJB18

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Activity: 663

Merit: 250

Those countries that welcomed bitcoin most probably may imply taxation rules soon. Australia and Germany as what I heard aren't imposing tax on bitcoin so hopefully other countries will follow.

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