Topic: Have people been forced to pay tax over Bitcoin yet? (Read 5519 times)
Well so far as I know it is your own responsibility to report your trading activity and income in cryptocurrency, if they catch you at a later moment they will prosecute for tax evasion. The risks that they catch you will be less if you didn't buy directly with your bank account or credit card. Some countries are also really active with surveillance online and watching their people really close. The cost of such prosecution can be really high or you could end in jail depending on each country.
Not yet until it is registered in any region like paypal and other payment gateways or if it is registered in any region as an exchange currency.
I think governments will not forced their people to pay tax over bitcoin. Specially for countries that bitcoin is not so popular. I think its a good idea if they accept bitcoin as another way to pay taxes.
In my country (Philippines) there is no yet charge taxes for bitcoin because, bitcoin is not so popular in here but I think now it's becoming popular because earlier when I'm asking someone or some of my friends about bitcoin they don't know what is it but now when I ask my friends about it there is some of my friends knows about it.
In experience in my entire year here there is no forcing to bitcoin users to pay tax yet.
In experience in my entire year here there is no forcing to bitcoin users to pay tax yet.
I think people in some countries are forced to do that but they are doing clever moves to avoid it. I've heard some people who are evading their obligations and not stating their income on cryptocurrencies. And another thing is that there is still only few who make profits on crypto so their government are still not serious about it.
Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.
Most of part of the world and in different Countries Crytocurrency is unregulated unlike in japan a well known first world country that most of the merchants out there are accepting crytpo currency (Bitcoin,eth,etc.) as a way of payment, and most of the employees in specific work areas are receiving crypto salary and crypto currency is regulated so as the role of government, people who has a big amount of salaray of Crypto is not excluded in tax regulation.
It's very, very hard to force someone to pay a tax for Bitcoin when it's hard to determine if the person is even using it or not. I don't think there has been any situation of such sort.
Of course, it will be very difficult for tax authorities to determine the amount of tax to be collected from citizens. Apparently, the state will oblige all available exchanges and exchangers to introduce identification when making transactions with the crypto currency and submit this information to the tax authorities. Otherwise, citizens will pay taxes on income from crypto-currency very reluctantly.
In Slovenia people not, but companies for sure: standard 19%.
It depends upon the country which you resides many countries legalised bitcoin without any tax. Few countries announced bitcoin as illegal this is because they afraid people use it for illegal purposes. But still there is no tax for bitcoin in many countries. For bitcoin transaction from one exchange to another we have to pay transaction fees. If tax is announced means then the economic growth of the country will be very good. So in future we can expect all countries put tax for bitcoin.
I don't think I ever paid tax for bitcoin directly to the country, but I guess by withdrawing using Bitcoin ATM's I did, they have a TAX fee aswell which I think (?) goes to the country aswell? But by just transferring I never did, thats the beauty of bitcoin 
Many people have resented to the payment of taxes on the bitcoin income. And they are also right in doing so. They have their own reasons to support their points. And the governing authorities have their own reasons to support their claims of taxation.
But there is one thing for sure you cannot force anything upon free citizens. Any way or other they will find the ways out to evade the taxation regime and will escape from the same.
P.S.: Nothing in the bitcoin market is stabilized aas yet, so it is difficult to say anything with surety!
But there is one thing for sure you cannot force anything upon free citizens. Any way or other they will find the ways out to evade the taxation regime and will escape from the same.
P.S.: Nothing in the bitcoin market is stabilized aas yet, so it is difficult to say anything with surety!
Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.
In some countries there is special tax that you must pay from earnings from internet or even there is special law for crypto but in most of the cases there is tax that you must pay from your income.
I think people are not forced to pay the tax because they have bitcoin or they are making a transaction with bitcoin, and so far, we can free to convert bitcoin to the fiat. But I think if there is any regulation from the government about using bitcoin as for the transaction, and they apply the tax for us, then we should obey the rule and we need to pay the tax. I guess that the tax is not too big depends on the money we've got so I think it is okay if we need to pay tax for using bitcoin.
Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.
Then what would be the benefit of crypto over fiats then?Tax evasion is not supposed to be one of the benefits of crypto (I am not a big supporter of taxation, so I wouldn't be too upset in case you use crypto for that purpose). But under current circumstances, I would advice you to pay taxes in cases you owe them. Why risk a heavy fine and a prison sentence?
So far there is no publication concerning to it, only they put tax on the item you buy with Bitcoin in some country but I never heard a country forcing its citizen to pay tax for their earning in Bitcoin or crypto.
Yeah I've never heard of it. after all, how does the government do that? whereas they don't know who uses bitcoin? even in my own country there isn't any tax even though you use bitcoin to shop, maybe the situation will be different in the next few years?
Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.
Then what would be the benefit of crypto over fiats then?
Here in India, last year the income tax authorities sent notices to more than 100,000 Bitcoin users asking them to pay income tax on their profits from Bitcoin. I don't know how many of them actually ended up paying taxes.
no coercion means, the tax has not arrived at the calculation of income tax, and is still limited to VAT on the foreign exchange market in their country. it is not a big problem, but if applied widely, they must regulate bitcoin at this time and support its development legally. this is not speculation from real news because it is still a rumor.
Not really...If you make BTC transaction from one wallet to another, no tax would be levied because of a decentralized anonymous transaction on the blockchain . But soon you want to bring profits of your investment in your bank account through an exchange, it will ask for KYC which include all your necessary documents which will help to evaluate the tax on you.
The taxation usually in terms of what the law provide, since crypto currency has no concrete policy that will guide on cryptocurrency taxation because it is a P2P transaction in the transaction will hide the identity of individuals who did the transaction. The only taxable means is the transaction to some legit exchanges establishment that is permitted by the government to operate.
Not all countries apply regulations and taxes on cryptocurrency, in my country, it is still quite open to trade and transact bitcoin, but the government remains supervised although it has not been regulated for taxes and other regulations. maybe in your country, regulations have been made, and taxes have been set, I am curious about that. as I know, many have banned and made bitcoin illegal.
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