Have You Paid Tax On Bitcoin? | Bitcointalksearch.org

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

Quote from: gentlemand on November 16, 2019, 01:53:48 PM

I haven't spent or sold enough of it to be taxable. In the UK it's 20% capital gains above a certain level. If that goes up then I might consider buggering off as that's a sufficient amount. I will pay it wherever I end up for the sake of a quiet life.

The main opposition party in the upcoming election revealed today they're looking to raise capital gains to 40%. They're a ludicrous bunch of commies so will never win but if they did I think that would be enough to get me to take my business elsewhere.

Firecold4

full member

Activity: 286

Merit: 101

In my country Indonesia does not have bitcoin taxation because illegal bitcoin in my country is prohibited from being used for payments. As for the bitcoin atm I have never tried it but in Bali there is 1 bitcoin atm in the recreation center

qwertyup23

hero member

Activity: 2268

Merit: 789

Quote from: Newchanka on November 16, 2019, 01:37:27 PM

What is your country's policy on taxation on cryptocurrency? Secondly, have you used Bitcoin ATM before? I heard about Bitcoin ATM when they installed them at the Melbourne airport. Please share your experience on BTC ATM and taxation. https://www.cryptoinfowatch.com/irs-looking-at-tax-issues-linked-with-bitcoin/

According to my colleague who interviewed the lawyer in Bangko Sentral ng Pilipinas (Central Bank), bitcoin proceeds should be categorized as 'other income' as stated in our laws and should reflect on our taxes. This should be limited to BTCs earned during mining or investing but this rule has been leniently enforced as I have never seen anyone paid taxes due to earning BTCs.

The only problem that I saw in the country revolves around a direct deposit of our earnings in BTC to the bank as they will question the origin of such. If you tell them that it came from your investments in BTCs, they would doubt the origin and potentially question the said amount.

algcool

jr. member

Activity: 82

Merit: 1

Cooldragon

I come from China, we dont need to pay the tax about the bitcoin.

When we need to buy or sell bitcoin, we trade in huobi webiste.

milewilda

legendary

Activity: 3094

Merit: 1127

Quote from: Newchanka on November 16, 2019, 01:37:27 PM

What is your country's policy on taxation on cryptocurrency? Secondly, have you used Bitcoin ATM before? I heard about Bitcoin ATM when they installed them at the Melbourne airport. Please share your experience on BTC ATM and taxation. https://www.cryptoinfowatch.com/irs-looking-at-tax-issues-linked-with-bitcoin/

So far after all these years i havent experienced on getting taxed with my crypto earnings yet government is still neutral in regards with crypto.

They dont still consider nor being strict to implement taxation on crypto earnings but i would expect that anytime soon it would really be implied.
About BTC ATM's they are mostly being placed on the capital city of my country which is way too far on where do i live.So i havent experienced
on using up that machined but hopefully i would able to do so one day.

TheGreatPython

sr. member

Activity: 2660

Merit: 339

Quote from: Newchanka on November 16, 2019, 01:37:27 PM

What is your country's policy on taxation on cryptocurrency? Secondly, have you used Bitcoin ATM before? I heard about Bitcoin ATM when they installed them at the Melbourne airport. Please share your experience on BTC ATM and taxation. https://www.cryptoinfowatch.com/irs-looking-at-tax-issues-linked-with-bitcoin/

I am really waiting for that time that I will be seeing bitcoin atm in my own country which I think it would be impossible for now because the government does not even understand cryptocurrency for them to even be thinking of having the atm approved and before you can install anything of such, it must be with the approval of the central bank.

For central bank to approve such a thing, it means they must have been fully aware of the use of the cryptocurrency and even its benefit to them and to the community, but for now, the few ones that knows about cryptocurrency is seeing it as Ponzi scheme because when it first became popular, people were only interested in it because they learnt that it can make their little one to really double in a shirt term.

ice098

hero member

Activity: 1498

Merit: 586

Quote from: coin-investor on November 17, 2019, 10:10:20 AM

Our Country hasn't released a taxation policy but depending on the income we are expected to pay 20% to 35%, that is if taxpayer is honest enough to include what he has been making in Crypto trading, I have a job and I still haven't included that in my tax report yet, but once they release a policy, all Crypto holders in our country will be obliged to do this and that includes me and about your question on ATM no I haven't used one yer although we have at least 5 in our city, I am more convenient in using our online local exchange than an ATM..

Yes its true, here in my country there is not tax regarding any cryptocurrency, because if government started to put taxes on it , it means that they already legalizes it and regulized it, when I convert it in fiat that is only the time that taxes affected my income. But in terms of bitcoin I didnt have any payment to it.

Mike Mayor

hero member

Activity: 966

Merit: 535

No. And I never will. Such things are against the ideology of bitcoin and against my own personal morals. The entire reason you use bitcoin was that you get control of what is actually meant to be yours and is no one else's business. I enjoy privacy. How I make my living and how much I make has nothing to do with anyone but me. I am totally against the government knowing exactly what you do and how much you make.
Such surveillance reminds me of a police state and makes me think of America. I am so glad I do not live in the USA with all their insanity.

lionheart78

legendary

Activity: 2954

Merit: 1153

Quote from: Newchanka on November 16, 2019, 01:37:27 PM

What is your country's policy on taxation on cryptocurrency? Secondly, have you used Bitcoin ATM before? I heard about Bitcoin ATM when they installed them at the Melbourne airport. Please share your experience on BTC ATM and taxation. https://www.cryptoinfowatch.com/irs-looking-at-tax-issues-linked-with-bitcoin/

Bitcoin ATM is kinda rare in the Philippines and it is far from where I am living so I do not have a chance to use it yet though I am looking forward to at least try using it. With regards to Bitcoin taxation, there is no clear regulation regarding cryptocurrency taxation though I consulted it to a lawyer and told me that should be implemented once Bitcoin is converted to cash.

Ludmilla_rose1995

full member

Activity: 1638

Merit: 167

Buzz App - Spin wheel, farm rewards

Quote from: Newchanka on November 16, 2019, 01:37:27 PM

What is your country's policy on taxation on cryptocurrency? Secondly, have you used Bitcoin ATM before? I heard about Bitcoin ATM when they installed them at the Melbourne airport. Please share your experience on BTC ATM and taxation. https://www.cryptoinfowatch.com/irs-looking-at-tax-issues-linked-with-bitcoin/

I have never used a Bitcoin ATM before. ATMs in my country only exist in one city and are located very far from where I live. For bitcoin taxes, I don't pay it, because bitcoin in my country does not have legal regulations. Even the government in my country recommends not buying bitcoin because of fluctuating prices and high volatility.

Meowth05

sr. member

Activity: 854

Merit: 267

★777Coin.com★ Fun BTC Casino!

Quote from: Newchanka on November 16, 2019, 01:37:27 PM

What is your country's policy on taxation on cryptocurrency? Secondly, have you used Bitcoin ATM before? I heard about Bitcoin ATM when they installed them at the Melbourne airport. Please share your experience on BTC ATM and taxation. https://www.cryptoinfowatch.com/irs-looking-at-tax-issues-linked-with-bitcoin/

Fortunately, our government has no action yet regarding this issue so I can freely make a transaction without charging a tax on it. Bitcoin is not legal neither illegal in our place that is why no taxation issued here, however, we have no Bitcoin ATM so you should convert it into fiat online just to spend this one. I'd love to have Bitcoin ATM and being accepted in a physical store as well because this would be convenient for me though.

coin-investor

hero member

Activity: 2996

Merit: 598

Leading Crypto Sports Betting & Casino Platform

Quote from: Newchanka on November 16, 2019, 01:37:27 PM

What is your country's policy on taxation on cryptocurrency? Secondly, have you used Bitcoin ATM before? I heard about Bitcoin ATM when they installed them at the Melbourne airport. Please share your experience on BTC ATM and taxation. https://www.cryptoinfowatch.com/irs-looking-at-tax-issues-linked-with-bitcoin/

Our Country hasn't released a taxation policy but depending on the income we are expected to pay 20% to 35%, that is if taxpayer is honest enough to include what he has been making in Crypto trading, I have a job and I still haven't included that in my tax report yet, but once they release a policy, all Crypto holders in our country will be obliged to do this and that includes me and about your question on ATM no I haven't used one yer although we have at least 5 in our city, I am more convenient in using our online local exchange than an ATM..

Gotumoot

sr. member

Activity: 1372

Merit: 261

No, because our government has no solution to tax bitcoin holders in my country. And they can only tax us if we voluntarily declare or use non-custodial wallets approved by our bank central, as they can determine where we got this amount and whether it was already taxed. .

Darker45

legendary

Activity: 2576

Merit: 1860

Quote from: Newchanka on November 16, 2019, 01:37:27 PM

What is your country's policy on taxation on cryptocurrency? Secondly, have you used Bitcoin ATM before? I heard about Bitcoin ATM when they installed them at the Melbourne airport. Please share your experience on BTC ATM and taxation. https://www.cryptoinfowatch.com/irs-looking-at-tax-issues-linked-with-bitcoin/

I am not and will not pay taxes on my individual crypto earnings. Well, my country does not have anything in place regarding cryptocurrency taxation as far as individual tax payers are concerned so there is nothing that governs it really. The Bureau of Internal Revenue (BIR), the main government agency tasked to collect taxes, is not implementing anything about individual cryptocurrency income because there is no particular law or policy that is crafted to rule on this particular matter. With this, everything is vague for now. When it comes to individual spending in crypto I guess all the goods and services here are already valued with tax included.

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

I didn't pay anything and I'm not going to. Taxes aren't different from theft they are only named differently.

I have the advantage of living in a country that doesn't care if I hold Bitcoins or not but when they demand it, because it's not if but when' I'm not going to pay anyway. I don't use exchanges with KYC for that purpose. To be able to hide in future when Bitcoins are worth over 100k USD. Greedy governments won't let such opportunity go by.

Kambal2000

sr. member

Activity: 700

Merit: 257

Quote from: AbuBhakar on November 17, 2019, 09:26:36 AM

Quote from: yazher on November 17, 2019, 09:14:12 AM

In our country the government has not to ask taxes on bitcoin yet, as of now, they're just working to promote the use of digital money. so far, the result was good. since they worked on this promotion, from day 1, the rate has increased to more than 10%. Although this is looking good, I'm afraid that if they see that the rate has further increased after a few years from now, they will finally pass a law that will make you pay your taxes when using bitcoin or any other Altcoins.

Sooner when the government see how people adopts they might imply it when they néed additional sources of funds to use in politics, it will be a good chance to use crypto or buy since there no tax that will lessen our savings. Maybe those stores were accepting crypto in exchange of their stuffs in stores already have tax value which seems the same in paying tax.

Yes so for now that our government is not that strict at the moment, so we are enjoying the fruits from our income that I am getting from campaign, trading and investing short term. Yeah, so far we are still paying tax in other way, as we are buying and paying for our goods and services which has value added tax on it, so in a little way we are still helping our country.

AbuBhakar

hero member

Activity: 1120

Merit: 554

🇵🇭

Quote from: yazher on November 17, 2019, 09:14:12 AM

In our country the government has not to ask taxes on bitcoin yet, as of now, they're just working to promote the use of digital money. so far, the result was good. since they worked on this promotion, from day 1, the rate has increased to more than 10%. Although this is looking good, I'm afraid that if they see that the rate has further increased after a few years from now, they will finally pass a law that will make you pay your taxes when using bitcoin or any other Altcoins.

Sooner when the government see how people adopts they might imply it when they néed additional sources of funds to use in politics, it will be a good chance to use crypto or buy since there no tax that will lessen our savings. Maybe those stores were accepting crypto in exchange of their stuffs in stores already have tax value which seems the same in paying tax.

yazher

hero member

Activity: 2268

Merit: 588

You own the pen

In our country the government has not to ask taxes on bitcoin yet, as of now, they're just working to promote the use of digital money. so far, the result was good. since they worked on this promotion, from day 1, the rate has increased to more than 10%. Although this is looking good, I'm afraid that if they see that the rate has further increased after a few years from now, they will finally pass a law that will make you pay your taxes when using bitcoin or any other Altcoins.

goaldigger

sr. member

Activity: 2422

Merit: 357

Quote from: Newchanka on November 16, 2019, 01:37:27 PM

What is your country's policy on taxation on cryptocurrency? Secondly, have you used Bitcoin ATM before? I heard about Bitcoin ATM when they installed them at the Melbourne airport. Please share your experience on BTC ATM and taxation. https://www.cryptoinfowatch.com/irs-looking-at-tax-issues-linked-with-bitcoin/

Our government depends on taxes but so far there’s no law about collecting taxes on bitcoin earnings. If you declared it as your income, then the tax will impose and you have to pay it but still it will depend on you. ATM’s are just located in once place at my country, its not convenient right now to transact on atm machine so i didn’t try to do it.

angrybirdy

sr. member

Activity: 1022

Merit: 277

★Bitvest.io★ Play Plinko or Invest!

Quote from: Apes on November 17, 2019, 05:19:04 AM

In My Place there are no rules about tax deductions from cryptocurrencies. And I hope it will continue like that, the reason is because if crypto users are taxed, I am afraid that the users will not multiply instead it will decrease. They will switch to choose other investments that are not taxed or have lower taxes. Currently users are charged for a transaction fee if they want to withdraw it in to cash. And i think that's normal.

The same in our country, we don't need to pay tax and the only thing we pay is our income tax which is not applicable to bitcoin. If the government will apply tax, that would be fine for me as it is every individuals responsibility.
I don't think that the numbers of users will be divided if tax will be applied, I think this is not enough reason to forget about bitcoin.

Topic: Have You Paid Tax On Bitcoin? (Read 397 times)