I have not directly paid taxes on crypto earnings or bitcoin so far.
I actually paid taxes indirectly as I transferred btc funds to Paypal and from Paypal to my bank accunt.
I didn't report it as crypto earnings but as second income from abroad, Internet earnings because it was so much simpler and easier at that moment a few years ago.
Next time I withdraw my btc funds I will wait 2 years and prepare my FIFO records because in the official opinion of the tax office in my country, it's then viewed as a long-term investment and tax-exempt.
Topic: Have You Paid Tax On Bitcoin? - page 2. (Read 397 times)
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.
Directly I Haven't given any tax because Bitcoin is not a legal currency in my territory, so I have to convert it into our local currency in this way I have given a lot of foreign currency, I believe that Bitcoin would be legal in our territory than obviously, I will pay tax because I know tax is one of the main element of government's income, not only that but also tax is the main indicator of the development, so our local governments should take this blockchain seriously because it's a potential platform for the future purpose and it might bring a lot of direct tax to their vault, not only that but also it will increase the speed of the development.
I have heard there is bitcoin atm in my country but only a few and I haven't experience using it yet. Also in terms of of tax, I’m not paying it since in our country there are no regulations yet that required to pay taxes. Although we have the freedom to use crypto and when we do cash out we just use applications that allowed to do transactions and just pay fees for using their services.
bitcoin atm in our country can only provide deposit mode, and transactions are just fees, I still think this is not part of the core tax. I am actually waiting for good news because the tax is a specific affirmation of the government's attitude towards crypto. There is still much that needs to be reexamined regarding income tax because bitcoin is not the same as fiat.
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.
As far as i know, you are supposed to pay some sort of tax for "money brought to the country". This can only occur if you use a State approved exchange. I doubt many people use those, there is no need unless you want to get rid of Petros...
Because ATMs are physical, i suppose they are prone to State control. I don't see myself ever using one...
How exactly can you enforce Bitcoin taxation? Force people declare what their wallets are? What stops them from having hidden (undeclared) wallets?
Bitcoin is nowhere physically, and everywhere. It lives on each node, which there are several across the globe. It is not really crossing borders, and yet reaches everywhere. The old thinking just doesn't apply here.
Since its not really "in your jurisdiction", how exactly do you intend to enforce your laws to it?
Only way i can see some taxation going is, for example VAT. At purchase at a shop, and even there could be undeclared (hidden) wallets. Similar to people wanting to avoid taxation, they could forge the accounting book, etc. It would need to be investigated, which you can do a (physical) shop. And then you would also need to make sure your tax collectors are honest, and at the end you have a police state that can never ensure everyone is paying their taxes, but spend a lot trying to make sure they do (If only that money was used elsewhere...).
We know that in a bitcoin wallet company we pay a transaction fee in every transaction and as a business, the company is the one going to pay taxes to the government so we still pay taxes but not directly.
Also, ATM or bitcoin ATM has a high fee nowadays so I think the tax was already added to the fee in every transaction.
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.
As far as i know, you are supposed to pay some sort of tax for "money brought to the country". This can only occur if you use a State approved exchange. I doubt many people use those, there is no need unless you want to get rid of Petros...
Because ATMs are physical, i suppose they are prone to State control. I don't see myself ever using one...
How exactly can you enforce Bitcoin taxation? Force people declare what their wallets are? What stops them from having hidden (undeclared) wallets?
Bitcoin is nowhere physically, and everywhere. It lives on each node, which there are several across the globe. It is not really crossing borders, and yet reaches everywhere. The old thinking just doesn't apply here.
Since its not really "in your jurisdiction", how exactly do you intend to enforce your laws to it?
Only way i can see some taxation going is, for example VAT. At purchase at a shop, and even there could be undeclared (hidden) wallets. Similar to people wanting to avoid taxation, they could forge the accounting book, etc. It would need to be investigated, which you can do a (physical) shop. And then you would also need to make sure your tax collectors are honest, and at the end you have a police state that can never ensure everyone is paying their taxes, but spend a lot trying to make sure they do (If only that money was used elsewhere...).
We know that in a bitcoin wallet company we pay a transaction fee in every transaction and as a business, the company is the one going to pay taxes to the government so we still pay taxes but not directly.
Also, ATM or bitcoin ATM has a high fee nowadays so I think the tax was already added to the fee in every transaction.
In my country for those who have cryptocurrency there is no order to pay taxes, maybe because it has not been fully legalized.
It's only under surveillance, so cryptocurrency is only used as digital assets. It's not allowed to used as a means of payment.
For bitcoin ATMs as far as I know there is no such thing, so I have never tried how it's like buying bitcoin from an ATM machine.
I always hope that in my country cryptocurrency can be legal right away, so crypto currency will adopted by merchants and shops.
So I can buy goods or pay bills with bitcoin.
It's only under surveillance, so cryptocurrency is only used as digital assets. It's not allowed to used as a means of payment.
For bitcoin ATMs as far as I know there is no such thing, so I have never tried how it's like buying bitcoin from an ATM machine.
I always hope that in my country cryptocurrency can be legal right away, so crypto currency will adopted by merchants and shops.
So I can buy goods or pay bills with bitcoin.
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 don't pay tax for cryptocurrency since my government doesn't clarify if they accept cryptocurrency or not. Still, they only say that people must be careful if they want to invest in cryptocurrency. People need to learn first before they invest so they can know what the risk of crypto investing is.
I don't use Bitcoin ATM before, but I heard in some city there a Bitcoin ATM installed, but I don't know how many people have been used that machine. People who know cryptocurrency in here is not too many because many people still prefer to work with a real office, and have a monthly payment.
If my government issued the taxation for cryptocurrency, I think people will obey, and they will pay the tax. And if there are many Bitcoin ATM installed in many cities, I guess that will make people curious, and they will try to use the machine.
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/
To be honest in my country for now the government has not yet issued tax laws for bitcoin users and if later they have implemented it of course I will pay it because we live in a country of course we must obey the laws issued by our country for the convenience of our lives too, and so far I haven't used a bitcoin ATM but it seems interesting I will definitely try it next time.
to be honest i have never used a bitcoin ATM and also paid taxes for bitcoin. because in my country there are no rules regarding the imposition of taxes on bitcoin. and also in my country prohibited from using bitcoin for payment. so I only use bitcoin for trading and investment. and for ATMs in my country there are already 3 bitcoin ATM machines spread across several cities. unfortunately I do not live in the city. so I have never tried making a withdrawal through a bitcoin ATM. but I heard there are some countries that will make regulations on tax collection on cryptocurrency one of which is the country of South Korea. In my opinion, it's not a problem that cryptocurrency is subject to tax, which is important, the amount of tax that must be paid is not too big.
In my country, we have a wallet which can do trading and stored some wallet which we can exchange it into fiat to withdraw from some ATM. They support the bitcoin production but the country didn't support or introduce crypto in the reason of they didnt agree that it can be the one solution to develop a country.
We have the same case, in our country, we have our local exchange that supports trading platform known as coins pro, wherein it the main app can be connected to banking apps and other financial apps, basically, transactions in bitcoin and other cryptocurrency is so easy, you can withdraw in any ATM machine and at the same time, Cash in and buy bitcoin in any convenience or money transferring stores. I highly appreciate the tolerance that our government is providing, though they somehow lack in news support or plans how crypto and blockchain technology could be improved. 
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/
haven't tried to use bitcoin ATM though there is one near my office,but i don't consider using as i can purchase in our local wallet directly.paying taxes on bitcoin?not really as our country has not yet policy about taxation though what i believe is whenever i convert my bitcoin to fiat thru our local wallet is taxes was implied.
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/
In australia its pretty easy to deal with tax when you are earning crypto or trading it, you just have to pay normal income tax rate. I have tried one bitcoin atm at melbourne central by auscoin but it keep on loading even after waiting for 15 min when i entered the code i have received on my phone.
Later on i heard that auscoin was flagged as scam and under investigation for money laundering and drug trafficking.
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.
Here in my country, the last time I know is that there are only two existing Bitcoin ATM somwhere but I am not updated if the operators are doing a good business with the machines. However, I am aware that since there are plans to add more, then maybe they are expecting a good market with this business. Honestly, I have not seen one and maybe I am not planning to use one since we can easily convert our Bitcoin here with a good local-based exchanger. As for the taxation side, the revenue collecting agency here is not yet that very strict with cryptocurrency business so we are at the liberty to declare our income or not but I am sure that legal cryptocurrency exchangers are paying taxes either based on the transactions or its income.
Most of us, including me just simply don't have enough of it to be taxed, or for the government to be worried or care about it, most of the BTC I use slowly goes toward random gadgets I find on Amazon and then using the purse app to pay for it.
I do believe most countries will start caring about your money after you end up with a significant amount, but most people who just earn like 50 bucks a week (or 2,500 a year) will likely have no issues with it (unless their country has banned BTC).
I do believe most countries will start caring about your money after you end up with a significant amount, but most people who just earn like 50 bucks a week (or 2,500 a year) will likely have no issues with it (unless their country has banned BTC).
Not directly but there are taxes added up when you buy products and services. You could be paying taxes to the government while cashing out through banks.
The great thing about bitcoin and other crypto is you don't have to pay taxes for holding them or even while earning interest in various ways.
The great thing about bitcoin and other crypto is you don't have to pay taxes for holding them or even while earning interest in various ways.
There's no much regulation nor strict policies in my country about cryptocurrency. And there is no tax with crypto since just like I've said, the government isn't strict here. I don't pay taxes with crypto related transactions though I seldom use bitcoin to buy things here since it's hard to find merchants.
About bitcoin ATMs, I've heard that there's already ATM installed in my country but I have never seen one and I've always wanted to see amd try it out. I don't think there's a bitcoin ATM available here in my city
About bitcoin ATMs, I've heard that there's already ATM installed in my country but I have never seen one and I've always wanted to see amd try it out. I don't think there's a bitcoin ATM available here in my city
I have never seen any law regarding taxes on bitcoin. Here, traders trade tens of thousands of dollars a day with BTC, and they don't need to pay any taxes. The country cannot control BTC, with the anonymous network, I believe that there won't be much imposition on it!
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/
In my country, we have a wallet which can do trading and stored some wallet which we can exchange it into fiat to withdraw from some ATM. They support the bitcoin production but the country didn't support or introduce crypto in the reason of they didnt agree that it can be the one solution to develop a country.
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