Topic: If I sell my bitcoins do I have to pay vat on them ? (Read 6680 times)
Pays VAT only businesses. If you are an individual that when selling bitcoin you only pay income tax. Unfortunately most likely you will not be able to prove that you have spent a certain amount of money to purchase bitcoins. You will have to pay tax on the whole amount which goes to your account.
No its free but in the future i think they will govern bitcoin then if that's happen i think they will add tax here because the earnings here is like in real life so i think we need that.There's a lot of conveniece that bitcoin brings so a little tax is ok if question me in that kinds of situation like adding tax here
I think your question is highly subjective and is entirely dependent on your governments officials. Should they elect to acknowledge Bitcoin and the earnings that people get from it, I think they have good reasons to tax it. Otherwise, they will be estopped from taxing it because you cannot tax something you do not even acknowledge in the first place.
VAT is usually paid when you buy things isnt it? I mean its an indirect tax and its incorporated into the price... 
Yeah right, but in my personal experience when i converted my btc into fiat money, I am not paying any taxes aside from the fees that my wallet implemented. I think the company of my wallet those are the one paying taxes through my fees.
If i sell my bitcoins to a site like coinbase at the end of the year do I need to declare that sale to the vat department and pay the 20% on what i received from coinbase ?
No there is no taxed imposed on that only need to pay is transaction fees. I am from Philippines and i am actively selling my bitcoin because i always need money to buy milk of my kids, also my salary is not enough to sustain our expenses but all of my cash out is only transaction fee is really need it.I do not think if in other country which bitcoin is already adopted by their government is they already imposed tax in every income of everybody.
On me personally, I pay for it. When I want to selling bitcoin that I will selling it, on the web site that I use already available pieces for the vat, so after sold to the regular currency.. it's has includes vat piece. I consider this as a tax or obligation to be paid, and it's indeed fair to do. I use "Triv" web site.
VAT is usually paid when you buy things isnt it? I mean its an indirect tax and its incorporated into the price...
Yeah right, but in my personal experience when i converted my btc into fiat money, I am not paying any taxes aside from the fees that my wallet implemented. I think the company of my wallet those are the one paying taxes through my fees.
If you are operating as a business and are a registered business which you should be if you are investing over a certain amount every year then you are required to pay vat.
what is the difference betweem selling it and claim it?? it also can direct to your bank account
I dont think you need to pay anything. In fact, you can have it all stay online and just use xapo or bitpay cards to use your crypto for your everyday expenses.
In the case of my country, you only pay VAT when you are registered as a self-employed or a business owner that is registered for VAT. And with that, if you are not registered as VAT, what you need to pay is the personal income tax which is usually filed and paid once a year. But if you are VAT registered, the filing must be done both monthly and quarterly. This is the case in the Philippines.
There are different kinds of VAT, most of it were added in our foods and clothes. There are vat that deducted from our salary and there also vat in paying services. So VAT is everywhere. Though bitcoin dont have direct vat, still there is the transactions fees we're paying.
In the case of my country, you only pay VAT when you are registered as a self-employed or a business owner that is registered for VAT. And with that, if you are not registered as VAT, what you need to pay is the personal income tax which is usually filed and paid once a year. But if you are VAT registered, the filing must be done both monthly and quarterly. This is the case in the Philippines.
VAT is usually paid when you buy things isnt it? I mean its an indirect tax and its incorporated into the price...
You are right, well if you sold your bitcoin on some exchanges you will not pay any taxes all you have to settle is the fee that the exchanges have. Bitcoin is decentralized and i think there is no tax applicable on it maybe aside from the fees.
In every country must have different rules about payment of income tax in this case bitcoin, maybe in my country there is no binding regulation for it so far I only charge for the payment of forex transactions either from bitcoin to fiat or vice versa.
This may be because the legality of bitcoin is not yet official in my country so there are no binding rules about taxes from bitcoin.
In my country the rules are still quite unclear but right now the origin of your bitcoins is pretty important. If you bought bitcoin in 2014 and held untill now you don't have to pay taxes at all but if you actively traded in the meanwhile you have to pay quite a lot (33.3%). For the time being I'm not interested in cashing out, I hope over the course of the next few years rules will become more clear. But ideally I wouldn't want to cash my bitcoins out at all.
You are right. That's why the news that Amazon will accept payment in bitcoins blew up the Internet. All the people are waiting for this. The first to make a trading platform with a wide range of products and the ability to pay with bitcoin will hit a big jackpot. It seems to me that this is not Amazon. Dealers are losing large income. I hope soon that niche will be filled. 
In my country the rules are still quite unclear but right now the origin of your bitcoins is pretty important. If you bought bitcoin in 2014 and held untill now you don't have to pay taxes at all but if you actively traded in the meanwhile you have to pay quite a lot (33.3%). For the time being I'm not interested in cashing out, I hope over the course of the next few years rules will become more clear. But ideally I wouldn't want to cash my bitcoins out at all.
In my country the payment of VAT is transferrable. And you only need to file or pay for it if you are registered as a VAT business or self employed person. And then to transfer your purchases with VAT, you only need to keep the receipts and declare it as purchases regarding your business transactions.
What you need to pay, if you are really honest because it is hard to trace the government, is the personal income tax. This is every year and you declare it on your own.
What you need to pay, if you are really honest because it is hard to trace the government, is the personal income tax. This is every year and you declare it on your own.
VAT is usually paid when you buy things isnt it? I mean its an indirect tax and its incorporated into the price...
You are right, well if you sold your bitcoin on some exchanges you will not pay any taxes all you have to settle is the fee that the exchanges have. Bitcoin is decentralized and i think there is no tax applicable on it maybe aside from the fees.
VAT is usually paid when you buy things isnt it? I mean its an indirect tax and its incorporated into the price...
You are right, well if you sold your bitcoin on some exchanges you will not pay any taxes all you have to settle is the fee that the exchanges have. Bitcoin is decentralized and i think there is no tax applicable on it maybe aside from the fees.
VAT paying legal entity. Also the VAT you pay in the event that buy goods abroad and import it to his country. Bitcoin trading has nothing to do with this tax are irrelevant. You have to pay only income tax and then only if you are changing the bitcoins to Fiat.
If they require you to pay for tax, then pay. You can't oppose them since it a law and you need to comply with their law. But for as long as they are not requiring you to pay, then you are not obliged to do so. Youre fine. Some countries requires declaration of assets. But only public servants are obliged to do this, not citizens. Unless you did something bad like involvement in a corruption. Anyway, government will soon impose taxes to every users who trades bitcoin. That's for sure. So enjoy Bitcoin while it's tax free. There's no law yet created for taxation of bitcoin. Also once you sold your Bitcoin to fiat. You already paid you tax which the exchange get for every bitcoin you sold. Now, exchange will use it to pay tax.
Depending on how the country you are trading on how they view bitcoin. Because their are countries that doesnt really accept bitcoin as any asset but still allows trading. Although i am not sure op is pertaining to vat on exchange sites but if it is transfering from wallet to wallet, i think it is just the fee that is to be paid, but if trying to convert to fiat, then it really has taxes especially if it is to be deemed as a form of income.
If they require you to pay for tax, then pay. You can't oppose them since it a law and you need to comply with their law. But for as long as they are not requiring you to pay, then you are not obliged to do so. Youre fine. Some countries requires declaration of assets. But only public servants are obliged to do this, not citizens. Unless you did something bad like involvement in a corruption. Anyway, government will soon impose taxes to every users who trades bitcoin. That's for sure. So enjoy Bitcoin while it's tax free. There's no law yet created for taxation of bitcoin. Also once you sold your Bitcoin to fiat. You already paid you tax which the exchange get for every bitcoin you sold. Now, exchange will use it to pay tax.
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