If I sell my bitcoins do I have to pay vat on them ? - page 2.

Emmami@758

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Quote from: puttyking on February 13, 2015, 01:49:12 PM

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 ?

where are you living actually tax completely depends on that country rules and regulations so you have to keep hold you are bit coin in a wallet. then after try to sell it. but it is depends on country tax only. in my country i have to pay tax really it is very high in my country. if suppose how much your bit coin price like it's price high then you have to pay high tax your bit coin price is low then you have to pay low tax. so tax depends on your earning.

qwertyup23

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Quote from: puttyking on February 13, 2015, 01:49:12 PM

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 ?

The VAT system only works if you buy something from a retailer or a shop, a product or a service using bitcoins. Due to bitcoin's decentralized nature, not even the government can regulate it, thus imposing tax would be impossible. Personally, there is no need for you to declare any VAT since it did not involve any transaction to a third party using bitcoins as a payment. Though it may be a case-to-case basis depending on your country, but I think it is not needed.

Igrylechka

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As soon as You request transactions with bitcoins You find yourself under close control by both the tax service and Federal financial monitoring service. The current legislation in force that does not define the status of crypto-currencies until provides for tax control system at a profit from them. In that case, if You are transferring them into rubles and legalsuite in Russia, You will need with the amount received to calculate and pay personal income tax, the main difficulty here will be to indicate the origin of the income.

GeorgiyBilyk

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Anyway! By increasing the value of bitcoin, there is an increase in profits! Accordingly, it is considered as additional income! Appropriately need to pay income tax!

Gloria_16

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For the time being there is not, although it depends on the country of residence, so far the crypto currency is not regulated, I hope it will not be ...

GreenStox

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VAT is usually paid when you buy things isnt it? I mean its an indirect tax and its incorporated into the price... Tongue

ashour

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Quote from: PolarPoint on February 13, 2015, 06:43:42 PM

I think you are subject to capital gains tax in Europe. In some countries, you are exempt from capital gains tax when you hold the asset for more than 5 years.

It depends on them amount OP is selling, if for example he is selling like $100-500 worth of bitcoin then he shouldn't bother at all. Just make sure to ask a tax attorney for advice.

Amph

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Quote from: Hamuki on February 26, 2015, 05:33:30 AM

It depends on the country you live in.
EU does not have any rules about BTC.

There is no tax at all in Denmark for BTC Tongue

some country does have rules about bitcoin, uk for example is approaching taxation, i know there are other, where you need to pay tax/vat

it really depend on when OP live

GreenStox

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Quote from: puttyking on February 13, 2015, 01:49:12 PM

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 ?

I thought VAT is levied automatically and the exchange pays it? Well i never thought about it that they make you pay it after all its a passive tax.

Well anyway consult a lawyer to make sure.

gentlemand

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Quote from: SirChiko on March 18, 2015, 07:37:54 AM

Quote from: cryptocoiner on February 15, 2015, 09:41:32 AM

Quote from: puttyking on February 13, 2015, 01:49:12 PM

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 ?

Don't do this. Don't sell bitcoins. And don't pay taxes. Just use bitcoins as a currency. Buy and sell with bitcoins. And fuck banks and goverments.

Oh, and what do you want to eat? ASICminers or ciggarettes or drugs? You can't affor everyday food with bitcoins anywhere...YET.

You certainly can if you use services like gyft to exchange coins for gift cards. A bit of a roundabout route but it allows that to happen.

SirChiko

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Quote from: cryptocoiner on February 15, 2015, 09:41:32 AM

Quote from: puttyking on February 13, 2015, 01:49:12 PM

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 ?

Don't do this. Don't sell bitcoins. And don't pay taxes. Just use bitcoins as a currency. Buy and sell with bitcoins. And fuck banks and goverments.

Oh, and what do you want to eat? ASICminers or ciggarettes or drugs? You can't affor everyday food with bitcoins anywhere...YET.

gentlemand

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Quote from: najzenmajsen on March 04, 2015, 05:02:05 PM

Quote from: Hamuki on February 26, 2015, 05:33:30 AM

It depends on the country you live in.
EU does not have any rules about BTC.

There is no tax at all in Denmark for BTC Tongue

Are you sure?
in sweden , we have to tax all profits from whatever it is. ( we even have special rules for bitcoin )
However , my question to you guys if i never sell my bitcoins , do i ever have to pay taxes? i mean , the goverment cant force me to use money and they prolly wont take btc as taxes.. : p

Every EU country seems to have different tax approaches. In Germany there's no capital gains tax on BTC if you hold for a year. That's totally different elsewhere.

In the US if you spend BTC that you've gained on you still have to declare that gain and pay tax on it. I've no idea how they prove that. I guess it'll all be defined clearly in the years to come.

najzenmajsen

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Quote from: Hamuki on February 26, 2015, 05:33:30 AM

It depends on the country you live in.
EU does not have any rules about BTC.

There is no tax at all in Denmark for BTC Tongue

Are you sure?
in sweden , we have to tax all profits from whatever it is. ( we even have special rules for bitcoin )
However , my question to you guys if i never sell my bitcoins , do i ever have to pay taxes? i mean , the goverment cant force me to use money and they prolly wont take btc as taxes.. : p

Hamuki

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It depends on the country you live in.
EU does not have any rules about BTC.

There is no tax at all in Denmark for BTC Tongue

ajareselde

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Satoshi is rolling in his grave. #bitcoin

Quote from: puttyking on February 13, 2015, 01:49:12 PM

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 ?

There could be several opinions that make sence, but only to be proven wrong later on, so best pick up your phone, and call your local IRS department, they wont bite.
If you dont want to do that, just go to your county's subforum here and find someone to sell them to, there will allways be takers, that way ure safe, exchange while having a beer and ure done.

cheers

Zawamiya

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it may depends on your country
in my country we are not charged any tax for selling my bitcoins

crazyearner

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Quote from: RodeoX on February 16, 2015, 11:02:33 AM

Quote from: cryptocoiner on February 15, 2015, 09:41:32 AM

Quote from: puttyking on February 13, 2015, 01:49:12 PM

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 ?

Don't do this. Don't sell bitcoins. And don't pay taxes. Just use bitcoins as a currency. Buy and sell with bitcoins. And fuck banks and goverments.

OP should keep a copy of this for his defense in court. "Your honor, I am not subject to the laws of my country. My online tax consultant tells me I don't have to pay taxes."

also dependent on where one is from tho as laws and tax are different in lots parts of the world but most follow same sort of ruling but just done a little differently.

RodeoX

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Quote from: cryptocoiner on February 15, 2015, 09:41:32 AM

Quote from: puttyking on February 13, 2015, 01:49:12 PM

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 ?

Don't do this. Don't sell bitcoins. And don't pay taxes. Just use bitcoins as a currency. Buy and sell with bitcoins. And fuck banks and goverments.

OP should keep a copy of this for his defense in court. "Your honor, I am not subject to the laws of my country. My online tax consultant tells me I don't have to pay taxes."

crazyearner

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Totally up to you if you want to apy taxes on them and declare your earnings. If you want to jsut buy good and stuff on-line then tax already paid on them as in VAT on goods. But if you are becoming self employed etc and want to earn an income from it then it is good advise to see an accountant and get your taxes in order.Depending on how much you earn you don't have to pay on it. All comes down to how much you are earning with it and are within that limit. if within the limit of earnings then it is not needed to be paid however if it goes over that limit then it is needed to be paid on. Also depends where you are too as each place is different on tax and earnings.

cryptocoiner

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Quote from: puttyking on February 13, 2015, 01:49:12 PM

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 ?

Don't do this. Don't sell bitcoins. And don't pay taxes. Just use bitcoins as a currency. Buy and sell with bitcoins. And fuck banks and goverments.

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