Is Bitcoin required to pay taxes? - page 4.

Eugenar

sr. member

Activity: 1274

Merit: 278

Quote from: ghsh on March 07, 2018, 09:33:58 PM

Britain, Japan and so on are tax on Bitcoin, China's behavior such as Bitcoin transactions is not tax, which is why? What will happen?
If Bitcoin needs to pay taxes, what are the taxation links? Which taxes include?

Bitcoin is a decentralized cryptocurrency so I think it cannot be taced since government has no control to it. Those that are taxed within a certain country are mostly products or anything that became legal due to the approval of a government. And thos amthings are also taxed. Bitcoin basically, cannot be taxed due to the reason that in most of the countries, Bitcoin and other cryptos are not taxable.

mr.bean865

newbie

Activity: 130

Merit: 0

Yes this is one of the main reasons why the Governments are not accepting bitcoins as official currency because it is completely anonymous and no one is paying tax even if he got million dollars so if we find a way to pay fair amount on tax then may be bitcoin will become the top most currency of the world.

Df9898

newbie

Activity: 196

Merit: 0

I think the bitcoin pay taxes because if he is popular and has a high value will definitely be taxable from the country and I think the bitcoin pay and if does not pay then its value will go down and people will wear lazy bitcoin because if it doesn't pay the tax will be troubled by the law and I think bitcoin pay taxes.

Jessica2009

full member

Activity: 348

Merit: 100

Taxes are levied in almost every countries of the world to raise the revenue for government expenses like health care,education etc;and for several other purposes .So taxation in Bitcoin is also necessary if most of the people uses digital currencies how can the government afford without taxing .For example if you gain profit by trading in Bitcoin it can be treated as business income and if you get profit by investing Bitcoins is income from other sources.If you buy for investment purpose it will be a capital asset.

Mudah_rezeki

newbie

Activity: 119

Merit: 0

we can not predict there is a bitcoin tax in all countries. because bitcoin has not yet been a state in legalkan.jika bitcoin in legal government must act must pay taxes. certainly bitcoin more advanced in all countries about digital money easier for people to develop economy

jaicos88

newbie

Activity: 215

Merit: 0

As we know, bitcoin has no current tax payments, because the government is not aware of any bitcoin at the moment. Most likely the government will legalize bitcoin sometime in the future.

P60

full member

Activity: 378

Merit: 100

Decentralized Digital Billboards

Quote from: jaicos88 on March 16, 2018, 09:35:17 AM

As we know, bitcoin has no current tax payments, because the government is not aware of any bitcoin at the moment. Most likely the government will legalize bitcoin sometime in the future.

I don't think Bitcoin is required to pay taxes. It is not controlled by tthe government, thus, tax has nothing to do with Bitcoin and to all the Bitcoin users.

bambazamba

sr. member

Activity: 348

Merit: 250

The only tax that bitcoin is entitled to is the tax or the fees that is paid for mining during the transactions . Other than that the "taxes" were never the part of bitcoin's protocol . But after getting some huge fame and getting into the world's government's eyes it became difficult for bitcoin to sustain that tax free environment .
Now many governments have regulated bitcoin i.e imposed some taxes on its transactions in their local exchanges .

troglobait

member

Activity: 154

Merit: 12

I pay taxes in Russia, it's worse not to think up. This is how to finance terrorism.

bitbunnny

legendary

Activity: 2912

Merit: 1068

WOLF.BET - Provably Fair Crypto Casino

That depends on the country and the regulation regarding Bitcoin and other cryptocurrencies that is changing rather fast.
In most countries you will not pay taxes on Bitcoin if you keep it in your wallet. But you will pay taxes if you are registered Bitcoin trader and if you exchange Bitcoin to fiat, so transactions are taxed.
If you are not sure the best thing is to check with tax authorities in your country.

pandanpanda

newbie

Activity: 57

Merit: 0

Quote from: ghsh on March 07, 2018, 09:33:58 PM

Britain, Japan and so on are tax on Bitcoin, China's behavior such as Bitcoin transactions is not tax, which is why? What will happen?
If Bitcoin needs to pay taxes, what are the taxation links? Which taxes include?

Bitcoin is no exception, but just to make things more complicated, different tax departments deal with bitcoins in different ways.

czhy20

jr. member

Activity: 129

Merit: 3

bitrace® | JOIN NOW

Quote from: ashfer on March 08, 2018, 12:47:44 AM

The main attraction for btc are they are tax free form of investment even though transactions can be done in limited time period one of the vital thing of btc investment was that it is tax free as compared to any other forms of investment and the returns on investment is 10 times higher than any other forms of investment and we don't have to wait for longer period of time to get returns.The investors will still continue to make investments even though taxes are introduced on btc as they won't get as much profit from kinds of investments available in the market.One more main to note is that there is no need to impose tax on btc as it is automatically taxed when the fund goes to the bank account of the btc holder.

Yes you right, that's why people are using bitcoin because its tax free even they can earn a big amount of money they won't have any problem with tax. And that's why government hate it and think its illegal.

19nataliya12

jr. member

Activity: 154

Merit: 3

The application is contained in a written explanation, which the Ministry of Finance sent on October 13, 2017 to the company "Consultant Plus", which develops the same reference system, in response to a request. Recall, according to Article 34.2 of the Tax Code, the Ministry gives taxpayers written explanations on the application of Russian tax legislation. Explanations were given by the Department of Taxes and Customs Policy.

19nataliya12

jr. member

Activity: 154

Merit: 3

The Ministry of Finance of Russia confirmed that operations for the purchase and sale of bitcoin are subject to personal income tax (Personal Income Tax) in the same exact manner as any other transactions from which this tax is paid. The Ministry refers to the fact that Chapter 23 of the Tax Code of Russia "Personal Income Tax" does not establish any special taxation for crypto-currency revenues, which means that the general rule applies to them.

KomodoStrikes

member

Activity: 99

Merit: 10

NO. Not really.
Bitcoin is a decentralized digital currency so it operates without the authority of the government.
That's one of the reason why some government are banning crypto because it can be a perfect tool for tax evasion, money laundering, and some other illicit acts.

nellakarisma

full member

Activity: 582

Merit: 101

if in my country still not taxable because Masin is illegal. if in taxes I also agree that we are more calm and if asked others about the law bitcoin in Indonesia so much more comfortable .

Meysa_richa

member

Activity: 458

Merit: 10

Bitcoin should not have to pay taxes, because bitcoin is a currency and for that income can not be determined with certainty, it can be profitable and can be a loss in trade and taxable enough market traded just because we have been exposed to the cost of transactions in the market.

Cryptohad

newbie

Activity: 229

Merit: 0

I think the country will feel the positive impact of bitcoin taxes, such as the high increase in state income. and also can reduce the unemployment of the population. so, reducing poverty.

the negative impact is bitcoin controlled by the government with regulation, and disrupting the spread.

onemoretime8520

member

Activity: 265

Merit: 10

The World’s First Blockchain Core

In Australia for now they have out btc income tax as a normal income tax which is very high like 30%, so they get the skim of cream. Personally I think it would be good to be taxed cuz it would be officially accepted but I hope they would be reasonable on taxing it.

Delos

newbie

Activity: 88

Merit: 0

If the governments are clever they accept bitcoin and get tax for this.

Topic: Is Bitcoin required to pay taxes? - page 4. (Read 1951 times)