Topic: Is Bitcoin required to pay taxes? - page 5. (Read 2005 times)
Since bitcoin is a form or way of having an income, in my opinion, it should be taxed. Fortunately, in the Philippines it not yet discussed and implemented since it is not yet that popular with the Filipinos. But as i can see, time will come that bitcoin users will also be taxed, i just can not think on how the government can do and control the collection of tax from bitcoin.
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?
If Bitcoin needs to pay taxes, what are the taxation links? Which taxes include?
Here in my country the taxes was not yet implemented because of they are basing on the value and putting a taxes so that the value or price of bitcoin was not stable so they didn't know to compute the taxes and what are they basis to put tax and right now they are thinking of that how they implement taxes on any coins.
In each country, as it develops, there will be different taxes, such as in Russia and other countries that look at Japan or the US as they develop, there will not be any taxes for a long time.
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Is Bitcoin required to pay taxes?
Bitcoin required to dont pay taxes
any income is taxable and countries like Israel, Russia has declared taxes on Crypto income, you need to consult your local tax authorities to know the detail.
Here in Australia they are cracking down on Taxing crypto and currently writing new regs.
People with big wallets are more willing to control the world of crypto! now passes g20! and I'm sure they will discuss controlling this big crypto market! in the last two years we have seen how bitcoin has become very popular all over the world! More and more people are investing in bitcoin, not banks! Banks have lost a lot of money on this! so they want to learn how to control this crypto world!
I have two articles here, which are pretty interesting to read and fits for this topic.
The first one is about that Bitcoin & co are advertising with certain anonymity, the tax authorities already have certain tools to catch up to fraudulent behaviour, especially when high profits are involved. How can you evade tax fraud due to correct taxation?
https://medium.com/@blockpit/profit-from-cryptocurrencies-how-do-i-apply-the-correct-taxation-ba8c3f669473
and the second one is about that "Virtual currencies" and electronic “wallet providers” will be subject to the provisions of the Anti-Money-Laundering Directive in the future. While exchanges will have to forward data about their users to tax authorities, financial institutions like banks have to reject incoming payments higher than € 10,000 if there is no proof of origin.
https://blockpit.io/blog/en/5th-anti-money-laundering
The first one is about that Bitcoin & co are advertising with certain anonymity, the tax authorities already have certain tools to catch up to fraudulent behaviour, especially when high profits are involved. How can you evade tax fraud due to correct taxation?
https://medium.com/@blockpit/profit-from-cryptocurrencies-how-do-i-apply-the-correct-taxation-ba8c3f669473
and the second one is about that "Virtual currencies" and electronic “wallet providers” will be subject to the provisions of the Anti-Money-Laundering Directive in the future. While exchanges will have to forward data about their users to tax authorities, financial institutions like banks have to reject incoming payments higher than € 10,000 if there is no proof of origin.
https://blockpit.io/blog/en/5th-anti-money-laundering
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.
Phillippines is not yet implemented bitcoin to pay taxes. But if it will happen maybe it will take time to review how does the government deduct taxes from the bitcoin user because of the bitcoin price is not so stable.
We will find it difficult for Filipinos when it is taxed and Most bitcoin users do not have much fees or taxed it.
Phillippines is not yet implemented bitcoin to pay taxes. But if it will happen maybe it will take time to review how does the government deduct taxes from the bitcoin user because of the bitcoin price is not so stable.
The question is a little off,, bitcoin is not required to pay tax it’s either the buyer or the seller.. So it means the person who purchase or it acquire the coin,, in many country it is a must and majority of Asian country until now have no regulation and policy towards taxation..
If you have specific country to ask,, then that should be posted as most of the time every country have different sets of unique law and if there is a local board in a country you belong and post it,, then you will have a straightforward answer from your countrymen..
If you have specific country to ask,, then that should be posted as most of the time every country have different sets of unique law and if there is a local board in a country you belong and post it,, then you will have a straightforward answer from your countrymen..
In most of the countries, Bitcoin is not yet recognized by the law so naturally any income coming out of it should be considered under income from other sources and taxed accordingly. The rate of tax will differ in every country and I would recommend you consulting the legal experts and public accountants to get the idea of legal status in your country.
Not yet, but there is a transaction that goes through and takes a commission. But taxes are not yet in all countries, but in small quantities.
Whatever i know. To start tax policy on bitcoin is difficult. But it is not impossible. China don't formulated a suitable tax policy. If government keep tax on bitcoin. It will be a good news for all us. Because there have a possibility to increase use of bitcoin. And that's way bitcoin will get a lot of popularity.
Bitcoin in my country is currently no tax payment, if bitcoin is taxed us no problem, because the government recognizes the existence of bitcoin so that our society can easily benefit with bitcoin, and also can reduce unemployment in various countries.
How they will collect tax? That is why most of the banking system would always react on digital currency because they could not collect charges against bitcoin transaction as their competetions. Most of them will be likely to opposed on bitcoin system because bitcoin is likely more innovative than their system. However, we do not want to compromise their service so we will just let them to get what they want. Anyway if the government system will likely to adopt bitcoin system then they will just ask for it. And probably bitcoin system will be modified according to their standards and our investment will eventually die. But those are if situations to.happen. because as we all know part of innovation will be likely to unified currency in the whole world. But for the issue about taxes? No they cant since the transaction is paperless. How could they trace it?
it will be horrible if it happens, and then the government wants to control the poor people...
Why it will be awful? In my opinion regulation of cryptocurrency by the government will be logical. And also taxation by taxes. Sooner or later this will occur.
In my country also you are required to pay the taxes on bitcoin investment but there is no separate tax on the bitcoin earnings. Just calculate your bitcoin earnings in a financial year and add it to your yearly income (by job or business). You have to pay the tax as per the income bracket you belong to. For the highest tax bracket, you have to pay 30%. If the total income does not reach the minimum tax bracket, you need not pay any tax. In that tax, you do not have to pay any tax on bitcoin profit. Most of the students belong to this category.
it will be horrible if it happens, and then the government wants to control the poor people...
Here in Australia we do I sat through a crypto tax seminar last night was interesting but made me angry the government want there piece of the pie.
It's interesting to know about your country, is it true that you can buy a crypto currency for cash, in any newsagent?Jump to: