Topic: Not Declaring Bitcoin Income - page 8. (Read 7598 times)
As far as I know, my fellow citizens here in my country are free to earn, buy and sell bitcoin and not declaring our income will not charge us any case by our government.
12% tax is extremely low, a country can't work well with so low taxation. In my country it would be taxed as income, so if I were to sell let's say 10 BTC, I would get taxed at 40 or 45%.
We cannot deny that governments has also knowledge and idea about bitcoin. There some agencies under the government who is responsible for tracing any illegal transactions online such as FBI.
However, they could not impose tax or declare bitcoin income unless they will have control and manage on bitcoin.
However, they could not impose tax or declare bitcoin income unless they will have control and manage on bitcoin.
Here in my country which is now an upcoming tiger economy (though we are still classified as a third-world country), we are free to participate in Bitcoin both buying and selling as the government is treating Bitcoin just like any other foreiign money.
However, I am sure that only a very, very small fraction of us are declaring our Bitcoin income. It seems to me that the government is not that interested to get strict with individuals as long as they can tax the Bitcoin exchange provider for the service rendered.
I am then wondering the situation with other countries. Can your government really be able to track if you never declared gains made from Bitcoin transactions?
I have already heard some rumors that my country would have the plan on regulating bitcoin and this would really be a bad thing for me since I'm a tax evader and I don't like to pay up taxes related on my bitcoin earnings knowing that government do impose 12% tax and that's too much. Imagine you do have 1 btc and they will get 0.12 on that one which is too much.However, I am sure that only a very, very small fraction of us are declaring our Bitcoin income. It seems to me that the government is not that interested to get strict with individuals as long as they can tax the Bitcoin exchange provider for the service rendered.
I am then wondering the situation with other countries. Can your government really be able to track if you never declared gains made from Bitcoin transactions?
How they do tracked the transactions of every bitcoin earners?
They consider how many people are using bitcoin? What blockchain they used to collect taxed from all bitcoin earners?
I do not think government can make a law in digital currency no one can regulates bitcoin, government only support bitcoin and they cant earn money for the people who earn bitcoin even it is fully adopted by their government.
There is no law on BTC taxation here and I am not aware of the plans that the government has on this. It just depends on an individual. If you want to declare your source of wealth and pay taxes for your income, then you can. What will people in regions where Bitcoin has been banned do? Will they pay tax for income gotten from trading BTC? No they will not.
Here in my country which is now an upcoming tiger economy (though we are still classified as a third-world country), we are free to participate in Bitcoin both buying and selling as the government is treating Bitcoin just like any other foreiign money.
However, I am sure that only a very, very small fraction of us are declaring our Bitcoin income. It seems to me that the government is not that interested to get strict with individuals as long as they can tax the Bitcoin exchange provider for the service rendered.
I am then wondering the situation with other countries. Can your government really be able to track if you never declared gains made from Bitcoin transactions?
I have already heard some rumors that my country would have the plan on regulating bitcoin and this would really be a bad thing for me since I'm a tax evader and I don't like to pay up taxes related on my bitcoin earnings knowing that government do impose 12% tax and that's too much. Imagine you do have 1 btc and they will get 0.12 on that one which is too much. However, I am sure that only a very, very small fraction of us are declaring our Bitcoin income. It seems to me that the government is not that interested to get strict with individuals as long as they can tax the Bitcoin exchange provider for the service rendered.
I am then wondering the situation with other countries. Can your government really be able to track if you never declared gains made from Bitcoin transactions?
As long as they are not going to sue me if I did not do that then I won't. There are still only a few people knows about crypto and bitcoin and I'm also not worried because my government take many years before they make an action.
Bitcoin is new, it will take time for all the countries to make some strict rules for all countries especially for any third-word country.
IMO investing bitcoin just same as investing on gold so,
Have you declare gold income ?
I don't think so !
Since bitcoin have another advantage that can be work like fiat doesn't mean it can be act like fiat's rule / policy
Have you declare gold income ?
I don't think so !
Since bitcoin have another advantage that can be work like fiat doesn't mean it can be act like fiat's rule / policy
Not declaring bitcoin income
It is a virtual currency created by a person and put on the floor
It helps us earn money but does not mean to be declared
It is a virtual currency created by a person and put on the floor
It helps us earn money but does not mean to be declared
Legally speaking you absolutely have to declare Bitcoin income. Income is income, and most countries technically would require you to declare drug dealing income as well.
Here in my country we have a wallet that have permit in the government but i think we dont have tax if the topic or related in bitcoin transaction because i dont pay tax,i think they authorizing bitcoin here as a business so the owner of the wallet have tax but the user of the wallet dont have tax
Here in my country which is now an upcoming tiger economy (though we are still classified as a third-world country), we are free to participate in Bitcoin both buying and selling as the government is treating Bitcoin just like any other foreiign money.
However, I am sure that only a very, very small fraction of us are declaring our Bitcoin income. It seems to me that the government is not that interested to get strict with individuals as long as they can tax the Bitcoin exchange provider for the service rendered.
I am then wondering the situation with other countries. Can your government really be able to track if you never declared gains made from Bitcoin transactions?
However, I am sure that only a very, very small fraction of us are declaring our Bitcoin income. It seems to me that the government is not that interested to get strict with individuals as long as they can tax the Bitcoin exchange provider for the service rendered.
I am then wondering the situation with other countries. Can your government really be able to track if you never declared gains made from Bitcoin transactions?
There is no certain way to track the bitcoins you own unless you register in the country's specific bitcoin based wallet and give them your bank details for
transferring the bitcoins into country's money and saving it in the bank account.
Bitcoin can be your source of income in your daily life. Bitcoin has a big value that sustain your everyday needs. Bitcoin can really help us in our financial needs. Here in my country you should pay a fee of getting the money at the store, but there is no paying of tax here because Bitcoin is not known here.
Exchange are taking fee from bitcoin
Once your revenue department found out that you are not declaring your income from your bitcoin then they might go after you for that. It should be included on your tax return.
Possibly. Because you can't hide much if your government is already concerned about it and has given you permission to use it without any regulations, and if they find out you are earning it but not paying any tax or something for it, they will surely come for you and you might have to pay a penalty for doing that. In my country, the government has not yet known about bitcoin and that is why there is no tension like that for us right now. We may face this situation in future when the government will start noticing the spread of bitcoin in the country.
Unless you convert your Bitcoin into fiat and transfer it to your bank. Government isn't involved at all. You are taxed on the gain you made that are calculated through fiat amount. Nobody is interested in your Bitcoin movement over the internet.
Once your revenue department found out that you are not declaring your income from your bitcoin then they might go after you for that. It should be included on your tax return.
Not declaring bitcoin income
It is a virtual currency created by a person and put on the floor
It helps us earn money but does not mean to be declared
It is a virtual currency created by a person and put on the floor
It helps us earn money but does not mean to be declared
Here in my country which is now an upcoming tiger economy (though we are still classified as a third-world country), we are free to participate in Bitcoin both buying and selling as the government is treating Bitcoin just like any other foreiign money.
However, I am sure that only a very, very small fraction of us are declaring our Bitcoin income. It seems to me that the government is not that interested to get strict with individuals as long as they can tax the Bitcoin exchange provider for the service rendered.
I am then wondering the situation with other countries. Can your government really be able to track if you never declared gains made from Bitcoin transactions?
However, I am sure that only a very, very small fraction of us are declaring our Bitcoin income. It seems to me that the government is not that interested to get strict with individuals as long as they can tax the Bitcoin exchange provider for the service rendered.
I am then wondering the situation with other countries. Can your government really be able to track if you never declared gains made from Bitcoin transactions?
Well it may be hard for a government to track your bitcoin earning but it is also hard to explain to them once your lifestyle changed and your asset increased in an instant.
If you did not file a tax declaration for this money, you may have to pay taxes retroactively if this is later detected by the finance.
No one can say now much did you spend on coffee or donuts last week, if you pay cash for it, right?)The same way no one can calculate how much did you spend during your trip around the world, where you can always sell bitcoins for some local currency, so if I would like to buy something that has my name on a check for bitcoins - I will probably have one more account for this, were will be only named transactions
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