Topic: removal of taxes on bitcoin and recognition as currency is booming in the world (Read 1388 times)
July 05, 2017, 07:09:57 AM
This is a really good news for bitcoin even i am also thinking it should regulate in my country . Finally bitcoin is also the currency its just a transaction mode i dont understand why government imposing tax on that. Really hats off for australian and japan government . Great going wish more country will adopt the same strategy.
July 05, 2017, 04:55:20 AM
With these kind of developments each day, we are truly heading to the moon. This is a very good move made by Japan and Australia. I wish there can be a publication or popular global media outfit that always help generate such news so that the impact of such news can have effect globally. Sometimes, I tend to realise just the bitcoin enthusiasts ends up getting this info.
July 05, 2017, 04:52:55 AM
Yes thats just right if they didnt regulate the usage of bitcoins and government is excluding tax from bitcoins its good because even though its their one of legal currencies its still decentralized lol
July 05, 2017, 04:46:37 AM
The abolition of double taxation and the abolition of taxation are different concepts. Why should the state give up profits. Income tax is much more than 8% in arithmetic terms, bitcoin users will pay more. So I don't share your optimism about this.
July 05, 2017, 03:46:47 AM
The news is like music to my ears it's pleasing. If there are people who may not be finding the news to be great they must at least appreciate the fact that the governments of various great countries are recognizing bitcoin and it's worth and potential at the same time. This is certainly going to arouse interest of the people of all these countries in bitcoin and that's definitely going to help grow bitcoin more. Great news for bitcoin and the entire bitcoin community.
July 05, 2017, 03:31:05 AM
It is truly awesome to find out about every one of the nations that are supporting bitcoin and cutting the duties, which is a shocking move from my perspective as I truly imagined that these legislatures will force substantial assessments for the clients, things are going smooth and well and expectation these proceed later on
July 05, 2017, 03:25:11 AM
Japan exempts bitcoin from Consumption Tax
The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.
Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.
Australian's New Budget Includes a Bitcoin Tax Cut
Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.
http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm
I just read both articles and it's really very good news especially with the removal of Australia double tax on cryptocurrency where you will pay tax for the purchase of bitcoins and later pay tax again when you use it to purchase goods and services, this is going to make lots of people interested in bitcoins now in Australia. The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.
Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.
Australian's New Budget Includes a Bitcoin Tax Cut
Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.
http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm
July 05, 2017, 02:59:44 AM
Japan exempts bitcoin from Consumption Tax
The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.
Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.
Australian's New Budget Includes a Bitcoin Tax Cut
Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.
http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm
The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.
Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.
Australian's New Budget Includes a Bitcoin Tax Cut
Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.
http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm
Woo hoo! As an Australian Bitcoiner myself, I can't tell you how excited I am to here this, out of all the countries in the world, I can believe that my own country has decided to make Bitcoin mainstream.
I think this change will really give bitcoin the media attention it needs and change the way some people think about bitcoin. This should definelty mean more merchant acceptance, especially in Australia. We will wait until August the first where the future of Bitcoin will be chosen
I disagree with you when you say that this change will change the way people look and think about Bitcoin. This doesn't really do much as people weren't really buying anything from stores in the first place with Bitcoin. I know that I only spend my Bitcoin online and not from actual stores, but from other people so I don't pay any tax. Also, I doubt this will mean more merchant acceptance, this doesn't change anything for the merchant as they were never the ones paying the fees in the first place.
Well, when you said that this won't change the way people will think about, I totally disagree with that. Since bitcoin is receiving this good surge of media attention, there is no doubt that people will be affected in a good way. With the power of the internet, a lot of people believe what is said on the news, and if their own country starts accepting bitcoin, I am pretty sure that they will also take a interest in bitcoin, which could involve more merchant acceptance, as more people would like to hop on the bandwagon.
But hey another Aussie, what state are you from?
Btw I'm from NSW. How about yourself?
Firstly it isn't a tax reform but actually a tax cut, which means a reduced tax amount. Taxes are usually very important to everyone, since they eat up a lot of your income usually about 30 percent to 40 percent, but with a tax cut on bitcoin, therefore bitcoiner pay a much lower tax, which helps saves money. That seems like a very promising deal for me. What do you mean how is this getting spread around. I didn't know this happen until I saw the post, which meant that the news is getting to people. All the 700 people who have read this thread are now informed about this, if not already. This is how bitcoin will get influenced.
I actually reside in Sydney by the way
July 05, 2017, 02:43:44 AM
Japan exempts bitcoin from Consumption Tax
The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.
Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.
Australian's New Budget Includes a Bitcoin Tax Cut
Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.
http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm
The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.
Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.
Australian's New Budget Includes a Bitcoin Tax Cut
Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.
http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm
Woo hoo! As an Australian Bitcoiner myself, I can't tell you how excited I am to here this, out of all the countries in the world, I can believe that my own country has decided to make Bitcoin mainstream.
I think this change will really give bitcoin the media attention it needs and change the way some people think about bitcoin. This should definelty mean more merchant acceptance, especially in Australia. We will wait until August the first where the future of Bitcoin will be chosen
I disagree with you when you say that this change will change the way people look and think about Bitcoin. This doesn't really do much as people weren't really buying anything from stores in the first place with Bitcoin. I know that I only spend my Bitcoin online and not from actual stores, but from other people so I don't pay any tax. Also, I doubt this will mean more merchant acceptance, this doesn't change anything for the merchant as they were never the ones paying the fees in the first place.
Well, when you said that this won't change the way people will think about, I totally disagree with that. Since bitcoin is receiving this good surge of media attention, there is no doubt that people will be affected in a good way. With the power of the internet, a lot of people believe what is said on the news, and if their own country starts accepting bitcoin, I am pretty sure that they will also take a interest in bitcoin, which could involve more merchant acceptance, as more people would like to hop on the bandwagon.
But hey another Aussie, what state are you from?
Btw I'm from NSW. How about yourself?
Firstly it isn't a tax reform but actually a tax cut, which means a reduced tax amount. Taxes are usually very important to everyone, since they eat up a lot of your income usually about 30 percent to 40 percent, but with a tax cut on bitcoin, therefore bitcoiner pay a much lower tax, which helps saves money. That seems like a very promising deal for me. What do you mean how is this getting spread around. I didn't know this happen until I saw the post, which meant that the news is getting to people. All the 700 people who have read this thread are now informed about this, if not already. This is how bitcoin will get influenced.
I actually reside in Sydney by the way
July 05, 2017, 02:36:50 AM
Japan exempts bitcoin from Consumption Tax
The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.
Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.
Australian's New Budget Includes a Bitcoin Tax Cut
Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.
http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm
The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.
Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.
Australian's New Budget Includes a Bitcoin Tax Cut
Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.
http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm
Woo hoo! As an Australian Bitcoiner myself, I can't tell you how excited I am to here this, out of all the countries in the world, I can believe that my own country has decided to make Bitcoin mainstream.
I think this change will really give bitcoin the media attention it needs and change the way some people think about bitcoin. This should definelty mean more merchant acceptance, especially in Australia. We will wait until August the first where the future of Bitcoin will be chosen
I disagree with you when you say that this change will change the way people look and think about Bitcoin. This doesn't really do much as people weren't really buying anything from stores in the first place with Bitcoin. I know that I only spend my Bitcoin online and not from actual stores, but from other people so I don't pay any tax. Also, I doubt this will mean more merchant acceptance, this doesn't change anything for the merchant as they were never the ones paying the fees in the first place.
Well, when you said that this won't change the way people will think about, I totally disagree with that. Since bitcoin is receiving this good surge of media attention, there is no doubt that people will be affected in a good way. With the power of the internet, a lot of people believe what is said on the news, and if their own country starts accepting bitcoin, I am pretty sure that they will also take a interest in bitcoin, which could involve more merchant acceptance, as more people would like to hop on the bandwagon.
But hey another Aussie, what state are you from?
Btw I'm from NSW. How about yourself?
July 05, 2017, 02:25:47 AM
Japan exempts bitcoin from Consumption Tax
The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.
Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.
Australian's New Budget Includes a Bitcoin Tax Cut
Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.
http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm
The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.
Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.
Australian's New Budget Includes a Bitcoin Tax Cut
Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.
http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm
Woo hoo! As an Australian Bitcoiner myself, I can't tell you how excited I am to here this, out of all the countries in the world, I can believe that my own country has decided to make Bitcoin mainstream.
I think this change will really give bitcoin the media attention it needs and change the way some people think about bitcoin. This should definelty mean more merchant acceptance, especially in Australia. We will wait until August the first where the future of Bitcoin will be chosen
I disagree with you when you say that this change will change the way people look and think about Bitcoin. This doesn't really do much as people weren't really buying anything from stores in the first place with Bitcoin. I know that I only spend my Bitcoin online and not from actual stores, but from other people so I don't pay any tax. Also, I doubt this will mean more merchant acceptance, this doesn't change anything for the merchant as they were never the ones paying the fees in the first place.
Well, when you said that this won't change the way people will think about, I totally disagree with that. Since bitcoin is receiving this good surge of media attention, there is no doubt that people will be affected in a good way. With the power of the internet, a lot of people believe what is said on the news, and if their own country starts accepting bitcoin, I am pretty sure that they will also take a interest in bitcoin, which could involve more merchant acceptance, as more people would like to hop on the bandwagon.
But hey another Aussie, what state are you from?
July 05, 2017, 02:13:51 AM
Japan exempts bitcoin from Consumption Tax
The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.
Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.
Australian's New Budget Includes a Bitcoin Tax Cut
Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.
http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm
The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.
Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.
Australian's New Budget Includes a Bitcoin Tax Cut
Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.
http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm
Woo hoo! As an Australian Bitcoiner myself, I can't tell you how excited I am to here this, out of all the countries in the world, I can believe that my own country has decided to make Bitcoin mainstream.
I think this change will really give bitcoin the media attention it needs and change the way some people think about bitcoin. This should definelty mean more merchant acceptance, especially in Australia. We will wait until August the first where the future of Bitcoin will be chosen
I disagree with you when you say that this change will change the way people look and think about Bitcoin. This doesn't really do much as people weren't really buying anything from stores in the first place with Bitcoin. I know that I only spend my Bitcoin online and not from actual stores, but from other people so I don't pay any tax. Also, I doubt this will mean more merchant acceptance, this doesn't change anything for the merchant as they were never the ones paying the fees in the first place.
July 05, 2017, 01:58:41 AM
Japan exempts bitcoin from Consumption Tax
The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.
Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.
Australian's New Budget Includes a Bitcoin Tax Cut
Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.
http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm
The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.
Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.
Australian's New Budget Includes a Bitcoin Tax Cut
Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.
http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm
Woo hoo! As an Australian Bitcoiner myself, I can't tell you how excited I am to here this, out of all the countries in the world, I can believe that my own country has decided to make Bitcoin mainstream.
I think this change will really give bitcoin the media attention it needs and change the way some people think about bitcoin. This should definelty mean more merchant acceptance, especially in Australia. We will wait until August the first where the future of Bitcoin will be chosen
July 05, 2017, 01:27:16 AM
Now those are best countries and best government I see. Just imagine having complete bitcoin as your private currency and no one asks you where from it came and where is it going. So it just big time profit for the people leaving in that currency. It means they will never have to mix up things with their hard earned money by doing real jobs within the country and the money they are earning from the bitcoin which is over the internet. Thats cool.
July 04, 2017, 08:23:07 AM
Look at the great developed countries taking the lead in promoting bitcoin.
Aside from Australia and Japan, India is into bitcoin also. Ukraine is doing some steps in accepting bitcoin. The Philippines even has their central bank formally acknowledged bitcoin as a payment form. China is not into bitcoin but is into blockchain. News is that they will be creating their own crypto.
Aside from Australia and Japan, India is into bitcoin also. Ukraine is doing some steps in accepting bitcoin. The Philippines even has their central bank formally acknowledged bitcoin as a payment form. China is not into bitcoin but is into blockchain. News is that they will be creating their own crypto.
All of this shows us the development and potential of bitcoin. It will be more acceptable in the future, I am sure. But to achieve that, bitcoin needs to overcome the coming event. On August 1, everything will be decided.
July 04, 2017, 08:03:25 AM
It is really great to hear about all the countries that are supporting bitcoin and cutting the taxes,which is a surprising move from my point of view as i really thought that these governments will impose heavy taxes for the users,things are going smooth and well and hope these continue in the future.
July 04, 2017, 06:13:05 AM
Japan exempts bitcoin from Consumption Tax
The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.
Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.
Australian's New Budget Includes a Bitcoin Tax Cut
Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.
http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm
The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.
Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.
Australian's New Budget Includes a Bitcoin Tax Cut
Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.
http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm
Japan and Australia both activated their new laws on 1st July, i think. So similar timing, definitely good news for whomever living there that wants to buy bitcoin. Could actually result in a sizeable discount if you are purchasing bitcoin in bulk.
Japan exempts bitcoin from Consumption Tax
The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.
Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.
Australian's New Budget Includes a Bitcoin Tax Cut
Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.
http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm
They will remove taxes on buying Bitcoin, but they will start to tax on profits made in Bitcoin, then a lot of people will be in trouble!The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.
Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.
Australian's New Budget Includes a Bitcoin Tax Cut
Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.
http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm
Fortunately here in Germany the rules are pretty clear and only traders will get taxed on their profits.
I think in other countries, the governments will go after the early adopters at some point and start asking for profits, dates and trades.
It will be a nightmare to prove the profit and loss made on every Bitcoin movement, but if they want to hurt Bitcoin, they will do it.
In a way, they're saying that bitcoin is a currency by removing the 8% VAT tax from purchasing bitcoin. But in another way they're still saying that bitcoin is an asset, you have to pay capital gains tax for it.
The thing is though, once you get your coin there is no way that the government is going to know how much profit you make exactly, and therefore it is impossible for them to accurate tax you. I believe that you shouldn't be taxed for holding bitcoin and making profits off it, because bitcoin is not like shares. It is currency.
July 04, 2017, 04:03:08 AM
Japan exempts bitcoin from Consumption Tax
The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.
Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.
Australian's New Budget Includes a Bitcoin Tax Cut
Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.
http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm
They will remove taxes on buying Bitcoin, but they will start to tax on profits made in Bitcoin, then a lot of people will be in trouble!The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.
Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.
Australian's New Budget Includes a Bitcoin Tax Cut
Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.
http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm
Fortunately here in Germany the rules are pretty clear and only traders will get taxed on their profits.
I think in other countries, the governments will go after the early adopters at some point and start asking for profits, dates and trades.
It will be a nightmare to prove the profit and loss made on every Bitcoin movement, but if they want to hurt Bitcoin, they will do it.
July 04, 2017, 03:58:00 AM
Japan exempts bitcoin from Consumption Tax
The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.
Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.
Australian's New Budget Includes a Bitcoin Tax Cut
Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.
http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm
The exemption from Japan’s 8% indirect tax regime recognizes bitcoin as a private currency used for the exchange of goods or services, and that the currencies hold no intrinsic value. The measure has come into force from 1 July 2017.
Traders of bitcoin will though remain liable to tax on their gains – capital gains tax or corporate income tax.
Australian's New Budget Includes a Bitcoin Tax Cut
Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.
http://www.vatlive.com/vat-news/japan-exempts-bitcoin-from-consumption-tax/
http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/FS_innovation.htm
And now South Korea.
https://www.nigeriatoday.ng/2017/07/south-korea-prepares-bill-to-provide-legal-framework-for-cryptocurrencies/
Not necessarily. Korea isn't even taking out any sort of taxes here, all its doing is trying to regulate the bitcoin market in its country which imo does nothing good to the bitcoin economy at large. They are probably making people's lives harder by implementing new restrictions, and deterring people from using bitcoin.
Australia and japan on the other hand actually are trying to incentivise people to use bitcoin, completely opposite of Korea. It's great if a country is trying to incentivise its citizens into using better fintech, not good if they're just wanting to put new laws and bans around it, even though it generates publicity and recognition for bticoin in the media when they implement these laws.
July 04, 2017, 03:21:58 AM
In my opinion most commodities are subject to capital gains and not currencies, but I might be wrong. Do they class Bitcoin as a commodity or a currency, if they want you to pay Capital Gains on your returns from this investment? Bitcoin is supposed to be a alternative cash P2P payment network and not a store of value. People gets excited by announcements like this and they do not consider the implications of this for the future. < How do we need Bitcoin to be defined? Commodity or Currency? > ^hmmmmmm^
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