Topic: tax - page 11. (Read 2693 times)
In my country the bitcoin to fiat exchange platform is a KYC and AMLC compliant, and taxes were implemented on a transaction higher than 1000 USD equivalent. Although there are service charges when cashing out from btc to fiat amounting below 1000 USD and i thought that there were hidden taxes carried over on that charges but it is negligible. When paying services like salon or restaurants, the shop implement taxes from bitcoin payment but tax is minimal for as low as 2 percent.
in your country income from bitcoin taxed? state the country
Even if bitcoin is widespread here in Philippines, tax is not that much since they only tax the website which we use to convert btc into fiat, Other than that, it is not taxed at all when we claim it in a money sending service or in the bank since funds from bitcoin can be directly sent to bank for us to get it there and is not labelled as bitcoin transaction, but it somehow looks like a normal money transfer when one does not look closely. There also is not a mechanism to collect tax from it.
In my country no one pays taxes for the use of bitcoins. The government has not invented a mechanism for the collection of taxes on such income. But if you bring bitcoins to Bank account it will be regarded as your income. Information about large transfers, banks themselves submit to the tax service. If you transfer only small amounts you will not notice.
in your country income from bitcoin taxed? state the country
Nothing of such yet in my country since the government has not really stated their decisions yet on bitcoin, except plans to adopt it maybe later on. Until then, maybe the tax thing can work. However, if this will work, it might have to be through exchanges cause except that, there is no strict policy regarding tax in my country.
in your country income from bitcoin taxed? state the country
Nope, there's no income tax here for bitcoin as there's no regulation about bitcoin profit. Only the local exchange here that we are using is the one that was covered by the taxation of the gov't. But I don't have an idea if they are passing some tax on the services that we are using from them because most of the service that we are using on their exchange are very cheap and convenient.
Bitcoins are really the first digital currency that was created in this manner and actually have a significant value in relation to other currencies. Essentially it is somewhat uncharted territory. Literally bitcoins, and even digital currencies are so new, that there is little to no precedent for some aspects of bitcoin mining, from a tax perspective.
Since Bitcoins are currently traded in various online marketplaces, when someone receives a Bitcoin, they can reasonably calculate it’s value in the local currency. Because of this, it is possible that the taxing authority will treat the receipt of a Bitcoin through a mining pool, or from an individual mining operation, as a taxable event. At that time, the taxpayer would be required to estimate the value of the Bitcoins in dollars and record that amount. This would have to be done either daily or weekly depending on the value of the Bitcoins if their value keeps fluctuating as much as it has the past few weeks. These amounts would be recorded as revenue from bitcoin mining operations and would be taxable less allowed expenses.
Since Bitcoins are currently traded in various online marketplaces, when someone receives a Bitcoin, they can reasonably calculate it’s value in the local currency. Because of this, it is possible that the taxing authority will treat the receipt of a Bitcoin through a mining pool, or from an individual mining operation, as a taxable event. At that time, the taxpayer would be required to estimate the value of the Bitcoins in dollars and record that amount. This would have to be done either daily or weekly depending on the value of the Bitcoins if their value keeps fluctuating as much as it has the past few weeks. These amounts would be recorded as revenue from bitcoin mining operations and would be taxable less allowed expenses.
I think government are making way to tax bitcoin of it is a virtual currency. If most of the people of state would invest in bitcoin, the government would lose money and it would tend to go to just certain people who invested. I mean if a person gets the government would have no idea of how much he is earning because they cant track. It easy to make money transfer to avoid track of how much a person is worth. But as long as that person would at least invest IRL in his own state then the money would not be taken out of his own state.
Bitcoins are really the first digital currency that was created in this manner and actually have a significant value in relation to other currencies. Essentially it is somewhat uncharted territory. Literally bitcoins, and even digital currencies are so new, that there is little to no precedent for some aspects of bitcoin mining, from a tax perspective.
Since Bitcoins are currently traded in various online marketplaces, when someone receives a Bitcoin, they can reasonably calculate it’s value in the local currency. Because of this, it is possible that the taxing authority will treat the receipt of a Bitcoin through a mining pool, or from an individual mining operation, as a taxable event. At that time, the taxpayer would be required to estimate the value of the Bitcoins in dollars and record that amount. This would have to be done either daily or weekly depending on the value of the Bitcoins if their value keeps fluctuating as much as it has the past few weeks. These amounts would be recorded as revenue from bitcoin mining operations and would be taxable less allowed expenses.
Since Bitcoins are currently traded in various online marketplaces, when someone receives a Bitcoin, they can reasonably calculate it’s value in the local currency. Because of this, it is possible that the taxing authority will treat the receipt of a Bitcoin through a mining pool, or from an individual mining operation, as a taxable event. At that time, the taxpayer would be required to estimate the value of the Bitcoins in dollars and record that amount. This would have to be done either daily or weekly depending on the value of the Bitcoins if their value keeps fluctuating as much as it has the past few weeks. These amounts would be recorded as revenue from bitcoin mining operations and would be taxable less allowed expenses.
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in your country income from bitcoin taxed? state the country
No it is not, in my country , it is not yet taxable because the salary as a cryprocurrency or token or digital coin is not covered on the law in my country. My country is Philippines, but i think if bitcoin or other digital coins will really enter the mainstream scene, ithink our Government will do something to earn a profit from it. 
in your country income from bitcoin taxed? state the country
I believe not and i dont think they can because authorities won't detect you from using bitcoin. Only they will charge tax to you for any traceable transactions like remittance and other transactions like that. That's why other countries are against this technolgy since they can't regulate it. That's why charging tax to bitcoin is impossible. You can evade taxes using this kind of technology because you are completely anonymous except you trade those bitcoins to licensed exchanges. Exchange will take an extra charge ofcourse for the tax.
Individual countries are going to need to figure out some way to tax cryptocurrencies otherwise they are going to see huge declines in income each year going forward. It is that simple.
I agree with your opinion because it can not be denied if the income from bitcoin taxed then it could be one big enough state income, because every day there is always a btc transaction. in your country income from bitcoin taxed? state the country
Not taxed because my country bitcoin is not recognized as currency, but when I make a withdrawal or transaction there is always an additional fee charged, whether it can be referred to as taxes? 
In my country, there is no tax for Bitcoin at all, cause they are not the legal method payment and they are not illegal too ( cause the law said, you can do anything if it's not prohibited). So the goverments can't tax something that isn't legal at this moment.
But they are trying to do it with their best. First step, they are trying to control the Bitcoin's transaction without a knowledges that noone can control Bitcoin transaction at all. So the draft solution of them for now is just focus on some guys who has a huge property crypto currency in my country , and make them become the first one who will pay the tax for Bitcoin.
By the way, in my country, Bitcoin can't by anything so i guess they can't tax Bitcoin at all cause it's make no sense.
But they are trying to do it with their best. First step, they are trying to control the Bitcoin's transaction without a knowledges that noone can control Bitcoin transaction at all. So the draft solution of them for now is just focus on some guys who has a huge property crypto currency in my country , and make them become the first one who will pay the tax for Bitcoin.
By the way, in my country, Bitcoin can't by anything so i guess they can't tax Bitcoin at all cause it's make no sense.
I am from the republic of the Philippines, as of now we do not have any kind of tax in cryptocurrency and i really hope that it stay that way 
. I personally think that it will be hard to tax any gain from cryptocurrency investment specially if your wallet is a hardware unless you will be honest and declare it.
. I personally think that it will be hard to tax any gain from cryptocurrency investment specially if your wallet is a hardware unless you will be honest and declare it. Jump to: