Topic: tax - page 12. (Read 2706 times)
Taxing on bitcoin depends on different jurisdiction. Some countries have barely heard of bitcoin, not to talk of making plans for tax on it. The bitcoin needs to first be accepted before taxing. I'm sure the "third world "countries are yet to understand bitcoin .
for now it has not been taxed, because in some bitcoin countries it is not a valid payment instrument, and people's understanding of bitcoin has not been widespread.
perhaps in the future the government will make a tax regulation from bitcoin, if it is legalized by government law.
perhaps in the future the government will make a tax regulation from bitcoin, if it is legalized by government law.
Exactly, I think the awareness is still low in some countries and continent for it to lead to taxing. Maybe in the future, that might come up thats if there is approval because you don't tax when you have not approved the usage nationwide.
I'm from South America - crypto currencies are not yet regulated, it's kind of a grey area right now, like online gambling (poker, casinos, etc). But at the end you still have to pay taxes on your income, so if you wanna be 100% legal you have to report your crypto gains (as long as you've sold/transfered it back to a bank account i guess). Hope it helped 
As far as I am aware in the United Kingdom tax on bitcoin earnings would be treated as capital gains as and when you sell your bitcoin.
And as far as I know people in US should report capital gains to the IRS, traders who buy and holding cryptocurrency should use capital gain or loss tax treatment on sales and exchanges, with the realization method, in the end capital gain or loss needs to be reported on that transaction based on exchange rate at the time. https://en.bitcoin.it/wiki/Tax_compliance
Most countries doesn't have regulations about cryptocurrency and people could trade bitcoin without pay taxes, it is a double edge sword, as people want bitcoin to be regulated, but they have to report all the income and pay taxes if a Country decide to do it. However, Japan as the first country that has legalized bitcoin has eliminated tax on the sale of bitcoin, https://cointelegraph.com/news/its-official-japan-has-eliminated-tax-on-bitcoin-rise-in-trading-expected.
I am from Africa. The idea of Bitcoin has not really caught up with us let alone tax on it. Our government sees Bitcoin as a kind of bubble that can't withstand the test of time. So, the issue of taxation on it does not even come close to discussion. There was a recent incident in my country that a set of mining machines were turned back to the country of purchase because the country's clearing authority did not understand what they were. It is that bad.
A whole lot of countries are so much going through this phase and it is funny cause if they have been following trend, they should have been able to find a way to utilize it to even benefit the economy. With the mining gadgets being turned back though, that is quite funny. You would not really blame them anyway, cause some government even have no idea on what bitcoin is or how it is generated, let alone, knowing what a mining gadget looks like.
i guess maybe there are few countries that are requiring people who has bitcoins to pay taxes, I am not really sure about it though. in my country it is not yet well recognized, while some people knew it as some kind of fraud. on the other hand, we are not required to pay taxes in bitcoin, not unless it will be legalized in our country i guess.
we who are citizen on my country who earn thru bitcoin are not directly subject to pay tax..tax free as of now..our goverment knows about bitcoin but they still dont give any massive attention regarding this..maybe because only few people on my country are actively involved on bitcoin and not yet fully recognized on mainstream.
However if our goverment step in and decided to put some tax on bitcoin.we have no choice but to follow.
However if our goverment step in and decided to put some tax on bitcoin.we have no choice but to follow.
Same here in my country too, bitcoin is not that popular and known to many and that maybe the reason also why its not taxed yet although our government do know about it. But if they do put tax on it then we really can't do much about it either.
we who are citizen on my country who earn thru bitcoin are not directly subject to pay tax..tax free as of now..our goverment knows about bitcoin but they still dont give any massive attention regarding this..maybe because only few people on my country are actively involved on bitcoin and not yet fully recognized on mainstream.
However if our goverment step in and decided to put some tax on bitcoin.we have no choice but to follow.
However if our goverment step in and decided to put some tax on bitcoin.we have no choice but to follow.
in your country income from bitcoin taxed? state the country
No, not as of now and I am happy with it. My country doesn't give much importance to the bitcoin and that's a good thing for me as well as the fellow bitcoiner like me. Till the time, my government doesn't give a shit about bitcoin, we are good. The moment they start noticing bitcoin as a currency, it will be a doomsday for us.
However, I always declare my income from bitcoin in the tax information form. Whatever I earn from bitcoin during a financial year, I disclose that amount during tax filing under the head "Income from other sources" just to stay safe.
From what I understand, since BTC is seen as an asset here in the U.K., it is only subject to capital gains tax. That means that if over a year timeframe you earn more than £11,100 through trading/selling BTC then you would be subjected to pay tax on those gains.
for now it has not been taxed, because in some bitcoin countries it is not a valid payment instrument, and people's understanding of bitcoin has not been widespread.
perhaps in the future the government will make a tax regulation from bitcoin, if it is legalized by government law.
perhaps in the future the government will make a tax regulation from bitcoin, if it is legalized by government law.
Exactly, I think the awareness is still low in some countries and continent for it to lead to taxing. Maybe in the future, that might come up thats if there is approval because you don't tax when you have not approved the usage nationwide.
for now it has not been taxed, because in some bitcoin countries it is not a valid payment instrument, and people's understanding of bitcoin has not been widespread.
perhaps in the future the government will make a tax regulation from bitcoin, if it is legalized by government law.
perhaps in the future the government will make a tax regulation from bitcoin, if it is legalized by government law.
Exactly, I think the awareness is still low in some countries and continent for it to lead to taxing. Maybe in the future, that might come up thats if there is approval because you don't tax when you have not approved the usage nationwide.
In Britain it's classed as an asset - so you pay capital gains tax when you sell. And teh capital gain is the amount you sell it at less the amount you paid for it.
The first £11,300 of the capital gain each year is tax free. Then you pay tax at your marginal rate - so 20% if you are a basic rate taxpayer.
So as long as you don't sell all at once, and cash out slowly year by year, you don't really pay much tax.
The first £11,300 of the capital gain each year is tax free. Then you pay tax at your marginal rate - so 20% if you are a basic rate taxpayer.
So as long as you don't sell all at once, and cash out slowly year by year, you don't really pay much tax.
I am from Africa. The idea of Bitcoin has not really caught up with us let alone tax on it. Our government sees Bitcoin as a kind of bubble that can't withstand the test of time. So, the issue of taxation on it does not even come close to discussion. There was a recent incident in my country that a set of mining machines were turned back to the country of purchase because the country's clearing authority did not understand what they were. It is that bad.
Here we have 26% income tax above $5,000 earnings. The authority and the tax bureau says we have to pay tax for digital transactions too. But nobody pays it and no problem so far.
I am from Africa. The idea of Bitcoin has not really caught up with us let alone tax on it. Our government sees Bitcoin as a kind of bubble that can't withstand the test of time. So, the issue of taxation on it does not even come close to discussion. There was a recent incident in my country that a set of mining machines were turned back to the country of purchase because the country's clearing authority did not understand what they were. It is that bad.
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