TAX of BTC in your country | Bitcointalksearch.org

black_swan

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Quote from: empoweoqwj on December 23, 2013, 10:53:31 PM

Anyone got details of the UK at the moment? Don't currently reside there but might well soon.

I am also interested in UK, is it classified as capital gain here as well?
I found this article http://www.coindesk.com/bitcoin-uk-hmrc-suggests-bitcoins-taxable-vouchers/
but it doesn't explain anything for privates, only businesses

NewLiberty

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Quote from: Rannasha on December 28, 2013, 03:57:46 AM

In the Netherlands, Bitcoin is classified no more than as "something with value". As a consequence, it's subject to capital and assets tax, which is based around the assumption of 4% capital gains per year, which is taxed at 30%. So you pay a flat 1.2% of any capital and assets you have over the threshold value (~20K for single people, ~40K for married couples / registered partnerships), regardless of whether you keep it as fiat in a 0% interest account or multiply your capital tenfold by holding bitcoins.

The tax amount due for 2013 is based on ones capital on the first of january of 2013, so the main Bitcoin-taxation won't come for another year, when the price on 1-1-2014 will determine how much you pay for 2014.

There may also be reasons to "mark to market". If one were on the board of an entity that received bitcoin donations and would like to stimulate the discussion among the board of what to do with it.

Rannasha

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In the Netherlands, Bitcoin is classified no more than as "something with value". As a consequence, it's subject to capital and assets tax, which is based around the assumption of 4% capital gains per year, which is taxed at 30%. So you pay a flat 1.2% of any capital and assets you have over the threshold value (~20K for single people, ~40K for married couples / registered partnerships), regardless of whether you keep it as fiat in a 0% interest account or multiply your capital tenfold by holding bitcoins.

The tax amount due for 2013 is based on ones capital on the first of january of 2013, so the main Bitcoin-taxation won't come for another year, when the price on 1-1-2014 will determine how much you pay for 2014.

empoweoqwj

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Quote from: NewLiberty on December 27, 2013, 09:38:53 AM

If your goal with this thread is to look for good regions for bitcoin businesses based on tax law you are probably looking at Cayman and UAE.
http://en.wikipedia.org/wiki/List_of_countries_by_tax_rates

If your goal is to get some tax advice from anonymous internet postings, just know that relying on it is probably not a good idea.
If you pay for professional advice from an expert in your jurisdiction, at least you would have that to stand on, but "I read it on the internet" isn't going to be much use in a court.

You'd need to know the countries laws (if any) on bitcoin, not just tax law

Singapore would be a great bet at the moment. Very low taxes and just announced not interfering with bitcoin.

NewLiberty

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Gresham's Lawyer

If your goal with this thread is to look for good regions for bitcoin businesses based on tax law you are probably looking at Cayman and UAE.
http://en.wikipedia.org/wiki/List_of_countries_by_tax_rates

If your goal is to get some tax advice from anonymous internet postings, just know that relying on it is probably not a good idea.
If you pay for professional advice from an expert in your jurisdiction, at least you would have that to stand on, but "I read it on the internet" isn't going to be much use in a court.

empoweoqwj

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Quote from: User_513 on December 26, 2013, 06:57:52 PM

Quote from: jojo69 on December 20, 2013, 11:53:14 PM

no fiat no tax, simple as that

+1000

What, globally?

User_513

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Quote from: jojo69 on December 20, 2013, 11:53:14 PM

no fiat no tax, simple as that

+1000

empoweoqwj

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Anyone got details of the UK at the moment? Don't currently reside there but might well soon.

Merch

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Quote from: sneeze on December 21, 2013, 03:42:22 PM

Sweden here. We have no taxes for BTC. Yet.

Google translate this: http://skatterattsnamnden.se/skatterattsnamnden/forhandsbesked/2013/forhandsbesked2013/mervardesskatthandelmedbitcoins.5.46ae6b26141980f1e2d29d9.html

The scenario in that document is for person X which is to start a corporate business as an exchange, how does this affect the capital gains tax - not at all if you ask me.

So, Sweden

Looking like 30% in capital gains tax..

mgio

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Quote from: jojo69 on December 21, 2013, 12:51:49 PM

barter...tax?

ha ha

hahahaHAHAHAHAHAHAHAHAHAHAHA

lul...ahhh

you guys kill me

We are talking about what is LEGAL, not what you can get away with. This is the legal forum, anyways.

It's one thing to claim that taxes on bitcoin aren't easily enforceable. It's another thing to say they aren't owed at all.

If you want to talk about your tricks for tax evasion, start your own thread.

empoweoqwj

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Quote from: Stultiloquy on December 22, 2013, 03:49:42 PM

Russia. Government doesn't know that such things like BTC exists. Cheesy

Bet my last BTC it does. They are just waiting for the "right time" ....

Stultiloquy

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Russia. Government doesn't know that such things like BTC exists. Cheesy

pikeadz

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USA. Short term capital gains but it is a pain in the ass to track all of it down. I am using FIFO method.

sneeze

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Sweden here. We have no taxes for BTC. Yet.

Google translate this: http://skatterattsnamnden.se/skatterattsnamnden/forhandsbesked/2013/forhandsbesked2013/mervardesskatthandelmedbitcoins.5.46ae6b26141980f1e2d29d9.html

jojo69

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diamond-handed zealot

barter...tax?

ha ha

hahahaHAHAHAHAHAHAHAHAHAHAHA

lul...ahhh

you guys kill me

Ridicuss

sr. member

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Quote from: Swordsoffreedom on December 21, 2013, 03:34:32 AM

Canada

Taxed on Income if you treat it like a business
Taxed on Capital Gains if its speculation
Taxed like Barter if you use it to trade for things

Full Coverage

Very similar if not exact in the US. Still finding out and learning, but this is what I have come up with from my accountant.

Swordsoffreedom

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Leading Crypto Sports Betting & Casino Platform

Canada

Taxed on Income if you treat it like a business
Taxed on Capital Gains if its speculation
Taxed like Barter if you use it to trade for things

Full Coverage

empoweoqwj

hero member

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Merit: 500

Quote from: hostmaster on December 21, 2013, 12:44:38 AM

It's accepted as "not money" so no taxing possible i guess. We can pay as bitcoins if they need

You have to specify the country. Different countries tax all kinds of things differently e.g. capital gains, inheritance

hostmaster

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It's accepted as "not money" so no taxing possible i guess. We can pay as bitcoins if they need

jojo69

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diamond-handed zealot

no fiat no tax, simple as that

Topic: TAX of BTC in your country (Read 2495 times)