Consumption tax on Cryptocurrency?

Samuel

New member
It seems, there was 8% exemption of Japanese Consumption Tax (JCT) by the holders of Japanese cryptocurrency.
Is is true?


Source: Coinpedia.org News
 

Nathaniel

Member
bitcoin is exempt from taxes in many country only in america they regulate it and tax it like no tomorrow

australia also is exempting bitcoin from taxation https://cointelegraph.com/news/aust...money-and-protect-bitcoin-businesses-no-taxes

it must be said that we are talking about certain kind of tax like consumption tax, not every taxation, capital gain is still taxed...
Tax on capital gains is most basic in monetary terms. The cancellation of the consumption tax that attempts by the state to attract investment in bitcoins and in fact the abolition of this tax will only increase the deductions in tax.
 

Artyom

Member
bitcoin is exempt from taxes in many country only in america they regulate it and tax it like no tomorrow
False.
The IRS has no direct interest in crypto coins as an asset and treat it the same as when investing in metals or other securities: Only when cashing out do they want taxes and that is only on the amount exchanged into fiat. At that point it become a matter of simple Capital Gains income.

As for the States, same applies but also Sales taxes on items paid for with BTC come into play. Then same as any mail order or internet purchase, when you file your State taxes each year you are supposed to list purchases and pay any State sales taxes due that were not collected at time of sale.
 

Akim

Member
bitcoin is exempt from taxes in many country only in america they regulate it and tax it like no tomorrow
False.
The IRS has no direct interest in crypto coins as an asset and treat it the same as when investing in metals or other securities: Only when cashing out do they want taxes and that is only on the amount exchanged into fiat. At that point it become a matter of simple Capital Gains income.

As for the States, same applies but also Sales taxes on items paid for with BTC come into play. Then same as any mail order or internet purchase, when you file your State taxes each year you are supposed to list purchases and pay any State sales taxes due that were not collected at time of sale.

i was talking about that when you cash out you are taxed, in other country you are not taxed even if you cash out, that what i mean with my post, some country don't tax capital gain if you don't go above certain threshold

i know that taxation on bitcoin directly is not true in any country, but i remember that in the USA they even tax that in some cases, otherwise someone that want to buy an house with bitcoin, can evade taxes...
 

Timofey

Member
bitcoin is exempt from taxes in many country only in america they regulate it and tax it like no tomorrow
False.
The IRS has no direct interest in crypto coins as an asset and treat it the same as when investing in metals or other securities: Only when cashing out do they want taxes and that is only on the amount exchanged into fiat. At that point it become a matter of simple Capital Gains income.

As for the States, same applies but also Sales taxes on items paid for with BTC come into play. Then same as any mail order or internet purchase, when you file your State taxes each year you are supposed to list purchases and pay any State sales taxes due that were not collected at time of sale.
When you talk about sales tax do you mean the 14% VAT we pay when we buy things ? So if I use Bitcoin I pay VAT and hn I cash out to Fiat I pay income tax and VAT? So it's cheaper to use Bitcoin directly then cash out first ? What if I save my Bitcoin in my current country and cash out after I move ? Say from USA to Germany. So I pay German taxes since I cash out in Germany ?

Thanks for the help.
 

King

Member
bitcoin is exempt from taxes in many country only in america they regulate it and tax it like no tomorrow
False.
The IRS has no direct interest in crypto coins as an asset and treat it the same as when investing in metals or other securities: Only when cashing out do they want taxes and that is only on the amount exchanged into fiat. At that point it become a matter of simple Capital Gains income.

As for the States, same applies but also Sales taxes on items paid for with BTC come into play. Then same as any mail order or internet purchase, when you file your State taxes each year you are supposed to list purchases and pay any State sales taxes due that were not collected at time of sale.
When you talk about sales tax do you mean the 14% VAT we pay when we buy things ? So if I use Bitcoin I pay VAT and hn I cash out to Fiat I pay income tax and VAT? So it's cheaper to use Bitcoin directly then cash out first ? What if I save my Bitcoin in my current country and cash out after I move ? Say from USA to Germany. So I pay German taxes since I cash out in Germany ?

Thanks for the help.
In the USA yes a States sales tax is similar to VAT, but instead of a single country-wide tax like VAT is, here each state may or may not add the Sales tax onto purchases (a few states have no Sales tax). For example my state, Michigan, has Sales tax of 9%. Some things like food are exempt but on most sales the state wants their cut.
 

King

Member
If you can find a pool to support the ASICBoost, you can make good profits.
Do you really think that you could really find a pool that is supporting ASIC boost,even the team behind it wont accept those and how on earth are you able to figure that out and if that is the case i am sure they wont be doing those hacks with an open pool rather they would do in their private pool and earn the maximum profit with the hashing power they have.
 
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