Post
Topic
Board Bitcoin Discussion
Re: Do Bitcoins have Tax??
by
aso118
on 26/11/2016, 09:34:04 UTC
According the legislation of my country there is no tax for bitcoin transactions. Even more there is no VAT because bitcoin is considered not a coin, like as fiat, but an agreement between two parties

In any bitcoin doesn't have tax for transactions. But if you wish you could consider minig fees as the tax for your every transaction. Apart from this fees there is no any charges for bitcoin.
Those transaction fees are considered as a tax on my part but not connected into government but its just a little amount to consider as a tax. Its impossible for government to impose taxes on bitcoin and thats the good thing about it. Unlike fiat which is already regulated by government then tax is expected.

Electrical power the miners use is taxed. So bitcoin users pays taxes to governments bitcoin mines are by paying fees to those mines. Bitcoin users mainly helps financialy the Chineese government that way. So its a folly that bitcoin users make that they are somehow independent of the world. They are not. Ofcourse they pay less taxes then other industries. But truth is truth. If you dont mine your own bitcoins with your own powergrid - you support China basicly.

Taxes on the inputs that you buy is different from income taxes / taxes on profits.
All manufacturing companies use power, materials etc. These inputs are taxed by governments. That doesn't mean manufacturing companies don't pay income tax.