I live in a country in the EU and i tried to get some information about how can i pay my taxes for my btc revenue.
Acording to my country`s legislation:
1.Bitcoin isn`t digital money.
2.Bitcoin isn`t a digital asset.
Acording to the laws,bitcoin is nothing...BUT acording to the same legislation,i`m obligated to pay taxes for all my revenues,including the income from online trading.What if all my income comes from bitcoin trading?
Do i have to pay any taxes or no?Sorry,if this questions is asked here before.
Is this ridiculous?
Well it seems that your country needs to classify what bitcoin really is so that they can have the proper law applied to a certain security or source of income. If you are earning revenue from bitcoin trading and you are obligated to pay from online trading then I think you should pay taxes because once they track you are earning from it and not paying then maybe they will have surcharges and interest charge in addition for your tax liability making you liable for more than the amount you should pay for when you reported and payed it at the right time.