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?
Judging by the description you live in one of the countries of the former Soviet Union. There really is no regulation of the use of cryptocurrency. But that doesn't mean that you don't have to pay taxes. You must pay income tax on the amount which is exchanged for Fiat. If the amounts are very large then you have a chance to get into the field of view of law enforcement. All of them are corrupt in these countries and is used not thoroughness of legislation to extort money from you.