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?
What a weird country that they wont acknowledge bitcoin but you must pay income tax of every income that you have earned from bitcoin. My question is how would they know that your money came from bitcoins if they did not acknowledge how bitcoin works? Maybe you are very honest people that you just voluntarily paying income tax by honestly declaring that you earned fiat that much for this month. The government cant able to trace our transactions so therefore you are paying honesty so its up to you if you want to pay all bitcoin taxes.
I agree. That is very confusing. I won't pay any taxes if the legislation itself doesn't recognize btc. On what category does btc belong to? It's not a money and not even an asset to them. If I were you, just find another country that won't make this tax laws for btc complicated.