Are there any tax associated with using Bitcoin in your region?

[Sincerem]

When carrying out transaction involving Bitcoin which may include investing in Bitcoin , trading Bitcoin, getting payment in Bitcoin or maybe using Bitcoin to purchase goods and services there may be some regulations attached to performing such transaction involving Bitcoin, but most people aren't aware of such, it is quite important to have a proper knowledge about what are the relevant task laws in your region.


Are you aware of any task laws that is associated with the use of Bitcoin to perform any transaction, what kind of laws are instituted on Bitcoin in your region?

 

[Lens]

The use of cryptocurrency related activities have been banned in my country. In a recent news, the cryptocurrency are used as tax evasion.

 

[Bookwormlux]

There are no taxes at all because cryptocurrencies are already considered to be illegal here , and so the government does not even have a means of taxing us to generate revenue.

 

[Busybee]

The concept of Bitcoin is to promote peer-peer sharing and to stay out of the federal system. So would advise you to transfer directly to the seller or to the supplier wallet. You won't have to pay any taxes, since the transaction is done within the BTC network. But if you want to transfer the cashback to your bank account, then they are taxed about 30% in many countries and a few countries have made BTC illegal such as China.

 

[Honny143]

My country legally not expected crypto currency, but recently they announced they are going to charge 30% tax, whenever we earns a profit in bitcoin trading, thats the reason in my country so many traders and investors leaves crypto.

 

[Castelione]

None at the moment but recently, there's a news spreading that the government is already looking at charging taxes to crypto traders.

 

[Bookwormlux]

There are no taxes on us for using cryptocurrencies here in Nigeria. The government has banned it and they wouldn't even want to waste their time talking about taxes again.

 

[tyrim88]

The use of cryptocurrency related activities have been banned in my country. In a recent news, the cryptocurrency are used as tax evasion.

One of the things that most government to stop the trading of Bitcoin is that it will make their control and rugulatory work to be very difficult and then gavr

 

[Danny4cash]

Cryptocurrency is banned in my country so, I don't think there's a way government can earn tax from it. As the say goes, you can eat you cake and still have it. They have banned cryptocurrency in my region. So, it's not going to be possible for them to collect taxes on it.

 

[Bigron]

Cryptocurrency is not technically legal in my country, so the government does not possess the means to tax any transaction involving cryptocurrency. This is an added advantage for crypto investors no doubt

 

[Genie01]

My region is quite free from taxes whatsoever, I recently saw that traders has some taxes to pay just for venturing into trading. It's not the case in Africa and it might cripple alot of upcoming traders.

 

[Lynaia]

Currently many people are not even into crypto so there's currently no tax associated on with using bitcoin and any coin. But it seems government is already look for ways of imposing crypto tax in the upcoming bill

 

[tyrim88]

None at the moment but recently, there's a news spreading that the government is already looking at charging taxes to crypto traders.

I think if that is even considered then it must be from an official gadzet from the government,that means that will be some legality to the trading of cryptocurrency in that country.

 

[Castelione]

I think if that is even considered then it must be from an official gadzet from the government,that means that will be some legality to the trading of cryptocurrency in that country.

Exactly. But I don’t think it’s already implemented now. I’ll keep an eye on it though.

 

[Nomad]

Bitcoin is not legal in my region, since it is not legal, the government does not tax bitcoin. Even though it is not legal, a lot of people have understood thge true potential of bitcoin and they are investing in bitcoin. Since there is no tax system, people are making profits without having to pay taxes.

 

[deucher]

There is no such law in our region yet, but a lot of people are working on it because the authorities understand that they can earn more if they introduce a tax on income from cryptocurrency because a very small percentage of investors and traders officially register their cryptocurrency activities

 

[Riberet19]

In my country if you sell Bitcoin you have taxes associated with it, according to the profits of course, the maximum you pay for cryptocurrency profits in general is 29% of the profits, if the tax laws of cryptos have not changed.