Do you have to pay taxes on cryptocurrencies?

[Starmix]

Yes, you have to pay taxes. There are cryptocurrency tax rules, in fact, people in my country pay taxes because they buy and sell coins. They have to follow the rules or else they will face the law. Crypto is a capital asset like stocks instead of cash. It is stated in the rule that you will be the one to pay for the capital gain tax if you sell crypto profitably. You will be responsible for paying the gains tax. Even f you use your crypto to pay for a purchase, there is tax, value-added tax. I think it is an automatic deduction in the purchase counter, a customer paying in crypto will be charged for taxes if you receive a greater value than what you paid. You are required to pay the difference. You cannot hide your obligations to pay taxes.

 

[Bisolami]

It depends on the country. I come from a country that we don't have to pay tax for it

 

[Starmix]

It depends on the country. I come from a country that we don't have to pay tax for it

But we have to lay taxes if we buy and sell crypto. It is considered an asset so we have to pay. And even in the purchases, you will be deducted for taxes the difference of your total purchases.

 

[Bisolami]

But we have to lay taxes if we buy and sell crypto. It is considered an asset so we have to pay. And even in the purchases, you will be deducted for taxes the difference of your total purchases.

Nah I think you are talking about transaction fees. Here in Nigeria, we only pay transaction fees.

 

[Monster Masterpiece]

But we have to lay taxes if we buy and sell crypto. It is considered an asset so we have to pay. And even in the purchases, you will be deducted for taxes the difference of your total purchases.

It is paid on the country of exchanger and not yours means if exchanger is from Australia he pays VAT instead of you as I think.

 

[Starmix]

It is paid on the country of exchanger and not yours means if exchanger is from Australia he pays VAT instead of you as I think.

That's good if that way like buying of properties it's the buyer to pay the capital gain tax. Other times it's the seller to pay the capital gain tax, which is which.

 

[Bisolami]

It is paid on the country of exchanger and not yours means if exchanger is from Australia he pays VAT instead of you as I think.

I think I now understand your point because I only know that we do not pay any tax on it in my country

 

[Monster Masterpiece]

I think I now understand your point because I only know that we do not pay any tax on it in my country

It is question of regulation so if something is regulated then you could pay tax on it if not no tax is paid to country until laws are updated.

 

[Bisolami]

It is question of regulation so if something is regulated then you could pay tax on it if not no tax is paid to country until laws are updated.

This is what I was talking about because it is not yet regulated in my country but we don't know of later