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tax on bitcoin

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Government won't need to track you to pay tax all that is needed is for them to get indirect tax agent who are corporate bodies, stores, entrepreneur in which individual cannot avoid so if Government is ready to tax bitcoin and ready to go with implementation these set of people are the ones to be put on alert to deduct whatever is due to government before handing over the rest and applying tax can come in many ways such as capital gains tax or Value Added Tax, even income tax is not excluded depending on calibre of target payers

but It vary from country to country. In US Bitcoin is considered as property. That means, you'll have capital gain or loss when disposing of virtual currency. Business transactions in bitcoin are subject to all the normal rules for sales tax, withholding, and information reporting. A taxpayer who receives virtual currency as payment for goods or services must, in computing gross income, include the fair market value of the virtual currency, measured in U.S. dollars, as of the date that the virtual currency was received.

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