How does Cryptocurrency tax work in your country?

[Deleted member 1075483]

I live in the EU, my country doesn't really have any proper legislation on crypto and they are all trying to figure it out.
Banks auto-block all withdrawals from exchanges as well. I have tons of questions like:

- What happens if I use my Binance card for spending ? Do they report the usage for taxes? has any dealt with this?
- How do I prove a source of Crypto? If for example I am a miner or sold some nfts? What kind of proof do they ask for?


It's all really pretty speculative here and I would like to hear from you guys how does your country deal with this.

 

[Conjecting]

I can only speak for the US, but yeah you definitely need to pay taxes on any gains if you're using an app like Coinbase or anything similar because they report to the IRS. Our government has become very vigilant when it comes to crypto.

Similarly to stocks though, you don't have to pay anything if your holding. You could have 10 million dollars in unrealized gains and you only pay when you click the sell button.

 

[Deleted member 1075483]

I can only speak for the US, but yeah you definitely need to pay taxes on any gains if you're using an app like Coinbase or anything similar because they report to the IRS. Our government has become very vigilant when it comes to crypto.

Similarly to stocks though, you don't have to pay anything if your holding. You could have 10 million dollars in unrealized gains and you only pay when you click the sell button.

I assume using an exchange debit card is also considered "selling", how does that work? Taxed on spent amount only?

 

[Conjecting]

I assume using an exchange debit card is also considered "selling", how does that work? Taxed on spent amount only?

So you're spending your crypto gains from a debit card? Reminds me of how PayPal offers a debit card and you can spend right from your available balance.

Again, I'm only familiar with USA, but if that card is tied into your personal details in any way, they will know. If you're supposed to pay taxes on it, I wouldn't try to slip through the cracks.

 

[Deleted member 1075483]

So you're spending your crypto gains from a debit card? Reminds me of how PayPal offers a debit card and you can spend right from your available balance.

Again, I'm only familiar with USA, but if that card is tied into your personal details in any way, they will know. If you're supposed to pay taxes on it, I wouldn't try to slip through the cracks.

Don't misunderstand me brother, I am not trying to avoid anything, here, as i said, none has figured out or decided how it should work. I am merely asking how it does work in your country. If I spent money via the exchange debit card will I get taxed on the spent amount or the whole balance? This is the question basically.

 

[BBEsports]

I live in the EU, my country doesn't really have any proper legislation on crypto and they are all trying to figure it out.
Banks auto-block all withdrawals from exchanges as well. I have tons of questions like:

- What happens if I use my Binance card for spending ? Do they report the usage for taxes? has any dealt with this?
- How do I prove a source of Crypto? If for example I am a miner or sold some nfts? What kind of proof do they ask for?


It's all really pretty speculative here and I would like to hear from you guys how does your country deal with this.

I think more and more people getting into crypto is going to make mainstream crypto less valuable, especially as the government cracks down on it.

 

[R4v3nbl4ck]

In my country we only pay taxes when we sell crypto for fiat. Trading a coin to another coin is not taxable.

 

[selmankaan1]

There is no taxation now, but they are working on it

 

[awesomewebsites]

30℅ tax on crypto profit. D
Not sure but if you get paid in crypto, pay 30℅ on that also now.

 

[lotsofmoney]

In most countries, you have to submit all information regarding how much BTC you making and spending. Tax is on final profit made.

 

[Matta28]

I think it's 34% here in Norway if I'm not remember wrong

 

[seomaster5]

I think it's 34% here in Norway if I'm not remember wrong

And how much is the tax on normal other types of earnings.