Consumption tax on Cryptocurrency?

[Elena_Rodriguez]

It seems, there was 8% exemption of Japanese Consumption Tax (JCT) by the holders of Japanese cryptocurrency.
Is is true?


Source: Coinpedia.org News

[Amph]

bitcoin is exempt from taxes in many country only in america they regulate it and tax it like no tomorrow

australia also is exempting bitcoin from taxation https://cointelegraph.com/news/australia-will-recognize-bitcoin-as-money-and-protect-bitcoin-businesses-no-taxes

it must be said that we are talking about certain kind of tax like consumption tax, not every taxation, capital gain is still taxed...

[Proton2233]

bitcoin is exempt from taxes in many country only in america they regulate it and tax it like no tomorrow

australia also is exempting bitcoin from taxation https://cointelegraph.com/news/australia-will-recognize-bitcoin-as-money-and-protect-bitcoin-businesses-no-taxes

it must be said thta we are talking about certain kind of tax like consumption tax, not every taxation, capital gain is still taxed...

Tax on capital gains is most basic in monetary terms. The cancellation of the consumption tax that attempts by the state to attract investment in bitcoins and in fact the abolition of this tax will only increase the deductions in tax.

[NotFuzzyWarm]

bitcoin is exempt from taxes in many country only in America they regulate it and tax it like no tomorrow

False.
The IRS has no direct interest in crypto coins as an asset and treat it the same as when investing in metals or other securities: Only when cashing out do they want taxes and that is only on the amount exchanged into fiat. At that point it become a matter of simple Capital Gains income.

As for the States, same applies but also Sales taxes on items paid for with BTC come into play. Then same as any mail order or internet purchase, when you file your State taxes each year you are supposed to list purchases and pay any State sales taxes due that were not collected at time of sale.

[Amph]

bitcoin is exempt from taxes in many country only in America they regulate it and tax it like no tomorrow

False.
The IRS has no direct interest in crypto coins as an asset and treat it the same as when investing in metals or other securities: Only when cashing out do they want taxes and that is only on the amount exchanged into fiat. At that point it become a matter of simple Capital Gains income.

As for the States, same applies but also Sales taxes on items paid for with BTC come into play. Then same as any mail order or internet purchase, when you file your State taxes each year you are supposed to list purchases and pay any State sales taxes due that were not collected at time of sale.

i was talking about that when you cash out you are taxed, in other country you are not taxed even if you cash out, that what i mean with my post, some country don't tax capital gain if you don't go above certain threshold

i know that taxation on bitcoin directly is not true in any country, but i remember that in the USA they even tax that in some cases, otherwise someone that want to buy an house with bitcoin, can evade taxes...

[Mike Mayor]

bitcoin is exempt from taxes in many country only in America they regulate it and tax it like no tomorrow

False.
The IRS has no direct interest in crypto coins as an asset and treat it the same as when investing in metals or other securities: Only when cashing out do they want taxes and that is only on the amount exchanged into fiat. At that point it become a matter of simple Capital Gains income.

As for the States, same applies but also Sales taxes on items paid for with BTC come into play. Then same as any mail order or internet purchase, when you file your State taxes each year you are supposed to list purchases and pay any State sales taxes due that were not collected at time of sale.

When you talk about sales tax do you mean the 14% VAT we pay when we buy things ? So if I use Bitcoin I pay VAT and hn I cash out to Fiat I pay income tax and VAT? So it's cheaper to use Bitcoin directly then cash out first ? What if I save my Bitcoin in my current country and cash out after I move ? Say from USA to Germany. So I pay German taxes since I cash out in Germany ?

Thanks for the help.

[Dazedconfused11]

Seems interesting I can't seem to find anything about it tho