Are Crypto Withdrawal Taxable in your country?

[Hate2Wait]

In India Crypto are taxable at 30% fixed rate which is done to avoid citizens of India to deal in crypto but still we see many Indian users interested in crypto mainly because it's more convenient than PayPal.

Are crypto withdrawals taxable in your country?

 

[Starmix]

It's taxable in Philippines.Most crypto traders in Philippines are millionaires so they can't escape the tax. They're required to pay and it's made onto law.

 

[Hate2Wait]

It's taxable in Philippines.Most crypto traders in Philippines are millionaires so they can't escape the tax. They're required to pay and it's made onto law.

What about small users like us? I think users that are trading small amounts should be saved and should be allowed to pay no tax

 

[Starmix]

What about small users like us? I think users that are trading small amounts should be saved and should be allowed to pay no tax

There's no imposition of tax for income no taxable. There's description kn who should pay.

 

[Hate2Wait]

There's no imposition of tax for income no taxable. There's description kn who should pay.

That's good then but in India they are making everyone pay tax on crypto even if they are below the taxable earnings.

 

[Starmix]

That's unfair, what if the tax is too high that you almost have nothing left?

 

[Hate2Wait]

If you are trading in crypto and getting payment by withdrawing it then you need to pay 30% tax

 

[Starmix]

That's a big percentage. You better do not declare.

 

[Hate2Wait]

I don't know how to? I think they can track whatever we are doing so I don't know how to hide myself

 

[Starmix]

There is no choice but to abide the law, better be clean in business.

 

[Hate2Wait]

Yes you are right. I'm actually still new in this so not 100% sure if I'll be taxed or not as I'm yet to withdraw

 

[Starmix]

Share it to me updates if you'll pay tax despite not taxable income on your opinion.

 

[timewo]

That's good then but in India they are making everyone pay tax on crypto even if they are below the taxable earnings.

which wallet or currency exchange are you using to withdraw the crypto earnings to your bank account, have they told you that they are deducting 30% taxes, services are not taxable

 

[Hate2Wait]

which wallet or currency exchange are you using to withdraw the crypto earnings to your bank account, have they told you that they are deducting 30% taxes, services are not taxable

I'm not very much aware but it was in the news. As for wallet I have Probit Global. Can you tell me more about it

 

[Stardom22]

Personally I don't involve myself fully on crypto currency so I really don't have any idea about taxation of crypto currency

 

[cherry123]

i don't think so maybe because it is yet to be fully accepted by my country

 

[uptrendfinancialsignal]

Cryptocurrency is banned in my country and as a result we do not have experience in taxes on crypto withdrawal.

 

[Enxx]

In India Crypto are taxable at 30% fixed rate which is done to avoid citizens of India to deal in crypto but still we see many Indian users interested in crypto mainly because it's more convenient than PayPal.

Are crypto withdrawals taxable in your country?

No wonder you prefer to withdraw in PayPal. We are not expirencing this in my country

 

[Hate2Wait]

No wonder you prefer to withdraw in PayPal. We are not expirencing this in my country

This is why I am preferring PayPal and I would have loved to withdraw in crypto if things were sensible here but our government is just not doing anything good for us.

 

[Reedex]

Cryptocurrency is banned in my country and we only resort to using peer-to-peer platforms for our cryptocurrency transactions and as such,.no taxes are deducted.