Are Crypto Withdrawal Taxable in your country?

[Enxx]

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.

But there should be some exchange like binance P2P that you will be able to exchange with other people.

 

[Shavkat]

At present, it is not taxable in my country yet. It would happen in the future if the law makers take time to review the concern.

 

[iyanpol12]

I think it already is because local crypto wallets are regulated by the Philippine Central Bank. But of course, there's a bracket which is taxable.

 

[Joshua Farrell]

It's taxable here in the United States of America, as Capital Gains, as it is considered an investment under U.S. Tax Codes. So any earning from it as a service, gets lumped with the associated tax that comes with investments.

 

[hastral45]

No, crypto withdrawal taxable is not allowable in my country. Crypto generally is not allowable in my country. Nevertheless, we are still somehow engaging in cryptos.

 

[Magnus2022]

Cryptocurrency is still banned in Nigeria but we use P2P to make transactions. Now, it seems the government have realized that they shoot themselves at the foot and planning to reverse the ban.

 

[Suba]

In Indonesia, if we receive or buy crypto, we will be subject to VAT of 0.11%, if we sell, we will be subject to income tax of 0.1%.

 

[gammarays]

Currently, crypto is banned in my country so there's no way to tax a banned stuff. However, we're transacting with it more than before.

 

[riberet19]

Yes, unfortunately yes hehe, in my country we have 29% of the profits on investments in cryptocurrencies

 

[hastral45]

In Indonesia, if we receive or buy crypto, we will be subject to VAT of 0.11%, if we sell, we will be subject to income tax of 0.1%.

The only deduction we have on our cryptos is only when we do transactions on it, then we have to pay for exchange charges either from the exchangers or peer to peer agents.

 

[Suba]

The only deduction we have on our cryptos is only when we do transactions on it, then we have to pay for exchange charges either from the exchangers or peer to peer agents.

So in your country there is no crypto tax, I also have to pay exchange fees and transaction fees and deduct taxes.so the profit will be smaller.

 

[IB D]

Crypto is illegal in my country. So, they cannot tax us for an illegal product. I know they are somewhere regretting why they banned crypto.

 

[uptrendfinancialsignal]

Cryptocurrency withdrawal is not taxable in my country because it is restricted..

 

[Niyi Briggs]

Cryptocurrency is completely illegal in my country, Nigeria. So they can't tax what they have declared illegal.

 

[saoussen5765]

It is not taxable yet.

 

[Heatman]

I'm currently using Binance and they are not taxing any cryptocurrency trading or transaction that I have been doing for years.

 

[oldbuddy]

I believe it is taxable in the USA, but only above a certain level withdrawn. I think it's $600.

 

[Bisolami]

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?

It is not taxable here because it is not even fully accepted by our government so they have not placed any tax on it apart from the transaction fees that we pay on exchange platforms

 

[Hate2Wait]

@Bisolami That's why I see most of the users from Nigeria comfortable with crypto and I also came to know that you can easily withdraw crypto and get payment into your bank without any unnecessary taxes

 

[Bisolami]

@Bisolami That's why I see most of the users from Nigeria comfortable with crypto and I also came to know that you can easily withdraw crypto and get payment into your bank without any unnecessary taxes

A lot of us are really comfortable with cryptocurrency but I know that by the time the government decided to place tax on it, people may no longer be comfortable with it