Does virtual currency withdrawal have to pay tax

1. According to the official reply of the State Administration of Taxation on the issue of indivial income tax on the income of indivials from buying and selling virtual currency through the Internet (GSH [2008] No. 818), the income obtained by indivials from purchasing players' virtual currency through the Internet and selling it to others after price increase belongs to the taxable income of indivial income tax, The indivial income tax shall be calculated and paid according to the item of "income from property transfer". The original value of an indivial's property in selling virtual currency is the price and related taxes paid for his purchase of network virtual currency. If an indivial is unable to provide evidence of the original value of his property, the original value of his property shall be verified by the competent tax authorities.

2.

According to the regulations of notice 2014-21 of the IRS:

1. The information range of virtual currency payment is consistent with that of other property payment

2. Virtual currency paid to service providers and independent contractors should be taxed, and the tax rules of freelance also apply to virtual currency. Taxpayers usually have to get form 1099-MISC

3. When using virtual currency to pay wages to employees, they must also pay taxes, and they also need to pay federal income tax and payroll tax

4. The third party accepting virtual currency settlement payment on behalf of the merchant must report the payment status in form1099-k, payment card and the third party network dealer

5. Based on the fact that the virtual currency in the hands of taxpayers is a kind of capital asset, the gains or losses in the transaction of virtual currency and the sales of virtual currency need to be taxed

extended information:

legal status of bitcoin in China

in China, the regulations on the administration of RMB prohibit the proction and sale of token tickets. Because there is no clear judicial interpretation of the definition of token ticket, if bitcoin is included in the "token ticket", the legal prospect of bitcoin in China will face uncertainty

the notice of the Ministry of culture and the Ministry of Commerce on strengthening the management of virtual currency of online games (Wen Shi Fa [2009] No. 20) on June 4, 2009 stated that the application scope of virtual currency of online games was defined for the first time, and the distinction between the current virtual currency of online games and the virtual props in the game was made; At the same time, the notice said that the "notice" stipulates that enterprises engaged in related services must be approved before they can operate< br />

3. If cash withdrawal is reflected, taxes and fees are required, which are all available.

4. In a recent reply to the Beijing Local Taxation Bureau, the State Administration of Taxation said that the income obtained by indivials from purchasing players' virtual currency through the Internet and selling it to others after price increase belongs to the taxable income of indivial income tax, which should be calculated and paid according to the item of "income from property transfer"
according to the regulations, the income from property transfer is calculated as the amount of taxable income, which is the balance of the income from one-time transfer of property (no matter how many times it is paid, it should be merged into the income from one-time transfer of property) minus the original value of the property and reasonable expenses, and the tax rate of 20% is applied to calculate and pay indivial income tax.

5. Referring to the reply on the issue of personal income tax on the income of indivials from buying and selling virtual currency through the Internet (Guo Shui Han [2008] No. 818), the income obtained by indivials from purchasing players' virtual currency through the Internet and selling it to others after price increase belongs to the taxable income of personal income tax, which should be calculated according to & quot; Income from property transfer; Indivial income tax is calculated and paid
according to the indivial income tax law, the income from property transfer should be withheld by the payer.

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7. No matter what the transaction is, except in private or in violation, you need to pay tax. There is also tax for buying a bottle of water, but you don't have to pay it yourself.

8. Beijing Local Taxation Bureau:
we have received your request for instructions on the issue of personal income tax collection for indivials who obtain income from online sales of virtual currency (jdsge [2008] No. 114). The reply is as follows:
1. The income obtained by an indivial from purchasing a player's virtual currency through the Internet and selling it to others after a price increase belongs to the taxable income of personal income tax, which should be calculated according to & quot; Income from property transfer; Indivial income tax is calculated and paid
2. The original value of an indivial's property selling virtual currency is the price and relevant taxes paid for his purchase of network virtual currency< 3. If an indivial is unable to provide the original value certificate of the property, the original value of the property shall be verified by the competent tax authority<

State Administration of Taxation
September 28, 2008

9. I'm responsible to tell you that bitcoin is a scam. It takes so long to beat the drum. Now cash withdrawal is another way to cheat you

10. Do I need to pay a service charge when I buy digital currency with international platform? This is basically to pay, every place to buy or use is to pay