stone jewelry wholesale india How much tax does virtual currency earn 50 million?

10k gold jewelry wholesale philippines Article 6 of my country's "Personal Income Tax Law" stipulates that the scope of individuals who need to declare include: salary, salary income, property transfer income ... According to this regulation, the income of buying and selling Bitcoin Obtain. This premise is that it belongs to property. This can be pointed out based on the "Approval of Personal Income Tax" issued by the State Administration of Taxation on September 28, 2008, the "Approval of the Personal Income Tax Taxation of Individuals through the Internet", (1) Individuals to acquire players' virtual currencies through the Internet. The income obtained by others is a personal income taxable income, and the personal income tax shall be paid based on the "property transfer income" project. (2) The original value of the property of the personal sales of virtual currency is the price and related taxes paid by the virtual currency of the network virtual currency. (3) For individuals who cannot provide the original value of property, the original value of the property in charge of the tax authority is approved by the competent tax authority. In terms of capital transactions involving two types of taxes, one is income tax, and the acquisition target is the income (capital income) obtained by citizens in virtual currency transactions; the second is consumption tax, which is taxed for all exchanges. However, the government introduced a new tax policy in 2017, canceled the consumption tax of trading virtual currency and the purchase of goods or services with virtual currency. price. Personal income tax is that the algorithm of the income tax is accumulated. The income tax rate of virtual currency is determined by adding the profits and wages and other income of virtual currencies. According to the information of the IRS, virtual currency transactions are included in the " Miscellaneous income ". According to tax policies, the higher the income, the higher the tax rate. If the total revenue is less than 1.95 million yen, it is 5 %; more than 9 million yen is 33 %, and more than 18 million yen is 40 %; more than 40 million yen is 45 %, plus 10 % of residential taxes, plus a 10 % resident tax. The maximum application of 55 % tax rate. [Expanded information] According to the regulations, the purchase, selling, and exchange with other currencies of virtual currencies are within the scope of tax levy. -The price of single currency during buying*The number of currencies is sold. According to the regulations, the purchase, selling, and exchange with other currencies are within the scope of taxation, and its basic calculation formula is the difference between the price and the selling price: the amount of personal income = the sale price-when the buy is bought Single currency price*sells the number of currencies. For example, in May last year, I bought 4 Bitcoin at a unit price of $ 5,000 for a total of $ 20,000. In December, it was sold at $ 20,000 per 20,000 US dollars, and the total price was $ 80,000. Then the personal income that needs to pay taxes is $ 60,000. Who needs to pay personal income tax? The annual salary is more than 20 million yen. In addition to wage income and retirement income, income exceeds 200,000 yen per year. In more than two places, people who have more than 200,000 yen per year except the main salary need to pay personal income tax Essence According to the National Taxation Department, the current virtual currency transactions have no consumption tax. On April 1, 2017, the revised version of the "Payment Service Act" came into effect, and the virtual currency became a legitimate payment method. On July 1, 2017, the new version of consumption tax law took effect and officially canceled the consumption tax of 8%of the virtual currency, which means that it will not levy any taxes on the transaction of virtual currencies through the exchange.