Are you going to pay taxes? - page 20.

Sithara007

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Quote from: fabioganga on December 19, 2017, 11:49:50 AM

Quote from: Lynzoi on June 06, 2011, 06:12:06 PM

This makes me wonder what the laws are for people with dual citizenship. Do you have to pay taxes to BOTH countries? Probably not, because then the only way to escape US taxes would be to renounce your citizenship. That sounds difficult.

By law you can have RESIDENCE (which is different from citizenship) only in ONE country. So, that's where you pay your tax.

There are ways to avoid that requirement as well. Only if you are staying for more than 181 days (out of 365), you need to pay taxes. You can spend 122 days each in three different countries to avoid paying taxes.

Stegobit

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Quote from: Sithara007 on December 18, 2017, 10:45:28 PM

Here in India, the Income Tax department has started their latest round of harassment against Bitcoin users. Legal notices have been sent to some 600,000 people, who are suspected of trading in Bitcoins. Some officials are saying that anyone found to be trading in crypto will be charged with trying to destabilize the Indian economy.

Use VPN, don't use Indian exchanges and don't withdraw fiat on local bank account. Preferably, trade via Localbitcoins.

Quote from: Sutters Mill on December 19, 2017, 07:16:17 AM

As I said, just make sure that all your taxes are in order because if they can fine you for not paying the correct amount they will

They won't if you apply at least small effort to hide your Bitcoin income. Vast majority of people in the world don't live in countries with fair and transparent governments like Scandinavia. I think nobody wants to buy another yacht or jet for the corrupt politician! Grin

Quote from: rick.jr on December 19, 2017, 08:32:38 AM

that's terrible question actually Undecided

we don't have a choice to pay or not - we all must do so Wink

You always have a choice, even more than just between paying or evading taxes. Unfortunately, many people still treat govt like God and cannot imagine they have moral right to choose a new one.

Quote from: fabioganga on December 19, 2017, 11:49:50 AM

By law you can have RESIDENCE (which is different from citizenship) only in ONE country. So, that's where you pay your tax.

I know some countries (e.g. USA) collect taxes regardless of residence.

fabioganga

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Quote from: Lynzoi on June 06, 2011, 06:12:06 PM

This makes me wonder what the laws are for people with dual citizenship. Do you have to pay taxes to BOTH countries? Probably not, because then the only way to escape US taxes would be to renounce your citizenship. That sounds difficult.

By law you can have RESIDENCE (which is different from citizenship) only in ONE country. So, that's where you pay your tax.

fabioganga

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Quote from: Lynzoi on June 06, 2011, 06:12:06 PM

This makes me wonder what the laws are for people with dual citizenship. Do you have to pay taxes to BOTH countries? Probably not, because then the only way to escape US taxes would be to renounce your citizenship. That sounds difficult.

By law you can have RESIDENCE (which is different from citizenship) only in ONE country. So, that's where you pay your tax.

dD.rank

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I am never late paying taxes.
I am always punctual in paying all my taxes, including corporate taxes and all my vehicles. But now in Indonesia taxes rose 100% until this year I pay a lot of taxes up to tens of millions.

skillink

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Actually we have to pay taxes in accordance with income, but in my country is not required to pay taxes for Bitcoin income, so I am waiting for government policy if it will help developing countries.

rick.jr

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that's terrible question actually Undecided

we don't have a choice to pay or not - we all must do so Wink

deadedbanana

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Yes i will but my goverment have to accept Bitcoin as an official payment method first.

sjl 2.0

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Quote from: natgeomancer on December 19, 2017, 05:03:51 AM

I'm not a tax evader and that's why I'm going to pay my taxes, revenue, Value added tax and other forms of taxes.

Yes, I will pay taxes also but not directly to the percentage of the amount that I have earned to bitcoin. Since bitcoin is independent body and not covered by the law to pay taxes. On the other hand, since the money that I've earned in bitcoin is going to create another businesses/shops/establishment, etc. then it's true and just to give equal tax payment to the government. Because I believe that our taxes can help not only the poor but everyone in this world through free educations, infrastructures, buildings, roads, transportation, and livelihood, etc.

Sutters Mill

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Quote from: Stegobit on December 18, 2017, 09:48:10 PM

Quote from: coolcoinz on December 18, 2017, 11:58:04 AM

It's even better than that. The prison system works because people in general want to avoid it and are easy to scare. When 100 people protest against taxes you can beat half of them into submission and throw the other half in jail. Things start to change when it's 1000 people as you can't just put that many people in jail. Most jails are already overcrowded and are forced to release the smallest offenders early. We can change things if we want to but we need to work together on this.

+1. Prison system has the same vulnerability as any website against DDoS attack. People just don't understand it now. Because prisons are government's most severe argument against it's opposition, prison system's collapse can mean collapse of the whole govt also.

To people who want to pay taxes from Bitcoin: are you sure the govt won't confiscate your earnings or apply large fine along with taxes because they can consider your Bitcoin earnings as illegal business? If so, don't be so trustful - there were already precedents, in Russian and Ukraine many times.

Most countries aren't Nazi Germany, though. Most Western governments will have no legal right to even try to attempt to ban bitcoin, and they'd be foolish to even try, because ONE It won't work, and TWO they'd just be missing out on millions upon millions in taxes. Most Western governments will be more than happy for you to use bitcoin if you're going to be paying your taxes and if you do pay your taxes correctly you should have nothing to worry about. Bitcoin has made thousands of people millionaires who wouldn't have been otherwise so if you're paying all your capital gains taxes this is money out of nothing for you and the government so they'll be more than happy to accept your bitcoin gains. As I said, just make sure that all your taxes are in order because if they can fine you for not paying the correct amount they will, but you likely wont be thrown in jail for this unless they can prove you have been deceptive and even then in my country at least it would still just be a fine not prison time.

snowyy

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Taxes here in the Philippines are way too high compared to other cointries. Despite this, it is still our respnsibility to pay taxes. This is where our goverment get their funds to build hospitals, bridges, and other programs for it,s people.

natgeomancer

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I'm not a tax evader and that's why I'm going to pay my taxes, revenue, Value added tax and other forms of taxes.

Sithara007

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Quote from: RedzoneASE on December 19, 2017, 04:57:49 AM

Yes ofcourse it is our responsibility. Also our taxes are used for our own needs like public roads and many public infrastructures if our money goes to the right hand.

Only a small part of the tax revenue is used for infrastructural purposes and for education / healthcare. Most of the remainder is used for paying the salaries of government employees, and for invading other nations and territories. Also, a large part of the revenue ends up in the hands of welfare rats, in the form of food stamps and child benefits.

RedzoneASE

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Yes ofcourse it is our responsibility. Also our taxes are used for our own needs like public roads and many public infrastructures if our money goes to the right hand.

congresowoman

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Quote from: Lynzoi on June 06, 2011, 06:02:22 PM

Are you going to pay taxes on your Bitcoin profits?

Suppose you make a million dollars. Suppose you have already made a million dollars. Are you going to hand half of that cash over to the government? Of course, this is assuming you convert your coins into federally recognized cash. If your only intention is to amass a huge supply of Bitcoins, the question does not apply to you.

You're supposed to pay income taxes. It seems rather easy to get away with not doing it, though... at least in this case.

While that is true, paying taxes is part of our responsibility as a citizen and a law abiding person of the country.
But on the other hand, bitcoin flags anonymity so I don't think government can really track those persons they want to impose income tax with.

Sithara007

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Here in India, the Income Tax department has started their latest round of harassment against Bitcoin users. Legal notices have been sent to some 600,000 people, who are suspected of trading in Bitcoins. Some officials are saying that anyone found to be trading in crypto will be charged with trying to destabilize the Indian economy.

Stegobit

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Quote from: coolcoinz on December 18, 2017, 11:58:04 AM

It's even better than that. The prison system works because people in general want to avoid it and are easy to scare. When 100 people protest against taxes you can beat half of them into submission and throw the other half in jail. Things start to change when it's 1000 people as you can't just put that many people in jail. Most jails are already overcrowded and are forced to release the smallest offenders early. We can change things if we want to but we need to work together on this.

+1. Prison system has the same vulnerability as any website against DDoS attack. People just don't understand it now. Because prisons are government's most severe argument against it's opposition, prison system's collapse can mean collapse of the whole govt also.

To people who want to pay taxes from Bitcoin: are you sure the govt won't confiscate your earnings or apply large fine along with taxes because they can consider your Bitcoin earnings as illegal business? If so, don't be so trustful - there were already precedents, in Russian and Ukraine many times.

yrrehc16

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Quote from: Lynzoi on June 06, 2011, 06:02:22 PM

Are you going to pay taxes on your Bitcoin profits?

Suppose you make a million dollars. Suppose you have already made a million dollars. Are you going to hand half of that cash over to the government? Of course, this is assuming you convert your coins into federally recognized cash. If your only intention is to amass a huge supply of Bitcoins, the question does not apply to you.

You're supposed to pay income taxes. It seems rather easy to get away with not doing it, though... at least in this case.

IF bitcoin conquer every country of the world and that wiill be the time that government will step in to control some profit on bitcoin because ofthe impact of bitcoin made to the profit of other investment on fiat are gone, the chance eof having tax on bitcoin will come sooner or later and YES i amm will to pay for tax.

snkneo

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Quote from: Timo Y on June 06, 2011, 06:06:38 PM

No I'm not.

Here in Switzerland there are no taxes on capital gains. Grin

If I ever make it big in this game, I will find me a super hot Swiz girl and move over there. Get away from all the potential leeches that I have met throughout my life.

snkneo

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I think it's best to, us much as it hurts. And you kind of have no choice since Coinbase now has to give that information to the IRS.

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