Binance tax has been launched? - page 2.

davis196

hero member

Activity: 3150

Merit: 937

This will be a helpful tool, I guess.
I don't use Binance and I don't plan using Binance in the future. 2 years ago, I tried creating a Binance account, but the ID verification was such pain in the a$$, that I just had to quit. I assume that there's probably a Binance account under my name right now, but the account cannot be activated and never will be.
Perhaps more crypto trading platforms would launch such crypto tax calculators. Each country has a different tax system and the assistance of tax accountants is required, in order to create a properly working tax calculator.
By the way, I wonder why Binance has such a low rating on Trustpilot... Grin

NotATether

legendary

Activity: 1568

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bitcoincleanup.com / bitmixlist.org

This is also for Binance.US? Because the USA has the one of the most complicated tax requirements on cryptocurrencies, and it wouldn't make sense to launch this on only on the international site and eschew it for those other jurisdictions that have forced Binance to create subsidiary clones of itself for those regions.

pooya87

legendary

Activity: 3472

Merit: 10611

Next thing Binance is going to reveal is the govtool where the governments have been logging into all these years to receive all the information of all the users so that they can detect their activities, find their addresses balances, etc. and bust anybody who they don't like Grin

yhiaali3

legendary

Activity: 1848

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Fully Regulated Crypto Casino

I see that Binance is doing very well towards governments, yes that is what governments like. Taxes and exchanges bring the most tax and control to governments, well done Binance you are getting liked by governments!!!

In any case, for users who do not care about their privacy or who are forced to do so, this tool will really be useful for them to calculate the taxes that they have to pay to the government before they enter into large investments.

Sometimes in some countries calculating crypto taxes is rather complicated so this tool is sure to come in handy.

crwth

copper member

Activity: 2940

Merit: 1280

https://linktr.ee/crwthopia

If they had moved and agreed with the corresponding countries they are operating in and made that tool as seamless as possible, that would be a game changer for users. Of course, there are a lot of people who are against it, especially those who are using Bitcoin because of decentralization. Still, you have to pay taxes on it to be legal, and that would be hard and exhausting to do on your own, so having that tool by Binance is a game changer.

Having that tool aligned with the country's tax laws, all calculations already dealt with would be computed, making lives easier. Hoping as well that it would lead to more crypto adoption with the giant Binance.

Die_empty

hero member

Activity: 686

Merit: 987

Give all before death

Computing and submitting tax returns could be a hard job especially to those who are not sound in mathematical calculations. So this reporting tool will definitely help users to download their tax statements for any given period of time without stress. But it could be a challenge to some of us in developing world that have been enjoying tax exemptions due to the government's reluctance to acknowledge that cryptocurrencies are important investment platforms.
This tax reporting tool could however serve as an attraction to the government to become friendly to the sector because of the revenue they can get from the crypto industry. But I hope that Binance will not in future assist the government in collecting tax directly from users.

Fundamentals Of

sr. member

Activity: 2380

Merit: 366

To somebody who is planning to religiously pay his crypto taxes, then this is really advantageous. At least he is now guided on how to compute his tax as far as his crypto activities in Binance is concerned. But he has to make sure first that Binance's computation is based on the latest tax formula and policies in his country. They could change every now and then. To be honest, it is better to consult a local tax expert than Binance. Local tax experts know much better than whoever is assigned in Binance to come up with a tax computation.

To be honest, Binance coming up with this is not really necessary. But they must have thought of this to make them look good in the eyes of regulators.

uneng

hero member

Activity: 2044

Merit: 784

Leading Crypto Sports Betting & Casino Platform

The tool itself is an advantage for users of Binance who move large chunks of money and have to declare their income and every other details to their local authorities. I don't think there is any disadvantage on this tool. The disadvantage many people complain about is to have to declare income and pay taxes to the government, although it's an inevitable part of the deal when using centralized services.

AverageGlabella

legendary

Activity: 1232

Merit: 1080

This will be welcomed by governments and is a positive move. I think all exchanges should have this by law because it helps people from getting stung by taxes because cryptocurrency is difficult with taxes. I think people should get a accountant to do the math for them but for people who cannot afford one might benefit from this. If this is made compulsory by governments then at least people will be covered and do not have to do the math themselves and make mistakes which could cost them in big fines.

jeraldskie11

sr. member

Activity: 1316

Merit: 356

Binance exchange just launched a Binance Tax (a reporting tool). It is said that this is to help users calculate their tax obligations on crypto transactions..

According to them, it will be first available to Binance users in Canada and France and they are planning to extend it to more regions in the future.

If you're a Binance user and if it's available to your Country, what is the advantages and disadvantages of Binance Tax to you especially by using Bitcoin with their exchange?

Source: Binance Tax launched to prepare crypto users for the tax season

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