Topic: Bitcoin and Crypto Tax Implementation - page 2. (Read 302 times)
In Japan, the cryptocurrency was legalized back in April 2017, and then taxes were introduced on profits for its use. In the first six months, this allowed to increase the country's gross domestic income by 0.6 percent. This is an example of mutually beneficial cooperation between government and citizens in cryptocurrency. It cannot be otherwise. If someone thinks that cryptocurrency allows us not to pay taxes, then he is wrong. The state has enough leverage to force it or drive cryptocurrency underground.
The only problem is how they plan to implement it, taxes will only work if they ask it in exchange which is local countries supported.
And how much they plan to ask for taxes as crypto investors 10% or more ? It will not be profitable anymore for short traders if they will ask something that people will need to earn first . Ask only a taxes came from the money widraw to Fiat from crypto currency using exchange but not the crypto it self it will hard for them to ask it.
And how much they plan to ask for taxes as crypto investors 10% or more ? It will not be profitable anymore for short traders if they will ask something that people will need to earn first . Ask only a taxes came from the money widraw to Fiat from crypto currency using exchange but not the crypto it self it will hard for them to ask it.
You might well be fully taxable right now and many people are being taxed on their crypto right now. It all depends on the country you live in. If you're an active trader or have cashed out a ton of profit you'd be wise to check the policies of where you live. You might be pleasantly or unpleasantly surprised.
I am not against crypto taxes, as long as these taxes protect the rights of crypto traders.
The only problem is how they plan to implement it, taxes will only work if they ask it in exchange which is local countries supported.
And how much they plan to ask for taxes as crypto investors 10% or more ? It will not be profitable anymore for short traders if they will ask something that people will need to earn first . Ask only a taxes came from the money widraw to Fiat from crypto currency using exchange but not the crypto it self it will hard for them to ask it.
Tax is inevitable! However, if a government wants to impose tax on crypto, they they will have to create a legal definition for bitcoin. Which is good because it will give legal support to bitcoin holders within that country.
Not really. They can simply bung a label on it. In the UK they classed it as a foreign currency for tax purposes initially I think. That doesn't give it magic legitimacy and no legislation was passed. They created a box and stuck it in there.
There are loads of things that are taxable that don't have much legal status. I doubt horse manure has ever been put through legal analysis but if your living is selling it then the bill is on its way.
Tax is inevitable! However, if a government wants to impose tax on crypto, they they will have to create a legal definition for bitcoin. Which is good because it will give legal support to bitcoin holders within that country.
Right now, only a handful of countries have a legal definition of bitcoin. So if other countries too join the bandwagon, it will be great in terms of adoption. Many merchants are there who are willing to accept crypto as a payment method. It will only become a reality once bitcoin gets a legal definition.
I know a lot of people thinks, tax is a bad thing. But that's an individual choice! If we really want to crypto in our daily life, legality and tax are the most important parameters we should look for!
Right now, only a handful of countries have a legal definition of bitcoin. So if other countries too join the bandwagon, it will be great in terms of adoption. Many merchants are there who are willing to accept crypto as a payment method. It will only become a reality once bitcoin gets a legal definition.
I know a lot of people thinks, tax is a bad thing. But that's an individual choice! If we really want to crypto in our daily life, legality and tax are the most important parameters we should look for!
leaches and parasites are evolving. To debug you need crypto DDT which are madeup of mixed formulae with decentralized exchanges 30% and direct between physical goods and services (70%) to BTC.
Got an explanation of that? It all sounds rather clever.
Ultimately it doesn't matter how obscure or clever your wrapper is, it's still taxable if you live in a place with such rules. I can well imagine all this defi stuff is going to become ever more convoluted. The tax man will do his best to keep up.
It also depends on how committed your tax man is. In the UK they regularly forensically pick apart schemes designed to get around them and hammer everyone involved. Other countries may not care all that much.
leaches and parasites are evolving. To debug you need crypto DDT which are madeup of mixed formulae with decentralized exchanges 30% and direct between physical goods and services (70%) to BTC.
It is another FUD attempt. At the ends of the day, such potential strategies or restrictions will not completely ban bitcoin, crypto. Believe in bitcoin (you can not believe in me) and stay strong.
Paying the tax from earnings you get in the crypto market to government in your local area then you will be fine.
Coinbase CEO: Trump Administration May ‘Rush Out’ Burdensome Crypto Wallet Rules. It is unachievable target and they will never achieve even if they actually give it a try in reality.
Paying the tax from earnings you get in the crypto market to government in your local area then you will be fine.
Coinbase CEO: Trump Administration May ‘Rush Out’ Burdensome Crypto Wallet Rules. It is unachievable target and they will never achieve even if they actually give it a try in reality.
I don't really get the article. Tax is already in place for crypto just like anything else and its status has been clarified by a few tax agencies. Maybe this is some way of forcing exchanges to share info with foreign agencies.
I'd love to know the proportion of users who still think it's magically tax exempt 'because it's on the internet'. It's probably disturbingly high. Hopefully they figure out it may not be depending on where they are before it bites them.
I'd love to know the proportion of users who still think it's magically tax exempt 'because it's on the internet'. It's probably disturbingly high. Hopefully they figure out it may not be depending on where they are before it bites them.
First they tried to stop Bitcoin and crypto when they failed miserably despite all those threats now they are planning to benefit through crypto by taxing on crypto but it won't be possible to tax those who use DEX as government will not have any data about users due to anonymousity, but CEX users are exposed to danger of being reprimanded by government and hounded with taxes. Even this time regulators and government will fail on their unrealistic quench of greed.
Bitcoin is already more than ten years of existence now and many changes in the development of bitcoin continue to occur today and as the day goes by, bitcoin become more valuable and useful. Government is always aware of that for sure that's why they always find away on how to take advantage of bitcoin despite its decentralization. Taxation is what they want to imposed. I think no body can escape if the tax for bitcoin and other crypto asset will become implemented by next year 2021. If one country start and become successful for implementing tax, then I think other country will follow.
Quote
OECD tax director says international crypto tax standards are coming in 2021.
Pascal Saint-Amans, the director of the OECD’s Centre for Tax Policy and Administration, has asserted that the 37-nation organization will introduce a common reporting standard, or CRS, for crypto assets in 2021.
According to Law360, Amans stated that the crypto tax standard “would be roughly equivalent to the CRS” developed by the Organisation for Economic Co-operation and Development to combat tax evasion.
https://cointelegraph.com/news/oecd-tax-director-tips-international-crypto-tax-standards-are-coming-in-2021
Pascal Saint-Amans, the director of the OECD’s Centre for Tax Policy and Administration, has asserted that the 37-nation organization will introduce a common reporting standard, or CRS, for crypto assets in 2021.
According to Law360, Amans stated that the crypto tax standard “would be roughly equivalent to the CRS” developed by the Organisation for Economic Co-operation and Development to combat tax evasion.
https://cointelegraph.com/news/oecd-tax-director-tips-international-crypto-tax-standards-are-coming-in-2021
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