The bitcoin and cryptocurrencies status is so unclear and different from country to country that the best strategy is to wait.
And if a coutry makes problem, it's not so difficult to cash it in another one!
Topic: Bitcoin and not Paying Taxes - page 7. (Read 1213 times)
We have the duty to pay our taxes, but in most of the cases they are just a legalized theft made by government.
So, until the moment bitcoin is anonymous, I don't pay anything. In the future, we'll see.
So, until the moment bitcoin is anonymous, I don't pay anything. In the future, we'll see.
People are obliged to pay their taxes so that the government will have funds for their projects and able to pay salary of government officials so if they will put tax to Bitcoin we should obey and pay for it.
Blah blah blah... We are paying taxes just because if we don't do that then we'll end up behind bars. I am fully aware that the income tax which I pay to the authorities is mostly used for wasteful expenses such as waging wars and to give salaries and perks to the government employees.
Yes ! When you do work or what business it with high income you pay personal income tax . But when investing in bitcoin you don't need to worry about tax issues . Whether you become a billionaire . There is also the advantage for those who join the bitcoin .
I depends very much form the country you are living in.
In US probably there is a high level of efficiency in fiscal agency, so probably it's better to be prudent.
But in the majority of countries, politicians and bureaucrats have still no idea about how to manage this "bitcoin stuff", so nothing is clear.
And I don't see any reason to take any initiative BEFORE a clear law is made.
In US probably there is a high level of efficiency in fiscal agency, so probably it's better to be prudent.
But in the majority of countries, politicians and bureaucrats have still no idea about how to manage this "bitcoin stuff", so nothing is clear.
And I don't see any reason to take any initiative BEFORE a clear law is made.
People are obliged to pay their taxes so that the government will have funds for their projects and able to pay salary of government officials so if they will put tax to Bitcoin we should obey and pay for it.
Pay for government projects and to make greedy politicians filthy rich. I don't have any qualms with paying taxes but realistically, a bug chunk of it goes to the pockets of politicians. But you're right, regular people like us pretty much don't have a choice so we do it anyways with a pinch of salt. 
Yes, some country apply strict regulation about bitcoin taxes. Paying tax is fine as long as the taxe rate isnot high. I think the bitcoin tax rate should lower than property or any ordinary tax rate because get involved in bitcoin investment is very risky. Government should understand that even professional trader in bitcoin world is not always get profit in trading.
People are obliged to pay their taxes so that the government will have funds for their projects and able to pay salary of government officials so if they will put tax to Bitcoin we should obey and pay for it.
Taxation is a strange one because I feel that many in the crypto community feel they should not pay taxes. While I understand the frustration in having to give away some of your hard earned profits when you really think about it, it is no different to anything else. The only difference is you have a choice to do the right thing and pay your taxes or you can try to avoid them and potentially face the legal repercussions.
Thank you for sharing this vlog with the community. It straight and clear everyone should pay that taxes and be clear when they are going to do some business that actually helps everyone to avoid many types of obstacles which can lead to heavy losses in the business. That actually helps everyone to avoid many types of obstacles which can lead to heavy losses in the business. According to me I believe banks are one type of goons, they can do whatever they have in power to take taxes from us and we have to pay the taxes in order to supply the income flow of other peoples like Fireman, policeman, hospitals etc.
I'm not a big fan of taxes, but at the moment you put any fiat in your hands, they know it and you must pay the taxes. Or you could end up in one very unpleasant spot.
At least in most EU places taxes are still 10-12% like for forex trading profits.
This is inevitable, the moment you convert bitcoin to fiat the government will know and they do not care where you got that money what they care about is to get their money, if you comply then there will not be a problem but if you do not then a big problem is coming your way and believe me you do not want to have problems with any tax agency especially the IRS if you are an American citizen. At least in most EU places taxes are still 10-12% like for forex trading profits.
I ran across this video a while ago on what can happen to you if you don't pay your taxes. At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.
https://www.youtube.com/watch?v=hf2fNEUPjQw
When converting by itself, you have to pay, and so far there is no regulation for what to pay for the air. That's when there will be control over the crypto currency, then of course it will not be very sweet for us. https://www.youtube.com/watch?v=hf2fNEUPjQw
Not paying assessment dependably end severely, it is simply matter of time before you get captured. Rely upon nation's laws you can run free with not paying assessment for quite a while, on the off chance that you know how. In any case, that goes just until the point when you begin procuring genuine cash, that you can not stow away. Regardless of whether you procure it with bitcoin it is take gaining and you would need to pay charge, unless it is distinctive in your nation. In any case, regardless you would need to move that coins into fiat cash, on the grounds that only one out of every odd place acknowledge bitcoin as method for installment, and that is one all the more thing that would be end of your not paying assessments.
which I know is applicable when I redeem my bitcoin to be a USD on a local bitcoin wallet in my country other than that there is a few bunches of money I save in a local bitcoin wallet account in my country when I am going to do a delivery or transfer USD which I have to the account that is in the bank that exists in my country. so I think for now there are some pieces that I think it is just like a tax I have to give. and I think if the government is going to make bitcoin as a legitimate virtual financial form then how many more percent should I spend on taxation of course if it's going to be a tax deduction again of course this would be very detrimental to people who have bitcoin assets . so to solve this problem in my opinion there should be a division of some percent for the taxation between the local bitcoin wallet account manager also with the government so that this does not happen sort of thing that will harm each other.
I think it is OK to pay our tax in governments if they legalized it but right now we can say that we don't want to pay our tax even you earn a lot of bitcoin in the past year like here in my country it is not legalized and our government have no rules about bitcoin.
It's not that it's okay but we are really required to pay taxes as that is our responsibility.With bitcoin we can avoid paying taxes but we should think of our country, we know that taxes are its lifeblood so if you progress you share it for other people to benefit.
I think it is OK to pay our tax in governments if they legalized it but right now we can say that we don't want to pay our tax even you earn a lot of bitcoin in the past year like here in my country it is not legalized and our government have no rules about bitcoin.
When you convert it to fiat, you pay tax on what you convert it. You don't have to pay on the Bitcoins you have.
true, an investor who has a lot of bitcoin in his wallet is not taxable unless he converted it to cash, using legal exchange sites, the tax for that transaction covers the equivalent tax depending on the amount of bitcoin you have converted, if one is trying to frequently converting huge amount of bitcoin, for example 1 bitcoin for that matter, the exchange site which is being logged is monitoring your account, if they see you having those transaction, you will be noticed by the tax people, so better convert your bitcoin not as frequently as possible. especially if your using a single wallet that has multiple transaction which is unusual to remain un-noticed.
If a country requires payment from bitcoin profits, then there is no way out. You have to pay tax or it will end badly.
if it happens it means bitcoin is legally in the country, because bitcoin is already in tax, but how it might be bitcoin is decentralized, then the government will be difficult to set it
Well, I see no reason why people don't like paying their taxes. It is always very good to pay your taxes because it helps a lot in building your country's economy. In some countries government use tax money to do new projects such as building new schools, roads, and hospitals. I don't know about you but for me, i see nothing wrong with paying tax at all. I think it's good to pay your tax if you love your country because that way you can help your country move forward. If you love your country pay your tax, period!
Yes that is true. But many people in poor countries tend to think that paying taxes is a very heavy one. It is because many officials are corrupt and increasingly makes the poor suffer. The poor will tend to think of not paying taxes because they think their lives are full of suffering, why they should pay taxes to the government who do not help them? It should be the rich people who pay taxes. And when the poor find Bitcoin as an opportunity, they will surely make the most of it. However, we pay taxes if we can. But if we are less able or not able, we can delay it first.
From the video it seems as though as long as you pay after getting caught, it's not as bad as I imagined, unless you don't have the money. But before I thought it automatically ruined your life.
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