Bitcoin holders will have to pay their tax? - page 7.

Feuerbach

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Quote from: kenlyresuello08 on June 22, 2018, 12:29:06 PM

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

At the moment there already exists in many countries taxation in the derivation of cryptocurrency in Fiat

mejalipat

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of course if the government can control bitcoin it will definitely apply taxes because it will be a way to be able to increase state revenue from investors, and I think investors might not be affected by it as long as they can still get profit

nightways

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Quote from: kenlyresuello08 on June 22, 2018, 12:29:06 PM

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

This question doesn’t make any sense because it never going to happen. Bitcoin does not belong to any government, it belongs to people and is open to anyone that wants to make use of it. No government will come up tomorrow to charge crypto users tax, nah that’s never going to happen. You will only pay tax for what you’re doing in your country, the government has no business to do with this.

voanquan

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Bitcoins are considered assets rather than currencies. If you receive Bitcoin in exchange for goods or services, it will be treated as a normal income of the value at the time of receipt. If bitcoin and other similar currencies become more dominant, tax treatments will change.

BitcoinCommodor

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Quote from: Vishnu.Reang on September 20, 2018, 09:50:39 PM

This can be very complicated, right? In order to do that, the government authorities need to link all the crypto-wallets to the individuals, as a lot many of the users won't be ready to reveal their crypto holdings. And doing so is going to take a lot of time and effort.

Yeah, it is not an easy job but governments are wise enough to make solutions for problems in this way they will solve many problems further a country faces in future. We must contribute to our society as governments are working for our development so we also think in order to make our lives easy. If those who do not want to pay taxes reflecting that they do not need any development in country.

Rooster101

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Government can only tax bitcoin by means of transaction you make and this taxation will only possible if they legalize the cryptocurrency. Every citizen has their duty to pay taxes to help their economy function normally. Investors will continue to buy bitcoin even if their transactions is taxed and every investors in that country will no longer worry on their investments because bitcoin is already legalized.

Uhde

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Quote from: kenlyresuello08 on June 22, 2018, 12:29:06 PM

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

taxes are for only centralized systems. bitcoin is based on blockchain technology that is totally decentralized. there is no any government behind bitcoin. so why would holders have to pay taxes? and to who will they pay?

ibrar.noman

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Quote from: kenlyresuello08 on June 22, 2018, 12:29:06 PM

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

in future if Govt regularize the crypto the holders will have to pay taxes .

AdamRay

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Quote from: kenlyresuello08 on June 22, 2018, 12:29:06 PM

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

It depends on some rules of the countries. In Russia, they give people the money to buy from the Crypto market but they will have to pay taxes to the government. The tax rate is quite high and it is one of the ways people do not want to make money from the Crypto market anymore. That is really a negative influence.

tbterryboy

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Quote from: nambunamba on September 19, 2018, 09:25:55 PM

Quote from: kenlyresuello08 on June 22, 2018, 12:29:06 PM

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

Whats wrong in tax? its good for development of country, and i think you are pay tax in everything you buy and for everything you eat. I dont think its a problem that will makes me stay away from cryptocurrency.

Those who are Bitcoin’s holders should pay tax for it is good for government because they are looking for development in providing us with convenience. So this is good but government should also think to give us free hand in something so that we may enjoy it just like many countries are tax free for crypto coins. Those people who are living in tax free countries for crypto are very lucky to have such good governance system in their countries.

rickyharun

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Quote from: maxreish on September 25, 2018, 12:40:57 AM

I do not see anything wrong in case the government orders bitcoin holders to pay their tax. The government have a right to collect tax to their citizen and as a citizen it is our duty to pay it. We all know that tax is one of the biggest sources of money of government. Without taxes, government could not pay for basic social services.

that basic reason for us why we should paying taxes to our government.although for bitcoin and cryptocurrency this is still debatable.but this is our duty to pay taxes from our assets.

maxreish

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I do not see anything wrong in case the government orders bitcoin holders to pay their tax. The government have a right to collect tax to their citizen and as a citizen it is our duty to pay it. We all know that tax is one of the biggest sources of money of government. Without taxes, government could not pay for basic social services.

boyz97

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Quote from: BigBos on September 24, 2018, 11:42:43 PM

maybe now it is very difficult to make regulations like that, because having bitcoin is uncertain. Well, the ever-changing prices make many of us always think about it, so before the price is stable, I think it will be difficult to take taxes from bitcoin.

government need to issued legislation as a legal umbrella for imposing taxes on the cryptomarket. without this law the government will violate the law

BigBos

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maybe now it is very difficult to make regulations like that, because having bitcoin is uncertain. Well, the ever-changing prices make many of us always think about it, so before the price is stable, I think it will be difficult to take taxes from bitcoin.

kumala_abi

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GoMeat - Digitalizing Meat Stores - ICO

Quote from: btcmmo9314 on September 24, 2018, 10:51:10 PM

Quote from: kenlyresuello08 on June 22, 2018, 12:29:06 PM

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

Paying taxes means the government will accept Bitcoin. I think that is good, and I will volunteer to pay taxes. But in my opinion, tax exemptions for investors who have suffered losses.

they should have certain rule about taxes.it is impossible for losser trader attracted taxes.they could paid their lose twice.so before taxes policy deciced government must make it clear first.

btcmmo9314

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Quote from: kenlyresuello08 on June 22, 2018, 12:29:06 PM

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

Paying taxes means the government will accept Bitcoin. I think that is good, and I will volunteer to pay taxes. But in my opinion, tax exemptions for investors who have suffered losses.

jambul_kribo

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Quote from: MrRiuss on September 21, 2018, 01:23:25 PM

Quote from: kenlyresuello08 on June 22, 2018, 12:29:06 PM

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

nothing will happen, business as usual. everybody should pay tax.

it would not getting low on its community, maybe it would give positive impact to new investor that would their money into cryptocurrency market.they consider this policy will give them certainity for their money.

gheawari431

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Quote from: Vishnu.Reang on September 20, 2018, 09:50:39 PM

This can be very complicated, right? In order to do that, the government authorities need to link all the crypto-wallets to the individuals, as a lot many of the users won't be ready to reveal their crypto holdings. And doing so is going to take a lot of time and effort.

The government need of taxes for operational costs and for the development of the country. As long as bitcoin ownership in the wallet, the government never know . When bitcoin exchanged for fiat money, the government knows bitcoin ownership and can impose taxes.

dharavikala

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I believe it's fine. For whatever length of time that the legislature sanctioned bitcoin into their nation. I would rather settle regulatory obligations yet i'm permitted to utilize bitcoin for exchange as opposed to do it covertly. It is sufficiently hard to persuade the administration to acknowledge bitcoin, and if by making good on government obligations can influence them to authorize it then why not.

Guideare

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Quote from: cintamoni on September 18, 2018, 05:37:52 AM

Quote from: markiz73 on September 14, 2018, 11:38:55 AM

Quote from: deisik on September 14, 2018, 09:50:18 AM

Quote from: Dudeperfect on September 09, 2018, 04:00:52 AM

Quote from: deisik on September 09, 2018, 12:35:43 AM

Quote from: Dudeperfect on September 08, 2018, 09:13:43 AM

I am not sure what are you willing to say exactly but as of now, I am paying taxes for the earning made in Bitcoin or any other cryptocurrency for that matter. It is true that Bitcoin is not yet legalized by most of the governments but that doesn't mean we shouldn't pay tax on it. Any gain is subject to tax (with some provisions and exceptions) in my jurisdiction so even if it is not taxable as Bitcoin but it is taxable as a monetary gain in my country.

OP probably wanted to say that you may have to pay a tax on your cryptoholdings very much like you have to pay a property tax every year in so many countries. For example, if you own a few acres of land or a piece of real estate, say, a shabby cabin by the lake, these are all taxable. Though I don't know how any government is going to collect such a tax if it levies it on possession of crypto. I don't know if there is such a government, but it would interesting to see how things are going to develop in this particular case and what their mileage will be

As for myself, such tax doesn't make much sense as it will be very hard to collect and yet harder to prove tax evasion

Yes, tracking crypto holdings and assessing the tax liability is the real trouble for the governments. I recently read this article,

* Japan’s National Police Installing Crypto Transaction Tracking System - Bitcoin News.

But there is always a loophole for such system and hence the whole system is based on self-declaration and assessment in the initial phase, that would create chaos across the crypto community. As of now, in my country, we are taxed when the amount is converted into the fiat currency and there is no other way for the government to believe on the information furnished by the taxpayer assessee.

It will create chaos in the tax system itself before anything else. For example, here, in Soviet Russia (lol) the tax authorities have officially stated that they are not going to do anything about crypto and those who are involved in cryptocurrency operations. And it is not about possessing crypto and declaring it, it is about anything crypto related assuch including income tax on profits earned via cryptocurrency operations ("buy low, sell high"), the tax which you should pay in other countries lest you get in jail. Yes, it is an official position of the Russian tax service, and it is dictated by understanding that going after every potential tax dodger would create more problems than solve

So cryptocurrencies are officially tax-free or tax-exempt in Russia

The population of the Russian Federation is 147 million.
The working population is 71.8 million.
Millions of them are officially not employed anywhere and do not pay taxes.
Citizens of the former Soviet republics + Chinese, Koreans and other people who live without registration can not be counted (several million 2-5, read some opinions). They also do not pay taxes. All issues are resolved through bribes.

This is our country, and mining has nothing to do with it. Catching miners is a difficult task and not the most urgent problem.

There was a time when bitcoin price was 20k and now its just 6,400$ which makes a big difference.But if government accept it they'll surly apply highly tax because its volatile and government makes big profit.

If your topic is about the government tax, then I am sure it is not possible especially in my country because nobody will give tax to government. Government doesn’t know how many people have invested in cryptocurrency and how many much money they have invested. I want to tell why people do not want to pay tax to government, because the officials in our country are not fare and they will benefit the government.

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