Topic: Bitcoin should be taxed (Read 1071 times)
if bitcoin really wants to be taxed.it means that bitcoin has begun to be adopted as a legal transaction tool, which will automatically add to a country's income that adopts bitcoin as a transaction tool.if indeed the investment has been recognized as a legitimate investment if it is really wanted to be done such as tax cuts on bitcoin investments
To be able to impose taxes on Bitcoin users, the country must first legalize Bitcoin. But the fact is that there are still many countries that still reject
Bitcoin, so most Bitcoin owners don't pay taxes to my knowledge. Even in my country where the government has legalized Bitcoin, even though it is
only a digital asset, it is still difficult to impose taxes. Actually it is not easy to impose taxes on something that cannot be controlled like Bitcoin,
but there are also some countries that have succeeded in imposing taxes on Bitcoin users. So in the end it all depends on the rules that each
country applies, because every country has different rules for Bitcoin.
Bitcoin, so most Bitcoin owners don't pay taxes to my knowledge. Even in my country where the government has legalized Bitcoin, even though it is
only a digital asset, it is still difficult to impose taxes. Actually it is not easy to impose taxes on something that cannot be controlled like Bitcoin,
but there are also some countries that have succeeded in imposing taxes on Bitcoin users. So in the end it all depends on the rules that each
country applies, because every country has different rules for Bitcoin.
Of course, a lot of us are still not paying taxes here from crypto earnings.
Because most countries don't have their regulations in place towards crypto.
So enjoy the moment while you can still freely enjoy tax-free earnings.
Maybe, we will see how El Salvador will formulate tax laws on bitcoin as it is soon to be legal tender on their country.
I am very grateful for the current situation, where I can still make money from crypto without paying taxes. That's not because I violated my obligation
to pay taxes, but indeed my country has not imposed taxes for cryptocurrency owners. I agree with you, it is possible that El Salvador is an example
for other countries that want to tax Bitcoin owners. Because currently El Salvador is one of the countries that legalize Bitcoin as a legal tender,
so they will regulate Bitcoin in order to get tax from Bitcoin.
I think bitcoin should be taxed and legal in all countries but the ratio of tax should be very small . in this way bitcoib can be legal in most countries and also this tax will used for development of countries which can produce positive idea toward bitcoin.
For the US Internal Revenue Service, this part of the income comes from Bitcoin assets and has been converted into non-Bitcoin assets, such as cash or goods and services.
The bitcoin assets you hold do not need to be taxed (at least for now), but as long as you use bitcoin to sell bitcoin or buy other things, there will be a tax return.
Bitcoin has been included in tax laws for countries that accept bitcoin as a net asset listed in the money source category. Some of my friends in the US say the bitcoin/crypto tax is around 19%, apart from being tested and strictly followed, the tax laws make no sense when you just buy and hold them but you let them. Go change and transaction, it will be taxable. Country-by-country regulatory compliance for bitcoin would be a good indicator of how bitcoin has evolved into a particular quantifiable standard. But that doesn't mean the US will be able to improve legislation that imposes increased taxes on cryptocurrencies that risk the balance - raising $28 billion in crypto investment. Lol The bitcoin assets you hold do not need to be taxed (at least for now), but as long as you use bitcoin to sell bitcoin or buy other things, there will be a tax return.
Of course, a lot of us are still not paying taxes here from crypto earnings.
Because most countries don't have their regulations in place towards crypto.
So enjoy the moment while you can still freely enjoy tax-free earnings.
Maybe, we will see how El Salvador will formulate tax laws on bitcoin as it is soon to be legal tender on their country.
Because most countries don't have their regulations in place towards crypto.
So enjoy the moment while you can still freely enjoy tax-free earnings.
Maybe, we will see how El Salvador will formulate tax laws on bitcoin as it is soon to be legal tender on their country.
Here in my country cryptocurrency is not considered as a legal tender but what good about it is that the government didn't announce it illegal too so in short I am enjoying now the privilege of earning while there's no hidden charges deducted on my earnings. So far I am enjoying because the tax imposed here in my country was set so high but you would only see that the government body didn't used it in a wise spending or in short corruption circulates all the way. I didn't think so how the government could set a regulation to imposed taxes on crypto earners however I didn't set aside the possibility of this scenario one of these days.
For the US Internal Revenue Service, this part of the income comes from Bitcoin assets and has been converted into non-Bitcoin assets, such as cash or goods and services.
The bitcoin assets you hold do not need to be taxed (at least for now), but as long as you use bitcoin to sell bitcoin or buy other things, there will be a tax return.
The bitcoin assets you hold do not need to be taxed (at least for now), but as long as you use bitcoin to sell bitcoin or buy other things, there will be a tax return.
as i know bitcoin is not legal currency in my country, even many countries it's not yet considered a legal tender,
the government does not have the opportunity to collect taxes in any way,
even if it is legal, it will be very complicated for the government to collect taxes
the government does not have the opportunity to collect taxes in any way,
even if it is legal, it will be very complicated for the government to collect taxes
To be able to impose taxes on Bitcoin users, the country must first legalize Bitcoin. But the fact is that there are still many countries that still reject
Bitcoin, so most Bitcoin owners don't pay taxes to my knowledge. Even in my country where the government has legalized Bitcoin, even though it is
only a digital asset, it is still difficult to impose taxes. Actually it is not easy to impose taxes on something that cannot be controlled like Bitcoin,
but there are also some countries that have succeeded in imposing taxes on Bitcoin users. So in the end it all depends on the rules that each
country applies, because every country has different rules for Bitcoin.
Of course, a lot of us are still not paying taxes here from crypto earnings.
Because most countries don't have their regulations in place towards crypto.
So enjoy the moment while you can still freely enjoy tax-free earnings.
Maybe, we will see how El Salvador will formulate tax laws on bitcoin as it is soon to be legal tender on their country.
as i know bitcoin is not legal currency in my country, even many countries it's not yet considered a legal tender,
the government does not have the opportunity to collect taxes in any way,
even if it is legal, it will be very complicated for the government to collect taxes
the government does not have the opportunity to collect taxes in any way,
even if it is legal, it will be very complicated for the government to collect taxes
To be able to impose taxes on Bitcoin users, the country must first legalize Bitcoin. But the fact is that there are still many countries that still reject
Bitcoin, so most Bitcoin owners don't pay taxes to my knowledge. Even in my country where the government has legalized Bitcoin, even though it is
only a digital asset, it is still difficult to impose taxes. Actually it is not easy to impose taxes on something that cannot be controlled like Bitcoin,
but there are also some countries that have succeeded in imposing taxes on Bitcoin users. So in the end it all depends on the rules that each
country applies, because every country has different rules for Bitcoin.
If the government taxed Bitcoin, it would be legal. In my opinion, Bitcoin must be taxed. No immoral anti-social activities will be done if it is brought under the tax. So as far as possible.
bitcoin cannot be controlled by any party, including the government itself so far has not been able to control bitcoin, if you say bitcoin must be taxed, I think bitcoin has long paid taxes to countries that have legalized bitcoin, now there are still many governments that still prohibit use bitcoin, so by itself we can't even give taxes to them..
as i know bitcoin is not legal currency in my country, even many countries it's not yet considered a legal tender,
the government does not have the opportunity to collect taxes in any way,
even if it is legal, it will be very complicated for the government to collect taxes
the government does not have the opportunity to collect taxes in any way,
even if it is legal, it will be very complicated for the government to collect taxes
it is possible that the tax on cryptocurrencies is calculated based on the profits earned by investors. For example, when an investor invests Rp. 1 million and then gets Rp. 3 million, the investor gets a profit of Rp. 2 million. This advantage will be studied by the scheme and the taxation system, as I know countries that have legalized bitcoin, have long received taxes from bitcoin..that's information I know, if wrong please correct it.
In my country there is no tax regulation regarding bitcoin yet, but although I kinda don't like having to get my profits taxed, I guess it is important to tax bitcoin. Why? Because for my experience, before, I can get a lot of money, $1000 or even $2000 without needing it to be cut with tax. Crazy right? Meanwhile in my country, if you're single and your salary is around $320 a month, you need to pay tax for your income. While that time, I can get all of my money. I think taxing bitcoin will be beneficial for the governments as well, and we as citizen should be willing to get taxed for our income, so I don't really mind. Especially if after having any tax regulation, the government might think positively to bitcoin, supporting it and even legalized it, then it will be really great. Just make sure the tax won't be so high and backwards to us instead, it'll be quite upseting if so.
yes it's good if bitcoin is taxed. Before investing you must really understand the basics first. don't try to be consistent and concentrate in trading. This is the main key so that you get abundant profits. Seeing the fantastic price of bitcoin makes people confused, should bitcoin really be taxed after this. whatever the decision because I still support number 1.
It is extremely impossible to check each and every transaction in and out of bitcoin, as well as those who own bitcoin assets, because bitcoin ownership is determined by a wallet address, which may belong to more than one individual.
In my country, the government is going to impose a 5% tax on profits from activities in cryptocurrency, which should be defined as the difference between the cost of buying a cryptocurrency and its selling value. Of course, the state has the right to impose a tax on any profits of citizens, regardless of whether it somehow contributed to the receipt of this profit by us. If this law is passed, then I would rather observe it and sleep peacefully, since 5 percent is almost a symbolic tax. The draft states that after filing the declaration, the tax authority has the right to require the provision of wallets to verify transactions and the correctness of tax payment. Hope this will be a public key. 
As other users already mentioned, bitcoin should pay tax only if it's considered a coin on that country, just like it happens in El Salvador, there now people can use Bitcoin to pay their taxes, and that's possible because bitcoin is not a legal coin for them.
In my county Bitcoin is a Digital asset and you have to pay taxes only if you made a profit trading it, let's say you buy at $100 and sell at $110, only the $10 profit has to pay taxes.
In my county Bitcoin is a Digital asset and you have to pay taxes only if you made a profit trading it, let's say you buy at $100 and sell at $110, only the $10 profit has to pay taxes.
In most countries so far, bitcoin has been seen as a speculative and risky asset and there has been an obligation to pay capital gains tax.
In the EU, such decisions followed a ruling by an EU court.
However, once bitcoin has become official money in El Salvador, and it is possible that other states will soon make such a decision, it seems to me that there is a real possibility that lawmakers will change the legal definition of bitcoin.
It is difficult to speculate but it is possible that bitcoin could be taxed in another way in the future, perhaps as an income tax.
As other users already mentioned, bitcoin should pay tax only if it's considered a coin on that country, just like it happens in El Salvador, there now people can use Bitcoin to pay their taxes, and that's possible because bitcoin is not a legal coin for them.
In my county Bitcoin is a Digital asset and you have to pay taxes only if you made a profit trading it, let's say you buy at $100 and sell at $110, only the $10 profit has to pay taxes.
In my county Bitcoin is a Digital asset and you have to pay taxes only if you made a profit trading it, let's say you buy at $100 and sell at $110, only the $10 profit has to pay taxes.
Bitcoin is already taxed since few years ago in the countries that Bitcoin is legal, if you are from countries that banned Bitcoin of course they didn't tax it since they think getting source from Bitcoin is illegal etc. But I believe when they already unban Bitcoin, they will taxed Bitcoin because they can't control Bitcoin unless tax it.
I guess OP rather means that it shouldn't be really taxed because money itself isn't taxed. Unless you have to pay tax on wealth, but that is a different story. If I understand him correctly he is a proponent of Bitcoin being used on a daily basis without running into taxation issues because you buy a bagel with your crypto and now actually triggered an event that now entails an event which is subject to taxation.
That is one of the biggest problems cryptocurrencies still face when it comes to using them on a daily basis. It doesn't matter whether you use a card or whatever, in almost any case you have to pay tax or realize a loss by using your cryptocurrencies.
Yeah this is the biggest impediment to using Bitcoin to buy things. Just the headache of figuring out your tax liabilities. Since the IRS considers Bitcoin an asset and not a currency it forces people to generally treat Bitcoin as an asset instead of a currency. Hopefully eventually there will be a law passed that excludes small purchases with Bitcoin, I know at some point a bill to exclude Bitcoin purchases under $600 was introduced but went nowhere. Current tax law on crypto makes it easier to just decide how much Bitcoin you want to sell for spending purposes and sell it for fiat, figuring out the taxes more easily on a single big sell order, and then spend as you wish with the fiat from that.
That bill alone would have given Bitcoin a tremendous boost! Think about it if you can spend your Bitcoin for purchases under $600 without having to pay attention to tax implications, that would make using Bitcoin so much easier and attractive that it would find its way very quickly into the economy and therefore into the society. The tax for the government wouldn't be lost completely. It would perhaps be like a stimulus because there is is still enough tax involved when you make a purchase under $600. VAT, corporate tax and income tax.
Beyond the topic of tax, if the USA would take the lead in passing such a bill, I think they might also see an influx of highly talented people from all over the world who are seeking to advance the cryptocurrency industry within the US. There are so many implications that I believe many of the political decisions regarding Bitcoin have been short-sighted recently.
if it is taxed then every country must relieve the company, this will both have a positive impact. what's more, considering that so much money is spinning in bitcoin, the results will be so large that it will go into a country's positive considering the very beneficial impact for business actors, especially those digital money investor
Bitcoin is already taxed since few years ago in the countries that Bitcoin is legal, if you are from countries that banned Bitcoin of course they didn't tax it since they think getting source from Bitcoin is illegal etc. But I believe when they already unban Bitcoin, they will taxed Bitcoin because they can't control Bitcoin unless tax it.
I guess OP rather means that it shouldn't be really taxed because money itself isn't taxed. Unless you have to pay tax on wealth, but that is a different story. If I understand him correctly he is a proponent of Bitcoin being used on a daily basis without running into taxation issues because you buy a bagel with your crypto and now actually triggered an event that now entails an event which is subject to taxation.
That is one of the biggest problems cryptocurrencies still face when it comes to using them on a daily basis. It doesn't matter whether you use a card or whatever, in almost any case you have to pay tax or realize a loss by using your cryptocurrencies.
Yeah this is the biggest impediment to using Bitcoin to buy things. Just the headache of figuring out your tax liabilities. Since the IRS considers Bitcoin an asset and not a currency it forces people to generally treat Bitcoin as an asset instead of a currency. Hopefully eventually there will be a law passed that excludes small purchases with Bitcoin, I know at some point a bill to exclude Bitcoin purchases under $600 was introduced but went nowhere. Current tax law on crypto makes it easier to just decide how much Bitcoin you want to sell for spending purposes and sell it for fiat, figuring out the taxes more easily on a single big sell order, and then spend as you wish with the fiat from that.
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