Bitcoin Will Kill The Income Tax - page 2.

elkafee79

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Quote from: Zigzagkuy on January 19, 2018, 03:11:47 PM

Bitcoin only kills income tax because it is not a regular currency, if the government considers bitcoin as a legal currency then it will definitely impose a tax and will actually collect a good income tax from bitcoin income.

People get a little back from the government so no need to do it, unless you want to go for political office. There is always a way to avoid taxes and Bitcoin is one of them, tax is not a problem in the country

rommelo24

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I don't think that bitcoin will kill the income tax. There are now a move by the government specifically the South Korean government are planning to tax the cryptocurrency exchanges.

ohkkstaaahp

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“The Premier Digital Asset Management Ecosystem”

Quote from: billybobmaryjoe on December 06, 2016, 06:25:05 PM

Bitcoin and anonymous crypto will definitely cause taxes to dry up. It will become one of the biggest problems of our lifetime.

Bitcoin can not be taxed , maybe that is the only reason the government banned bitcoin

Hasitha1001

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actually Cryptocurrency investors always know that investing in cryptocurrency will never be taxed, so gradually, taxation becomes voluntary because they can slip the tax. So whether I want or do not want to, I think taxation is necessary for state agencies to operate just as if you had to pay a fee for every transaction.

Eleanorjean11

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It will kill Income tax for sure. It is very difficult to impose tax on Bitcoin. What ever we earned with Bitcoin is not being business revenue so it is not possible to put tax on Bitcoin.

btsjimin

full member

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I do not think so. Considering that taxes are only created by high ranking government officials believing the collection will proceed to the development and restructuring of a nation. But sad to say, its not Bitcoin that will fire out taxes. It's those dishonest and corrupt government officials.

cizatext

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Bitcoin is technically design to defeat the income and the vat taxation system of our national government which is most time view with the aim of collecting from the people to enrich a few others who fine them self's in the corridor of power and leadership. But bitcoin as a peer to peer payment system will eliminate that and make payment of tax optional and base on service delivery.

colvis

full member

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the major reason why government want to control bitcoin is because they want to taxed the traders who trade with it.
for me Bitcoin will kill taxation because the market traded is not been monitored and the government or its agents don't know the exalt person who they are suppose to tax in any given time.

19nataliya12

jr. member

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The Ministry of Finance provided an explanation on the payment of personal income tax (Personal Income Tax) for transactions with bitcoins. In response to a private request sent to the Ministry, the Tax and Customs Policy Department specified that the special procedure for taxing incomes in transactions with bitcoins is not established by the chapter "Individual income tax" of the Tax Code, but general provisions for the payment of personal income tax apply to them.
Individuals who receive remuneration on the basis of concluded civil-law contracts must independently calculate the amount of tax payable to the relevant budget and submit a corresponding declaration to the tax authority at their place of registration, the Finance Ministry notes.

gvnsrbtc

sr. member

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I guess this is the reason why government is regulating bitcoin they can't tax bitcoin so they tax the one buy and selling bitcoins it applies in the transfer fee of the third party where you buy and sell bitcoin they already seen this so they took measures in the one providing the market bitcoins.

beej

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Quote from: ace4549 on March 11, 2018, 01:02:08 PM

No, actually the income tax is the life blood of the government they cannot easily eliminate this process because this is the sources of funds of the government to support local government projects in their country

Yeah bitcoin cannot go on forever without being taxed at some point, isn't that what regulation is all about? That
I believe is one thing the governments wants to imply. Taxes are considerably and essentially important to the
government and nation, they claim to have diverse plans that need funding for the state and it's citizens. It's
certainly nice having bitcoins currently without taxes, it maximizes our profits. But when the time comes, when
regulations are imposed, taxes are gonna be a part of that. It may be good or bad, but that depends on the people,
having taxes will allow cryptocurrency to operate and continue.

oracleongoodbye

sr. member

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Hold your horses there, it may lessen the income tax but the government can alwayd find a way to tax your Bitcoin earnings. In my opinion, we are still lucky that the governmet is not yet fully knowledgeable about the Bitcoin and it's ability to provide a quite a big amount of money without being taxed. But sooner or later they will find out. And I am 100% sure that they will do something about it in order to get a portion of the Bitcoin earning from their people. And this is when the income tax will be revisited and adjustded up to the scope if income from Bitcoin

Aaronnile1209

newbie

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Mathematical algorithms, typically Bitcoin, are becoming more and more popular. With a value increase of 600% in 2017, Bitcoin trading is considered to be profitable. However, legal failures with these types of money are still being tried by governments in new regulations, particularly in taxation.If the bitcoin transaction does not collect taxes, this can have a lot of impact on income tax, it may kill the income tax.

vk279

full member

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That is the reason Governments, people in power etc are scared of crypto currencies. Cryptos are unstoppable, they might be able to slow it down in the short term but long term cyptos will take over.
Governments will still be able to tax people with sales tax, property tax, registration fees, tolls, this fee, that fee etc etc. So I don't think there is a threat to survival of governments. They will find a way to tax their citizens.

Divyanshu2710

newbie

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Completely being dependent on bitcoin will too arise the problems since banking system will disappear.
Transactions details won't be that open the way they are right now.
And thereby govt. wont be able to impose taxes on people.

mabell943

sr. member

Activity: 590

Merit: 258

Yes. It is possible to happen since the government can't make a law to it. It will be hard for the government to pass a law about putting tax in cryptocurrency because it is very unpredictable.
This is the reason why many people are prefering to use bitcoin.

dvillier

member

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For me, yes bitcoin can slaughter the pay impose. Be that as it may, this time some nation says they will put some weight on bitcoin. Yet, despite everything I trust that bitcoin can slaughter the pay assess in light of the fact that that is the fundamental point of bitcoin, that administration can't control them. We as a whole realize that bitcoin can execute some computerized money namelessly and gain a lot of cash in a wide range of ways. I'm trusting that later on bitcoin will execute the salary assess in each state.

dvillier

member

Activity: 238

Merit: 57

Off kilter bitcoin will execute the wage assess in light of its one of a kind quality that nobody can get data about your bitcoin wallet even your Government as well. So if no body think about your wallet by what method will they constrain you to pay impose. Along these lines rich individuals will spare cash of the paying duty to the administration. Furthermore, at the last bitcoin will murder the assessment, the idea of the expense will be end.

doomloop

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Quote from: imstillthebest on March 11, 2018, 04:22:03 AM

Quote from: shata on March 11, 2018, 04:03:18 AM

Quote from: Jamie Oliver on March 11, 2018, 03:58:21 AM

The BTC is currently able to eliminate individual income tax, but if the BTC wants to grow for the long term, BTC should pay taxes, because only tax can be recognized by the government.

I think no, Bitcoin is not controlled by the government and it is not centralized. If bitcoin is centralized, maybe it’s value will be like our official currency in our country and its price will be stable and it is the time that bitcoin must pay taxes in the government. But, Bitcoin will never be a centralized cryptocurrency, and i know that it will no longer be like fiats.

Even if bitcoin isnt centrallized , it can still be controlled by banks and governments because thesedays many countries are now adapting or legalizing bitcoin . they may now regulate bitcoin if they wanted to and i think they are already putting a tax on bitcoin as long as you use some kind of service that is operated by bitcoin. Like for example when you withdraw on a bitcoin atm or buy in a grocery using your bitcoins, you shouldnt know that youve been charged by a tax already.

With every facility there comes new rules and regulations, so if the government will start adopting the bitcoin, then the governments will also introduce the systems by which they do not let the people to flew away from the tax net. Moreover, the there are already proposed systems in which people have to pay for the taxes on the transactions done for the purchasing systems. So the better statement would be that “Bitcoin will kill the present system of income tax”

Danielavgonz

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Quote from: Paleus on December 06, 2016, 05:18:24 PM

As the age of cryptocurrency comes into full force, it will facilitate a subversively viable taxation avoidance strategy for many of the technically savvy users of peer-to-peer payment systems. In doing so, cryptocurrency use will act to erode the tax revenue base of national jurisdictions, and ultimately, reposition taxation as a voluntary, pay-for-performance function. In this post, I cover some of the benefits such a strategy will have for cryptocurrency investors, why our notion of taxation is ripe for disruption, and why cryptocurrency taxation is enabled by default.

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