Topic: Bitcoin Will Kill The Income Tax - page 31. (Read 29945 times)
If that happens I'm sure that the government will come up with regulations to restrict or ban btc in the money market. There is another possibility that they will open btc transaction centers under their management, but perhaps it will not be attractive to users due to the focus and charges. I think so.
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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Well, I don't think, that will be the case all the times. Actually, there are only few people in every country who use bitcoin. Another thing, it doesn't give a great impact in terms of taxation. There are only few establishments and business that accept bitcoin, and that doesn't share a huge part for the income tax. In my opinion, that shouldn't be a big deal for the government unless ALL people uses bitcoin in their daily transactions. And the worst thing that might happen is that when the government will start banning the use of bitcoin IF PEOPLE WILL NOT PAY TAX FROM USING IT. Read The Full Article
In today's environment governments are no problems to collect taxes from the users of bitcoins. We all pay this tax. Only we don't think about it. In order to make purchases we have to change the bitcoins to Fiat. The cost of each item includes tax and the buyer pays them.
Nice idea overall but we are still a long way from realizing this dream. The first priority should be to increase adoption. 
Rely on place policy for bitcoin. For case in point, my nation even now forbid bitcoin but if they even now legalize, they will not influence local tax at all considering that bitcoin have different mechanism based mostly on my constitution.At the very least my goverment do for our people's excellent !
that's the advantage of bitcoin. but over time the countries that legalize bitcoin make up the law on the law that involves bitcoin, from usability and to taxation. but I dont know too, because in my country bitcoin still confusing, not legal and not illegal.
there are still many countries that do not or have not legalized bitcoin even countries around the world there are only a few that legalize bitcoin, and each country must have their respective understanding so not willing to legalize bitcoin
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.
Read The Full Article
Read The Full Article
once you need to go fiat money you won't be able to dodge taxation on HIGH transaction value.
There will be solutions to that offfshorecompanies / residency in tax heaven and stuff like that.
You need anon bank acc and you will be happy.
that's the advantage of bitcoin. but over time the countries that legalize bitcoin make up the law on the law that involves bitcoin, from usability and to taxation. but I dont know too, because in my country bitcoin still confusing, not legal and not illegal.
I don't think that absence of tax is good for society. What will be the source of income to government budget? As for me, I prefer to leave in a country where taxes are high and live conditions are high. I believe it's related to each other
Taxes are very important because they are still a source of funds for the construction of infrastructure and other government projects.People should be aware that the government is doing its best for the welfare of its people.
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.
Read The Full Article
Read The Full Article
This might be probably right for now, but if you are buying bitcoins, then probably the money you used in buying was already tax deducted. But if the transaction in buying or rendering service goes through the used of bitcoin, you might avoid the tax... only until your gocernment found out about it and the possibility of regulating this cryptocurrency will be imposed... this might not be for now as the use of cryptocurrency was not yet fully embrace but the moment it will be discovered. I believe 100 percent, they will regulate it by imposing tax against it...
Governments would declare WAR against crypto if that really happens.
And it could DEFINITELY HAPPEN.
But until there's a full developed crypto economy, this isn't possible or viable.
Right now the governments can:
1. Stop the banks from taking it.
2. Make it illegal to trade
3. Take down centralized exchanges
If they did that, of course it would create a crypto black market.
But unless I can: buy food, pay my bills, hire people, buy a car, buy a house etc... with crypto.
I don't see it happening.
That being said, there is a crypto economy starting to emerge. We've all read about houses and cars being bought with crypto.
It's just the beginning.
And it could DEFINITELY HAPPEN.
But until there's a full developed crypto economy, this isn't possible or viable.
Right now the governments can:
1. Stop the banks from taking it.
2. Make it illegal to trade
3. Take down centralized exchanges
If they did that, of course it would create a crypto black market.
But unless I can: buy food, pay my bills, hire people, buy a car, buy a house etc... with crypto.
I don't see it happening.
That being said, there is a crypto economy starting to emerge. We've all read about houses and cars being bought with crypto.
It's just the beginning.
I don't think that absence of tax is good for society. What will be the source of income to government budget? As for me, I prefer to leave in a country where taxes are high and live conditions are high. I believe it's related to each other
Taxes are very important because they are still a source of funds for the construction of infrastructure and other government projects.People should be aware that the government is doing its best for the welfare of its people.
I don't think that absence of tax is good for society. What will be the source of income to government budget? As for me, I prefer to leave in a country where taxes are high and live conditions are high. I believe it's related to each other
Yes, I think so too.Because Bitcoin transection system only wallet to wallet.this transaction fee take it only bitcoin.But government not getting vat.So this cause bitcoin will kill the income tax.
Here at Philippines 🇵🇭 there's no excuse on income taxes our government
As long there is money involved no one is excused
I don't think bitcoin earner in the Philippines are paying tax to their government so I dont think its right to say that " if there is money involved no one is excuse" there are a lot of people who are having business without paying tax in Philippines because they don't have legal permits like for example online seller and all. As long there is money involved no one is excused
I don't think so, because when we converted btc into cash currency than we paid some taxes from amount.
One thing more govt. is not fool , maybe maybe govt make some rules for exchanges and apply some taxation policy for converting btc into cash through exchanges,
One thing more govt. is not fool , maybe maybe govt make some rules for exchanges and apply some taxation policy for converting btc into cash through exchanges,
for now in my country, do not have to make tax payments because bitcoin is still illegal. maybe if bitcoin is legal can set income tax.
yes maybe bitcoin can kill the income tax, if all the people in the world know how to use and get income in bitcoin income tax will die but depends on the person.
Here at Philippines 🇵🇭 there's no excuse on income taxes our government
As long there is money involved no one is excused
As long there is money involved no one is excused
thanks for the article, very good, in my opinion this can only happen if everyone is working in bitcoin, and no more doing transaction in bank. but this is impossible because before this happens, surely the government has moved to anticipate this until it happens, because if this happens then a country that has no income from taxes, then the country will be chaos
Even if everyone starts using bitcoin, in order to impose income tax they will have to regulate bitcoin which then causes bitcoin to loose its key feature - decentralization. The government will also find it difficult to track each and every users, so they will have to find alternative ways to get around and cover/replace income tax with something more suitable.When they regulate bitcoin it's not the technology that is regulated but only those exchanges and maybe people who are earning bitcoins through mining and it's not hard for us to comply if we want to still see the progress of bitcoin continues.
Miner and exchanges are subjects affected by them, because they need to public business establishment if they do not want to break the law.
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