Topic: Bitcoin Will Kill The Income Tax - page 46. (Read 29939 times)
In my opinion, when the governments remark that their total tax income price decreases because of bitcoin or other cryptocurrencies market, they will change and adapt their tax system at the cryptocurrencies. As you know cryptocurrencies mean anonymity, this will be not easy. Or they can just increase other taxes or create new taxes.
Of course it will kill the income tax especially in the US where taxes are crazy and illegal. It could make the end of the US government and the beginning of high unemployment which will be bad for everybody. There will be a lot of chaos I think.
This will create the biggest war against bitcoin.
It will surely kill income tax if bitcoin adoption will spread throughout the globe and that's why most government would really not let this thing to happen that's why they will ban bitcoin on their place.people love bitcoin because they have the full control of their money.
Yes i agree with this one, actually if the government considers bitcoins as properties are like house, land and other. They can take taxes from bitcoins owners and they doesn't banning usage of bitcoins, it will give income for government via tax. 
Does anyone know any American that has NEVER EVER FILED income tax?
It will surely kill income tax if bitcoin adoption will spread throughout the globe and that's why most government would really not let this thing to happen that's why they will ban bitcoin on their place.people love bitcoin because they have the full control of their money.
the only reason behind this fact is that still governments still not turn bitcoin as legal currency, i think if they consider bitcoin as legal currency then they will certainly put tax on it and will get a good amount of tax from bitcoin, i think governments must be thinking about that. It is true that the bitcoin is still not used by that many people so governments start imposing taxes on it , but what about the ones that have a huge amount of bitcoin and they want to exchange it into fiat , wouldn’t that be a lost for the government if they don’t pay tax, maybe in the future when it became more popular they will start imposing taxes.
Capital gains from buying and selling bitcoins have always been taxed in most jurisdictions.
Thats hard to happen nowadays. Most people worldwide still using fiat and banking systems and few number of them know about Bitcoin and crypto currencies and deal with it. So may be Bitcoin will kill the income tax if it will become the first used currency worldwide, but that's not yet the case.
It is true that the bitcoin is still not used by that many people so governments start imposing taxes on it , but what about the ones that have a huge amount of bitcoin and they want to exchange it into fiat , wouldn’t that be a lost for the government if they don’t pay tax, maybe in the future when it became more popular they will start imposing taxes. 
It will surely kill income tax if bitcoin adoption will spread throughout the globe and that's why most government would really not let this thing to happen that's why they will ban bitcoin on their place.people love bitcoin because they have the full control of their money.
It kills income tax to some extent, though continuous adoption was taking place it haven't got spread similar to local fiat to affect the economy through taxation. Only when a big percentage of people in a country use bitcoin directly the taxation issue arises.
The situation is not overly pessimistic. As I can see, less than half of the UN members are participating in this. So the Bitcoin exchanges are left with two choices: 1. move the operations to a country which is not participating 2. Comply with the regulations. I am afraid that most of the exchanges are going to prefer the former option.
You mean the latter option?
Have you looked at the country list? Unfortunately most countries that harbor bitcoin exchanges are participating. If you find a bitcoin exchange that is located in a non-participating country, please report it here. There may be a few.
It will surely kill income tax if bitcoin adoption will spread throughout the globe and that's why most government would really not let this thing to happen that's why they will ban bitcoin on their place.people love bitcoin because they have the full control of their money.
There are still around 100 countries that are not participating. The odd man out is the US, the only very large country not participating, but only because they already have their own reporting system in place: FATCA. But OECD CRS is wider in scope.
Unfortunately most bitcoin exchanges are in jurisdictions that participate in the OECD CRS, so most of them will likely report to your tax authority. Check the document for the definition of Reporting Financial Institution in the Annex, Section VIII, and you can decide for yourself whether there is any chance for a bitcoin exchange to escape this regulation.
Of course the bitcoin exchanges do not warn their customers, because they are afraid of a mass exodus before the end of 2016. Some banks did warn their customers though. An example from a Suiss bank (Saxo) is here.
Unfortunately most bitcoin exchanges are in jurisdictions that participate in the OECD CRS, so most of them will likely report to your tax authority. Check the document for the definition of Reporting Financial Institution in the Annex, Section VIII, and you can decide for yourself whether there is any chance for a bitcoin exchange to escape this regulation.
Of course the bitcoin exchanges do not warn their customers, because they are afraid of a mass exodus before the end of 2016. Some banks did warn their customers though. An example from a Suiss bank (Saxo) is here.
The situation is not overly pessimistic. As I can see, less than half of the UN members are participating in this. So the Bitcoin exchanges are left with two choices: 1. move the operations to a country which is not participating 2. Comply with the regulations. I am afraid that most of the exchanges are going to prefer the former option.
… in Panama you pay income tax on the income generated within the country but every income that comes from outside of it does not pay any income tax, if you don’t believe me you can look for it on the internet.
I wouldn't mind moving to Panama.
By the way, beginning 2017-01-01 this no longer helps people outside Panama who keep wealth in Panama, because Panama is a signatory to the OECD AEoI/CRS regulation, has made the related laws, and all financial institutions that keep money or other investments for their customers will report to each customer's home country's tax authority.
The exception is that you live in a country that has not signed the OECD AEoI contract, because to your country Panama will not report. However, I expect that more countries will be forced to join the Automatic Exchange of Information agreement over the coming years.
I don't think the government will be outsmarted by some businesses. When they start to notice that there is a decrease in their income tax they will know the source of the problem, they might even count as using Bitcoin as Tax Evasion. Anything that is a source of a company's income is taxable including Bitcoin of course.
Governments are outsmarted by business all the time, many of the biggest business in the world pay not tax at all thanks t complicated schemes used by their lawyers that is why some governments are fighting for something they call harmonization of taxes which basically means all the governments of the world will tax you at a particular rate of your income and as you may guess the countries where you pay no tax disagree with it.It's different in bitcoin as it is decentralized and it can never be corrupted by government, it's either they adopt or they will hate bitcoin by banning it.
Income tax is not supposed to be evaded even if you are using bitcoins! Income tax is tax on your income. Hence if you do earn from bitcoin, no matter where you are you should be paying income tax. The concept is quite easy. You earn, you pay for income tax. Even if your source of revenue is from illegal activities you have to pay for income tax. The government will realize you are not paying income tax the moment you overspend outside of your means. For example, a big corporation acquired a multimillion dollar servers without even declaring a single cent to the government. That would be investigated outright.
First, governments will increase their tax base, beginning 2017-01-01, by obtaining account information from most financial institutions, which includes bitcoin exchanges. They are required to report account data to the home tax authority of each account holder.
Details on Reddit
Details on Reddit
So, there is no privacy for the users? Looks like the government was pressuring the service business for releasing something has needed a protection. and this will be running in the wrong way. But i don't think they will be reporting all of the data.
There are still around 100 countries that are not participating. The odd man out is the US, the only very large country not participating, but only because they already have their own reporting system in place: FATCA. But OECD CRS is wider in scope.
Unfortunately most bitcoin exchanges are in jurisdictions that participate in the OECD CRS, so most of them will likely report to your tax authority. Check the document for the definition of Reporting Financial Institution in the Annex, Section VIII, and you can decide for yourself whether there is any chance for a bitcoin exchange to escape this regulation.
Of course the bitcoin exchanges do not warn their customers, because they are afraid of a mass exodus before the end of 2016. Some banks did warn their customers though. An example from a Suiss bank (Saxo) is here.
In the end, governments will always get their taxes one way or another, by hook or by crook. That is for certain. Unless the country is like one of the rich Gulf States with oil and doesn't need to collect taxes to pay for its infrastructure, public works, police, education, healthcare, national security, etc.
We may not notice it but government in where we are living ( where taxes are in anything ) it is being implemented and being put in each product that we used... Even if we are using bitcoin, the local exchange that we are using is paying taxes in the government and the way we cash our bitcoin out to fiat, we are paying tax each time we use the remittance centers and banks too...
Can also not agree more they will find a way and there will always be taxes no matter what even if the bitcoin get more used and will used for a global currency there still will be taxes people!
First, governments will increase their tax base, beginning 2017-01-01, by obtaining account information from most financial institutions, which includes bitcoin exchanges. They are required to report account data to the home tax authority of each account holder.
Details on Reddit
Details on Reddit
So, there is no privacy for the users? Looks like the government was pressuring the service business for releasing something has needed a protection. and this will be running in the wrong way. But i don't think they will be reporting all of the data.
In the end, governments will always get their taxes one way or another, by hook or by crook. That is for certain. Unless the country is like one of the rich Gulf States with oil and doesn't need to collect taxes to pay for its infrastructure, public works, police, education, healthcare, national security, etc.
We may not notice it but government in where we are living ( where taxes are in anything ) it is being implemented and being put in each product that we used... Even if we are using bitcoin, the local exchange that we are using is paying taxes in the government and the way we cash our bitcoin out to fiat, we are paying tax each time we use the remittance centers and banks too...
Indeed it will not change anything if you are asking me, its just not gonna happen, they will at the end implement of course.
Bitcoin you will be taxed and you will love the income tax.
I don't think the government will be outsmarted by some businesses. When they start to notice that there is a decrease in their income tax they will know the source of the problem, they might even count as using Bitcoin as Tax Evasion. Anything that is a source of a company's income is taxable including Bitcoin of course.
Governments are outsmarted by business all the time, many of the biggest business in the world pay not tax at all thanks t complicated schemes used by their lawyers that is why some governments are fighting for something they call harmonization of taxes which basically means all the governments of the world will tax you at a particular rate of your income and as you may guess the countries where you pay no tax disagree with it.It's different in bitcoin as it is decentralized and it can never be corrupted by government, it's either they adopt or they will hate bitcoin by banning it.
Income tax is not supposed to be evaded even if you are using bitcoins! Income tax is tax on your income. Hence if you do earn from bitcoin, no matter where you are you should be paying income tax. The concept is quite easy. You earn, you pay for income tax. Even if your source of revenue is from illegal activities you have to pay for income tax. The government will realize you are not paying income tax the moment you overspend outside of your means. For example, a big corporation acquired a multimillion dollar servers without even declaring a single cent to the government. That would be investigated outright.
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