Topic: Bitcoin Will Kill The Income Tax - page 48. (Read 29939 times)
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.
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.
I don't think so bitcoin will kill the income tax because online wallet sites has its business registration monitored by our government and every transaction made through bitcoin has fees, and yet they collected taxes charged with online wallet specially on the bank that you will be cashing out your bitcoin converted to fiat currency and how can e say income tax is killed. Some countries banning it i don't know the exact reasons behind, but think illegal activities linked to it that's why they've banned bitcoin.
It s gonna happen if the country totally accept bitcoins as their digital cryptocurrency .otherwise if u sell bitcoins as their digital cryptocurrency then u have to show ur income to the income tax department.
If people around the country is really up to bitcoin and using it as it is and merchants are doing the same, income taxes will go low, but since most of the services and goods in a country is still payable with fiat, the chance that it will kill the taxes will be low, besides, government might start arresting people who are using bitcoin for not paying their tax if they notice that bitcoin is affecting the economy already.
It s gonna happen if the country totally accept bitcoins as their digital cryptocurrency .otherwise if u sell bitcoins as their digital cryptocurrency then u have to show ur income to the income tax department.
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.
Regardless if you're honest or not, if the government sees that you are spending millions of whatever your currency (not the vietnamese dong though, everybody their is a millionaire), then the government will for sure check your income. And if they do not see that you are paying taxes but spending millions, then they will investigate you for sure. And if they find out you are not paying taxes then you will be liable for tax evasion (not avoidance, which is legal).
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.
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.
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.
well what i have understood was, that you have to pay your taxes and if you do not do it, then you have a problem with the government. so you pay someone some pocket money in order to not have to pay taxes. But with Bitcoin this shall be different, because you can not corrupt Bitcoin. This makes no sense to me and i still do not see how Bitcoin can prevent this. So instead of being funny maybe try to explain it.
That makes sense anyways even if your understanding was not like mine. Since we are talking about bitcoin and tax here. Government is obviously the first person pronoun(lol) to get involved aside from the tax bitcoin and the citizen it self. Bitcoin cannot really prevent that one but that is his perspective anyways like you do have your own as well.
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.
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.
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.
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.
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. If you don't declare any of your hodlings in Bitcoin or profits, then they won't find out. But keep in mind that if they somehow do find out, you'll be paying back everything at once.
Coinbase has been the first (at least that we know of) to be forced by the IRS to share customer data. I am sure this is just the beginning of a wave coming from tax agencies all around the world locating black money holders trying to escape the system through crypto. Exchanges can go to court and say whatever they want, but eventually they will lose as the government has plenty of laws to hide themselves behind, and to use them in their advantage. Especially in times where the governments are chasing down black money streams leading to people financing terrorism.
How about certain services that allow you to buy and sell coins where you only need a mobile phone number?
Even when governments make these services hand over all information about those that bought and sold coins, they only have a telephone number to start with.
In that aspect people can just buy a $5 prepaid sim card where they use this number basically to buy and sell coins.
No government will know who's behind this number since you can easily get rid of this card. But then again, if they play it dirty, they can even attempt to trace the signal of your phone...
Hahaha your idea of prepaid cards is really good, but I feel that would invite farther scrutiny, cause then the government would have a free excuse to check all the information. I don't think we should use such methods, continue doing what we do but let's keep it clean. We don't want to hand them anything that they can use to come back to us. And let's hope coinbase wins it
If you don't declare any of your hodlings in Bitcoin or profits, then they won't find out. But keep in mind that if they somehow do find out, you'll be paying back everything at once.
Coinbase has been the first (at least that we know of) to be forced by the IRS to share customer data. I am sure this is just the beginning of a wave coming from tax agencies all around the world locating black money holders trying to escape the system through crypto. Exchanges can go to court and say whatever they want, but eventually they will lose as the government has plenty of laws to hide themselves behind, and to use them in their advantage. Especially in times where the governments are chasing down black money streams leading to people financing terrorism.
How about certain services that allow you to buy and sell coins where you only need a mobile phone number?
Even when governments make these services hand over all information about those that bought and sold coins, they only have a telephone number to start with.
In that aspect people can just buy a $5 prepaid sim card where they use this number basically to buy and sell coins.
No government will know who's behind this number since you can easily get rid of this card. But then again, if they play it dirty, they can even attempt to trace the signal of your phone...
If you don't declare any of your hodlings in Bitcoin or profits, then they won't find out. But keep in mind that if they somehow do find out, you'll be paying back everything at once.
Coinbase has been the first (at least that we know of) to be forced by the IRS to share customer data. I am sure this is just the beginning of a wave coming from tax agencies all around the world locating black money holders trying to escape the system through crypto. Exchanges can go to court and say whatever they want, but eventually they will lose as the government has plenty of laws to hide themselves behind, and to use them in their advantage. Especially in times where the governments are chasing down black money streams leading to people financing terrorism.
Ya the coinbase news is really sad, I wish for the entire community sake they win it, otherwise it would be a disaster for all. Even for honest and innocent members we all will be looked with suspicious and will have endless tax man query. Let's hope coinbase finds a way to keep up. What's are the chances of coinbase.com getting success?
If you don't declare any of your hodlings in Bitcoin or profits, then they won't find out. But keep in mind that if they somehow do find out, you'll be paying back everything at once.
Coinbase has been the first (at least that we know of) to be forced by the IRS to share customer data. I am sure this is just the beginning of a wave coming from tax agencies all around the world locating black money holders trying to escape the system through crypto. Exchanges can go to court and say whatever they want, but eventually they will lose as the government has plenty of laws to hide themselves behind, and to use them in their advantage. Especially in times where the governments are chasing down black money streams leading to people financing terrorism.
For now its not a big problem of government about taxes with bitcoin since we are just still fewer user who are using bitcoin it can not be a big issue.. but in the future since bitcoin is developed year by year more adoption are coming i think more people will use bitcoin if they seen there is no taxes in bitcoin to transfer money worldwide or to pay items and products online..
Taxing bitcoin transactions will be very problematic. For example, lets say that there is a 2% tax on profits from trading Bitcoin. I bought one BTC for $740, and sold it a few days later for $750. I pay $0.20 as tax.
Now let's take another situation. I bought BTC for $740, and I was forced to sell it for $730. In this case I suffer a net loss. Will the government reimburse $0.20 in my account?
Bitcoin will truly affect the taxation issues, but right now users were converting to flat through bank accounts and using it. This possibly help government to some extent to levy taxation based upon the banking transactions.
For now its not a big problem of government about taxes with bitcoin since we are just still fewer user who are using bitcoin it can not be a big issue.. but in the future since bitcoin is developed year by year more adoption are coming i think more people will use bitcoin if they seen there is no taxes in bitcoin to transfer money worldwide or to pay items and products online.. Jump to: