In my country, the bank account is following by the government and if there is something unusual, the officer calls you for a meeting and ask you where this money come from.
If you transfer your money to your bank account when you sell your bitcoin, you have to pay the tax of the income. So bitcoin cannot kill the tax system.
Topic: Bitcoin Will Kill The Income Tax - page 7. (Read 29933 times)
I think if everyone is investing in bitcoin, how will the government levy taxes? This is part of the reason why some governments forbid bitocoin, because they fear they will not collect taxes if people invest in bitcoins to service their water.
I don't think so man, goverments are trying to tax cryptos in the future and they're very tricky and i think they gonna do it in the future.
Yes, by spending on crypto currency we dont need to pay taxes. And the government is not able get any amount of money whatever we spend in crypto.
But there should be a way out if government really wants tax from crypto currency, because now everything is possible.
But there should be a way out if government really wants tax from crypto currency, because now everything is possible.
A simple example - the purchase and subsequent sale of bitcoin will generate a tax liability with profit. Although in practice there are no judgments regarding the state of affairs, but following the example of art. 10 of the Act and income tax from natural persons, income should be included in the source of income - property rights, including their paid disposal. On the inclusion of bitcoin in the category of property law, two issues will be settled - it can be traded (transferable), and secondly - undoubtedly has a determinable asset value.
Bitcoin won't kill income tax because it's already taxable by the governments and they're already charging tax from bitcoin income. This is not a new thing everybody knows about it.
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
Yeah, that is true, because bitcoin is decentralized so there is no taxation that may happen in any transactions so it can ne a good idea to all of us. Read The Full Article
To my current count now they are still careless about income taxes because the government can not even do much for its people. So what do they expect to tax? Most likely they will see it because I was told that the bitcoin trading power in the job market last month in my country is more than $ 2,000,000, - and if the terraces are still continuing they will probably follow the money. 
A simple example - the purchase and subsequent sale of bitcoin will generate a tax liability with profit. Although in practice there are no judgments regarding the state of affairs, but following the example of art. 10 of the Act and income tax from natural persons, income should be included in the source of income - property rights, including their paid disposal. On the inclusion of bitcoin in the category of property law, two issues will be settled - it can be traded (transferable), and secondly - undoubtedly has a determinable asset value.
The question of bitcoin taxation is a very difficult problem for everyone. Bitcoin holders can transfer bitcoin to one another and this will, in principle, remain anonymous for the tax authorities. However, in most cases we can not do without exchanges, exchangers, banks and bank cards. And this can all be controlled by the state and force us to identify with each operation for the tax authorities. Therefore, to a large extent, we still will not be able to evade paying taxes. On the other hand, if the state and its tax authorities see this possibility and according to their calculations the amount of non-payment will be large, I think, in that case, they will either take more stringent measures, or limit or even prohibit the circulation of the crypto currency. So one can definitely say that bitcoin is not able to kill or change the taxation system. With such an attempt, the state will take more stringent measures and in the end it will not be good for bitcoin.
Until someone can convince somebody that tech can take over a huge bureacratic organization like IRS, then I think this is wishful thinking. Not to mention, Taxes has been a very polarizing issue with many sides dug into their beliefs. Until the tech can convince people or a crisis arises from it, then I think we are stuck on the status quo.
people are saving this asset in bitcoin the only reason is to save tax and be secured from bank scam people believed bitcoin is future
Actually the bitcoin has no capacity to kill the income tax of all countries in the whole world, because tax is the life blood doctrine of the government therefore as long there are government that governs as there is a tax.
That's may be the reason why some countries are banning bitcoin and the cryptocurrencies because they already know that cryptos are decentralized so they can not intervene its operation. So whatever transaction is made in the blockchain, banks don't have any share of that, IMO.
Exactly, initially though, bitcoin and other crypto are not in the radar of the government, however, everything changes specially when it boom last year. The government wants a piece of the piece, so they are either going to ban it or just put a heavy regulations and get tax from us.
I think you guys should read this.
https://cointelegraph.com/news/irs-uses-chainalysis-to-track-down-bitcoin-tax-cheats
US have been using this software to track and hunt down citizens who are not paying taxes. So I think bitcoin will not kill the income tax in my opinion.
No, it won't.
If anything the IRS is going to be making more money on Tax Evasion fines with the way people around here just choose to not report anything to them.
For small amounts, sure, you might get away with it, but if you are making tens of thousands of dollars "vanish" by hiding it this way, you're probably going to find out the hard way.
Remember, you gotta have Fiat to buy it first, and that Fiat is probably sitting in a bank somewhere.
Good luck to all of you who choose to try to do this and think you're pulling one over on them. The same thing happened with offshore accounts. They found a way, and they nailed people to the wall who did it.
Except more people will work for bitcoins then will be buying from centralized exchanges in the future. The collapse of centralized exchanges will be the beginning of a bitcoin economy.If anything the IRS is going to be making more money on Tax Evasion fines with the way people around here just choose to not report anything to them.
For small amounts, sure, you might get away with it, but if you are making tens of thousands of dollars "vanish" by hiding it this way, you're probably going to find out the hard way.
Remember, you gotta have Fiat to buy it first, and that Fiat is probably sitting in a bank somewhere.
Good luck to all of you who choose to try to do this and think you're pulling one over on them. The same thing happened with offshore accounts. They found a way, and they nailed people to the wall who did it.
That's may be the reason why some countries are banning bitcoin and the cryptocurrencies because they already know that cryptos are decentralized so they can not intervene its operation. So whatever transaction is made in the blockchain, banks don't have any share of that, IMO.
No, it won't.
If anything the IRS is going to be making more money on Tax Evasion fines with the way people around here just choose to not report anything to them.
For small amounts, sure, you might get away with it, but if you are making tens of thousands of dollars "vanish" by hiding it this way, you're probably going to find out the hard way.
Remember, you gotta have Fiat to buy it first, and that Fiat is probably sitting in a bank somewhere.
Good luck to all of you who choose to try to do this and think you're pulling one over on them. The same thing happened with offshore accounts. They found a way, and they nailed people to the wall who did it.
Except more people will work for bitcoins then will be buying from centralized exchanges in the future. The collapse of centralized exchanges will be the beginning of a bitcoin economy.If anything the IRS is going to be making more money on Tax Evasion fines with the way people around here just choose to not report anything to them.
For small amounts, sure, you might get away with it, but if you are making tens of thousands of dollars "vanish" by hiding it this way, you're probably going to find out the hard way.
Remember, you gotta have Fiat to buy it first, and that Fiat is probably sitting in a bank somewhere.
Good luck to all of you who choose to try to do this and think you're pulling one over on them. The same thing happened with offshore accounts. They found a way, and they nailed people to the wall who did it.
Can't wait for all these exchanges with their bad support and policies to get booted out by decentralized ones.
Tax is essential to a country's growth. Income tax really sucks. But if the intention of bitcoin is to elude taxation, say goodbye to your country's economy. Because as we all know tax is used for government budget that's distributed in several branches. Education, infrastructures, health and benefits, etcetera.
better taxable than deleted, my government is also upset with bitcoin developments so the government is worried about the nation's economy that causes unstable economics
Why would it be any different than current, under the table cash transactions (which make up a tiny portion of labor)? Why would there not be a system where employers paid direct deposit to your wallet, but not before withholding the proper amounts and sending it to the govt in BTC?
because that is how the politics works. It may really be a pain in the ass but of course we have to contribute. Tho I don't agree on how the government do it. It should be a voluntary contribution for the citizens. I am glad tho that currently in the Philippines this is already happening by the newly signed tax reform law.
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
I don't think you are correct.Read The Full Article
If the bitcoin we really be part of the money and paying method of the world I believe the governments we find a way to check who have bitcoin and how much.
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