Brazil’s Tax Authority Goes After Cryptocurrency Profits

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Quote from: Drysprinkles291 on November 04, 2018, 09:59:38 PM

The search for anonymity, which is one of the main attractions for the use of certain cryptocurrencies, is constantly fought, including by the tax authority.

Governments are a small group of people who just want to have control over everyone and enrich themselves, and always use the argument that we have to pay taxes so they can build more roads, bridges, schools, support the state budget, but in practice the tax goes to their pocket and in the countries where corruption is very high, taxes are very high, just see in my country, where taxes are very high and the cost of living is very high.

Quote from: Drysprinkles291 on November 04, 2018, 09:59:38 PM

When it comes to cryptocurrencies and tax, I didn't know there was a problem? Why should a certain country tax you for crypto profits that aren't regulated by a bank or a specific country?

they do not want to know that.

audaciousbeing

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Quote from: Drysprinkles291 on November 04, 2018, 09:59:38 PM

The search for anonymity, which is one of the main attractions for the use of certain cryptocurrencies, is constantly fought, including by the tax authority. When it comes to cryptocurrencies and tax, I didn't know there was a problem? Why should a certain country tax you for crypto profits that aren't regulated by a bank or a specific country?

When it come to the issue of tax, its not about whether you operate in a regulated environment, whether you earn salary or you ply your trade under the bridge. It also does not matter whether you are an employee or you receive money from investment what matters to government is that you are making profit and that profit should be taxed as long as you enjoy public goods directly or indirectly.

Government with all its machinery will always find a way and they don't necessarily have to unravel the anonymity as they have other means they can track whatever inflow an individual is getting and in this era of cashless environment, it cannot be any easier.

DedgeDoge

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Quote from: Drysprinkles291 on November 04, 2018, 09:59:38 PM

The search for anonymity, which is one of the main attractions for the use of certain cryptocurrencies, is constantly fought, including by the tax authority. When it comes to cryptocurrencies and tax, I didn't know there was a problem? Why should a certain country tax you for crypto profits that aren't regulated by a bank or a specific country?

The regulations put on crypto is usually seen as a good thing because it means governments are seeing bitcoin and crypto as something good but recently there has been too many news where regulations are overdone and it might cripple the market if they are strict like this.

Brazil is not known for best of the corporate regulations and there is absolutely no company I know based in Brazil and globally known (except maybe their soccer players) but even for their standards it is not nice to go after crypto profits when the market is so stagnant, this would only make people get away from crypto game or at least move their business oversees and not follow brazils strict rules. This is not good for crypto for brazillian followers but also bad for brazil to miss out on proper laws that would allow them to make it a crypto haven.

kiloiko

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Quote from: Drysprinkles291 on November 04, 2018, 09:59:38 PM

The search for anonymity, which is one of the main attractions for the use of certain cryptocurrencies, is constantly fought, including by the tax authority. When it comes to cryptocurrencies and tax, I didn't know there was a problem? Why should a certain country tax you for crypto profits that aren't regulated by a bank or a specific country?

If you are "profitin" than you usually are making money which in return means government wants a piece of the pie, it has always been like that for centuries. Having bitcoin is not a profit, however if you put in cash to a bitcoin exchange and withdraw more than government sees that you are profiting and wants you to pay tax like any other person who made profit from anything else.

The forex exchanges for example even calculate the taxes for you and deal with it. There are banks that gives you chances to deal in forex and PAY your taxes before you withdraw so you don't even have to deal with paying taxes because its already prepaid. So as you see, if you are profiting from something into fiat than you need to pay taxes, if you want to keep it as bitcoins that's fine and you won't pay any taxes but if you cash it out, well you have to follow the rules.

btc78

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Quote from: Drysprinkles291 on November 04, 2018, 09:59:38 PM

The search for anonymity, which is one of the main attractions for the use of certain cryptocurrencies, is constantly fought, including by the tax authority. When it comes to cryptocurrencies and tax, I didn't know there was a problem? Why should a certain country tax you for crypto profits that aren't regulated by a bank or a specific country?

I believe that peoples obligation to pay taxes whenever we gain profits and thats a law we must obey,no matter where we get this income even in cryptocurrency,the only problem i see is gow they are going to do this,since we are anonymous in regards to crypto trading or in ant form of profiteering.but if they did please dont be bother because for sure the taxes that you will be paying is a big help for your countries developments

Drysprinkles291

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The search for anonymity, which is one of the main attractions for the use of certain cryptocurrencies, is constantly fought, including by the tax authority. When it comes to cryptocurrencies and tax, I didn't know there was a problem? Why should a certain country tax you for crypto profits that aren't regulated by a bank or a specific country?

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