Topic: Crypto Taxation - page 14. (Read 4571 times)

Its true that they were afraid of people will not pay their taxes if they adopt cryptos that is why they are taking regulatory measures on every centralized crypto related platforms so that they can record 90% of crypto transactions and ask taxes based on that.Its not a bad idea to ask taxes for cryptos because governments needs taxes from every citizen that is how they maintain expenses of their nations but they have to mark cryptos as legal tender not as an asset so people will pay less than the current value which encourages more people to use cryptos as currencies.

Taxation can be a very beneficial system for improving lives of common people and their economical standards but the problem is corrupted governments who do not care in the least about the citizens. Politicians are common people like others before they join politics, but afterwards become landlords by robbing national banks. All the existing methods have failed and only bitcoin and altcoins can resolve financial problems.

It didn't hit Bitcoin. It hit centralized platforms providing a service to people. It was bound to happen because the easiest targets are centralized platforms.

I honestly expected regulators to step in sooner, but it seems that they either didn't take this space serious enough in the past, or they just didn't know how to deploy their regulatory framework covering everything related to crypto. If I had to guess, it's probably the latter because governments in general are super slow to catch up to new developments in the internet/tech field.

It won't take long before Yobit is one of the last standing centralized non-kyc exchanges. 

absolutely true if they only regulate crypto for tax alone I think it's something funny and there is no protection at all,
but the positive is bitcoin and the crypto currency is recognized

In the real world, the word tax is existing. This is a method that a person who wants to buy or sell something of their things has an additional cost as a payment for the transaction. To be more related common example is just buying a fruit in a grocery store the fruit has a lower price and then the by exporting the price of the fruit has an additional cost because of the transaction to deliver, and you will buy a fruit now with a tax those are like a service fee, today there is no free by just doing anything you need to play. Like in cryptocurrency the websites or the software you are using has a converter to different coins to earn also they getting an additional fee for using their software as your conversion for your needs that the tax runs out.

KYC is really one of  the worse things that hit btc, even localbitcoin has made it seriously mandatory without KYC you can't trade, almost all the platforms now, P2P or not. Taxation now depends on where you live some places in Europe take 40% that is when the govt really comes out to get you, i know from experience, some EU states will paint it good for you to come in only or them to rip you off when you start getting stable, i just think that this is just the govt scheme to oppress the weak to abandon crypto.

Unfortunately, it's flat out robbery. All they care about is to have their pockets filled, and whenever you want to pay your taxes and make a mistake, they will threaten you with hefty fines and possibly even prison time.

The sad part is that when you are eligible for a tax return, it could take months to actually receive it (complaining will not work), while if they think you owe them money, they want it right away and you can't even be a day too late.

From the point of view of the government, they are right, because they tax traders in their favor. From your point of view, they are wrong because they encroach on your money. I think that when the government taxes something, it should give equal value rights, insurance funds and legal protection. Otherwise, it's just a robbery.

No its is not too late to avoid the tax implementation for the right cause because only a small amount of people using cryptos for now so governments have to take measures as soon as possible so they also could make benefits rather than tax evaders.

Although the government is looking for a way to collect taxes from crypto when the sector hides too many people who launder money and evade taxes but to the best of their ability, the only measure they feel extreme and can prevent this situation and force people to pay taxes, it is off the internet. And this measure obviously brings more losses, rather than benefits, until now, the problem of taxation on crypto has not yet taken measures, perhaps in the future it will have but it is too late.

Maybe it's just a sort of humor for those people who want to carry out the legalities of bitcoins and altcoins but unfortunately I don't really think that this time will be happen since for sure the certain market condition nor  the volatility will create a confusion to the authorities to trust the relevance of it. But also it cross on my mind  maybe they can't really legalize it due to the fact that they can't trace out the users because of its anonymity.

I believe the goverment has still good heart for the people but i don't understand why they put taxes in crypto when in fact they cannot legalize bitcoin as a currency.

Then it's best to never cash out your crypto unless you need to (like in emergency situations, etc). As long as you keep your crypto in a wallet without converting it to Fiat, you may never need to pay tax out of it. You need to be careful not to disclose your crypto balances to the public, or the government will be on your tail for tax compliance. Considering that most exchanges in the crypto industry are centralized, they'll require identity verification to process Fiat withdrawals. Your best bet would be to trade crypto to Fiat in a P2P manner. And when I say P2P, I'm referring to trading crypto in person for physical cash.

Other than that, you'll be subject to paying taxes once you exchange crypto to Fiat in a centralized exchange. I know that paying taxes on a volatile currency seems ridiculous, but that's what most governments (like the US and the EU) have imposed nowadays. If you want to comply with the law and be okay with the government, then it's best to pay tax off crypto instead of going to jail. I'm sure that most people would do this, since they have no choice after all. What's odd is that governments are requiring taxes from crypto when it's not considered as money or legal tender worldwide. With the regulatory uncertainty and lack of guidance within the crypto industry, most people have been unable to fully comply with crypto taxation in every way.

Nonetheless, time will tell us whenever governments will be successful at taxing crypto or not. If they become largely successful at the task, crypto will be here to stay. Otherwise, expect to see a massive crackdown on the entire crypto industry as we know it. Just my thoughts

In fact, the tax on cryptocurrencies is formed because the government wants people not to participate in transactions there. It's quite risky and dangerous, because there will be money laundering factors and lots of scam components. High forms of taxation indicate that the government is paying more attention to the people. In many Southeast Asian countries, the majority of governments do not allow the use of cryptos to trade and to minimize the fact that people give up their main jobs to depend on "virtual" assets. After all, they do not prevent us from making money so well, we are free to make money and pay taxes like ordinary people.

Main problem on some countries that do have corrupt government where these funds isnt used on the right path or on the right thing this is why we do see
a certain progress of said country.

Development and progress will vary on how its being used correctly and knowing that Tax is a must for a citizen on such country. Crypto taxation? possible but when its already converted to fiat.

People see crypto currencies as the best way to avoid taxes that is why governments also targetting crypto users and asking for high taxes.We have to pay the right taxes for the real adoption happens or the government will push ourselves not to use the crypto currencies by any extreme.

Having a tax is already on our side especially we purchase on the different establishment around us since it is mandated to our government. Likewise, here in crypto currency community in which they want a tax in order to have a share for their own income. I definitely agree that there is nothing wrong having a tax but to the fact the it should be valid.enough to be good of many.

Tax can be called the most effective instrument in fiscal policy. To increase state development, the government can regulate state revenues in the form of taxes by raising taxes with the aim of limiting consumption, providing subsidies to the community so that economic inequality is reduced, and reducing taxes with the aim of increasing people's purchasing power.

If the government implements a contractive fiscal policy, I think they will impose taxes on everyone, including individuals, not just corporations and business people. Individual taxes may be small in number but if the number of individual taxpayers is large it will be a significant input for the country.

Income tax systems in some countries are imposed on all additional economic capabilities, from any source. That is, the provisions of tax legislation do not 'limit themselves' only to income that is legal and legally recognized. Although the characteristics of digital currencies are unique, they do not justify the existence of special provisions. The government always prioritizes the level playing field principle by considering whether administrative breakthroughs are needed to ensure the compliance of business people who earn income from the presence of cryptocurrency.

That's what we wanted too, but most of the time the government really wanted to take almost a large sum of profit of the people especially those who are doing business, here in our country income taxation is really a burden as it will range up to 25% of your income which is not a good one for a family who has only 1 earning and has kids, the 25% is really big enough money for all of us here.

I think that the government taxing cryptocurrency is when you are earning through it then taxes follows as what it is though I hope that only those who earn massively in crypto are taxed or just companies. Small time crypto users are normal people who are trying to earn money in the online world is nothing compared to those companies in cryptoworld where they earn a lot of money. There is nothing wrong with taxation as long as it is reasonable. I'm curious as how will they implement this in a decentralized platform of Bitcoin.