Dealing with tax and crypto ban | Bitcointalksearch.org

istiak2277

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Quote from: virasog on February 16, 2022, 12:24:51 AM

Quote from: paxmao on February 02, 2022, 04:40:11 PM

Quote from: kryptqnick on February 02, 2022, 03:02:50 PM

Calling for regulation instead of restriction is a simple choice because regulation would mean at least some influx of money for the state, and given that crypto mining isn't anything morally questionable (unless one believes it's very harmful for ecology, but Russia's not the sort of country that takes ecology seriously anyway), it's clearly a win to legalize cryptos and operations with it.
As for Zimbabwe and tax collection, I think if taxes are applicable, it already means that cryptos are legalized in some way there. I only hope taxes will be reasonable because otherwise people will simply look for ways of avoiding paying them.

Regulation has to be there, it is inevitable and up to a certain point it is desirable. As I have mentioned a number of times, the devil is in the details. The fine print of the regulation may mark the distinction between a ban, a regulation that restricts trade and use, a regulation that simply protects the users or one that simply taxes and provides zero value for the investors.

I am interested in regulations that protect users.

There is a trade off here. Either make bitcoin regulate and pay taxes or keep using bitcoin on a limted scale but pay no tax. I will prefer to pay tax with crypto regulate rather than using bitcoin which is declared ilegal in this case.
If you are geneuine user of bitcoin, and have no bad intention like money laundering, regulation is the best thing. (however KYC and taxes comes with regulation).

Some countries is doing something that will surely discourage their people for not using bitcoin. Like india implement 30% tax in any financial gain from crypto. Indonesian proposed 0.1% tax but they have no intention of legalizing bitcoin. It seems all of those country just want tax money from crypto but do not wants to legalize and provide support for crypto users. In these case users have no option left but to avoid tax.

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Quote from: kryptqnick on February 02, 2022, 03:02:50 PM

Calling for regulation instead of restriction is a simple choice because regulation would mean at least some influx of money for the state, and given that crypto mining isn't anything morally questionable (unless one believes it's very harmful for ecology, but Russia's not the sort of country that takes ecology seriously anyway), it's clearly a win to legalize cryptos and operations with it.
As for Zimbabwe and tax collection, I think if taxes are applicable, it already means that cryptos are legalized in some way there. I only hope taxes will be reasonable because otherwise people will simply look for ways of avoiding paying them.

I think its high time the governments needed to understand how they have been unlawfully depriving us of our fundamental right and how our finances feels unsecured with their regulatory body, they make laws which are not to the favour of the citizens who put them there to be represented, we cannot maintain a secured private life with our financial standings using banks and now that bitcoin has come to lift such embargo off the neck they make the conditions incondusive, I've come to understand that people tend to speak against anything they are not in support of, cryptocurrency has been facing serious challenges with government regulation and tax, aren't they (governments) taking much than they are giving to the society?.

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Quote from: jrrsparkles on February 23, 2022, 10:52:23 AM

Quote from: AmoreJaz on February 19, 2022, 06:58:42 PM

Quote from: Cookdata on February 17, 2022, 03:43:10 PM

Quote from: ?? on ??

But I heard that many people from that country are happy because they said that the tax is better than the ban. Because majority of them are either software developers or other freelancers and they do not invest from their own pocket. They do work for other and they get 70% for themselves and 30% is given to the government in tax. It is my Idea and if this is the case then I think they are still in benefit.

Making it legal is an advantage to holders but hell no, 30% is too much, maybe my environment is making me hard to digest and accept that figure because I can't pay $30,000 as a tax from $100,000 profits, that's too big.

I've read several tax recommendations and a particular one from coingecko[1] on how US citizen pay their crypto taxes, but I've yet to see someone who pays 30% tax from their crypto wages.
You will have to pay tax for investing in cryptocurrency when you sell them, and there are other ways to pay tax when you are involved in cryptos, such as selling free coins you receive via fork coins, defi, and staking, and receiving a gift in the form of crypto when it is greater than the sum of $15,000.

[1] https://www.youtube.com/watch?v=HsUqtiOPLA4

i can agree that 30% is too much for crypto tax. but that is, if you will declare all your earnings in crypto. lol when it comes to crypto, you can always keep some of your funds without the government knowing it. remember, you are in crypto. but if you are very honest, you will just comply and pay those high taxes. look for deductions of your tax, sometimes there are some inclusions on how to lessen your tax for certain incomes.

Its an offence, if you are hiding your earnings and paying less taxes to the government, but you can avoid it by doing p2p transactions which may fall under other categories since you can report the earnings into something else.

Finally the earnings will be summed up. Maybe for the earning made out of p2p will have lower tax percentage. In my country taxes are being paid according to the income that is being slabbed into categories. The lowest earning pay 5% of the income, then it gradually increases upto 30% and here people can submit expenses documents to reduce the tax to be paid. As in the above quote taxation of 30% in specific for cryptocurrency is something big and it is hard to keep track of users trading amounts and profits.

wxa7115

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Quote from: Webetcoins on February 20, 2022, 07:54:34 AM

Quote from: wxa7115 on February 17, 2022, 01:01:12 PM

It is widely known that if there is demand then someone is going to make the effort to supply that product, so no ban is ever going to be effective against a product with high demand, now I can understand why for example some dangerous drugs are banned even if there is a high demand for them.

But in the case of bitcoin people are not going to understand why something like this is banned as it damages no one, so the resistance to those bans will be even more fierce, especially if people are making decent money with bitcoin.

But, would it be risky if they will continue using something that is already been illegalized? And what if they will get caught? Are they already prepared to face their consequences? Do not say that crypto is anonymous but its not totally and have not you seen the news that even crypto hackers and thieves do still get caught by the authorities? And take not they are already good at hiding much more to a normal crypto user.

Like most of the time the answer to that is it depends, just to give an example people participate in social movements against governments that are abusing their authority, but what could they possibly gain for it? After all they are risking their freedom and their lives by joining such a movement, however in their minds the risk is worth taking as the benefits they can get by getting rid of that government make participating in such a movement worthwhile.

The same will be true for bitcoin, if the economy keeps getting worse then even if bitcoin gets banned people are going to use it as it would be the only way to put food over the table, and we have seen similar examples of this happening with the US dollar, so it makes sense that people will use bitcoin and cryptocurrencies in this way as well.

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Quote from: AmoreJaz on February 19, 2022, 06:58:42 PM

Quote from: Cookdata on February 17, 2022, 03:43:10 PM

Quote from: ?? on ??

But I heard that many people from that country are happy because they said that the tax is better than the ban. Because majority of them are either software developers or other freelancers and they do not invest from their own pocket. They do work for other and they get 70% for themselves and 30% is given to the government in tax. It is my Idea and if this is the case then I think they are still in benefit.

Making it legal is an advantage to holders but hell no, 30% is too much, maybe my environment is making me hard to digest and accept that figure because I can't pay $30,000 as a tax from $100,000 profits, that's too big.

I've read several tax recommendations and a particular one from coingecko[1] on how US citizen pay their crypto taxes, but I've yet to see someone who pays 30% tax from their crypto wages.
You will have to pay tax for investing in cryptocurrency when you sell them, and there are other ways to pay tax when you are involved in cryptos, such as selling free coins you receive via fork coins, defi, and staking, and receiving a gift in the form of crypto when it is greater than the sum of $15,000.

[1] https://www.youtube.com/watch?v=HsUqtiOPLA4

i can agree that 30% is too much for crypto tax. but that is, if you will declare all your earnings in crypto. lol when it comes to crypto, you can always keep some of your funds without the government knowing it. remember, you are in crypto. but if you are very honest, you will just comply and pay those high taxes. look for deductions of your tax, sometimes there are some inclusions on how to lessen your tax for certain incomes.

Its an offence, if you are hiding your earnings and paying less taxes to the government, but you can avoid it by doing p2p transactions which may fall under other categories since you can report the earnings into something else.

milewilda

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Quote from: AmoreJaz on February 19, 2022, 06:58:42 PM

i can agree that 30% is too much for crypto tax. but that is, if you will declare all your earnings in crypto. lol when it comes to crypto, you can always keep some of your funds without the government knowing it. remember, you are in crypto. but if you are very honest, you will just comply and pay those high taxes. look for deductions of your tax, sometimes there are some inclusions on how to lessen your tax for certain incomes.

Way too much i would say even here on my country which do impose 12% tax on income then it is already too high but considering different percentage on each country then i could say
that its a bit low but for 30% crypto tax then it would really be just too much and its true that we know that we could able to hit off on our total income in crypto form which is totally
the beauty of it on which you could opt in not to declare it out but well there are people who are really that honest when it comes to thing which they couldnt just let on
evading taxes.

Webetcoins

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Quote from: wxa7115 on February 17, 2022, 01:01:12 PM

Quote from: Westant on February 15, 2022, 06:41:57 PM

Quote from: FanEagle on February 14, 2022, 06:38:08 PM

This government, have they really taken time to study cryptocurrency and how it works? Do they know that even if they should ban crypto currency in the country that there will still be people who are making use of these crypto currencies and be able to trade them despite whatever ban they might have placed on it?

As for cryptocurrency mining, it is quite possible that the government can stop companies from mining cryptocurrency, because it is quite easy to spot the crypto miners wherever they might be. So, it is quite possible for them to stop it, which is one way I think that they can do something that will affect Bitcoin.

And this is because Bitcoin these days is not something that you can just mine from your home with your computer. This time around it requires a big mining farm and all that. I think if it was as it used to be before, then it would be even more difficult for them to stop mining. It is good that Russia didn’t ban it, but rather accepted it.

It is the big mistake of the countries who think that they will ban it and the use of it will be erased from the country while in actual they are losing themselves as people can use it anonymously and people will use it because of the benefits to them and the government will not be able to take the taxes. Those who study it on time found it to better is to accept it and those who will study later will regret to lose the taxes collections.

It is widely known that if there is demand then someone is going to make the effort to supply that product, so no ban is ever going to be effective against a product with high demand, now I can understand why for example some dangerous drugs are banned even if there is a high demand for them.

But in the case of bitcoin people are not going to understand why something like this is banned as it damages no one, so the resistance to those bans will be even more fierce, especially if people are making decent money with bitcoin.

But, would it be risky if they will continue using something that is already been illegalized? And what if they will get caught? Are they already prepared to face their consequences? Do not say that crypto is anonymous but its not totally and have not you seen the news that even crypto hackers and thieves do still get caught by the authorities? And take not they are already good at hiding much more to a normal crypto user.

I do not know if the government knows that crypto can bring benefits. They are smart but they might not care with it since cryptos are very different from their own local currencies and they wont depend on crypto to make their country better but they can do it by them self.

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Quote from: Cookdata on February 17, 2022, 03:43:10 PM

Quote from: ?? on ??

But I heard that many people from that country are happy because they said that the tax is better than the ban. Because majority of them are either software developers or other freelancers and they do not invest from their own pocket. They do work for other and they get 70% for themselves and 30% is given to the government in tax. It is my Idea and if this is the case then I think they are still in benefit.

Making it legal is an advantage to holders but hell no, 30% is too much, maybe my environment is making me hard to digest and accept that figure because I can't pay $30,000 as a tax from $100,000 profits, that's too big.

I've read several tax recommendations and a particular one from coingecko[1] on how US citizen pay their crypto taxes, but I've yet to see someone who pays 30% tax from their crypto wages.
You will have to pay tax for investing in cryptocurrency when you sell them, and there are other ways to pay tax when you are involved in cryptos, such as selling free coins you receive via fork coins, defi, and staking, and receiving a gift in the form of crypto when it is greater than the sum of $15,000.

[1] https://www.youtube.com/watch?v=HsUqtiOPLA4

i can agree that 30% is too much for crypto tax. but that is, if you will declare all your earnings in crypto. lol when it comes to crypto, you can always keep some of your funds without the government knowing it. remember, you are in crypto. but if you are very honest, you will just comply and pay those high taxes. look for deductions of your tax, sometimes there are some inclusions on how to lessen your tax for certain incomes.

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Quote from: marilynmanson21 on February 16, 2022, 10:14:31 AM

the government forbids crypto mining but wants taxes from crypto owners, a policy that is detrimental to the people

Yes, it is very detrimental. The government applies the taxes because they know the potential money got from crypto. Moreover, they hear many people can get thousands of dollars from crypto every month. They don't know if many people only got a little money from crypto, they even got losses. Do these people also need to pay taxes? The government may not consider this. On the other side, many of their policy harms crypto, and the example is to ban crypto mining.

Cookdata

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Quote from: ?? on ??

But I heard that many people from that country are happy because they said that the tax is better than the ban. Because majority of them are either software developers or other freelancers and they do not invest from their own pocket. They do work for other and they get 70% for themselves and 30% is given to the government in tax. It is my Idea and if this is the case then I think they are still in benefit.

Making it legal is an advantage to holders but hell no, 30% is too much, maybe my environment is making me hard to digest and accept that figure because I can't pay $30,000 as a tax from $100,000 profits, that's too big.

I've read several tax recommendations and a particular one from coingecko[1] on how US citizen pay their crypto taxes, but I've yet to see someone who pays 30% tax from their crypto wages.
You will have to pay tax for investing in cryptocurrency when you sell them, and there are other ways to pay tax when you are involved in cryptos, such as selling free coins you receive via fork coins, defi, and staking, and receiving a gift in the form of crypto when it is greater than the sum of $15,000.

[1] https://www.youtube.com/watch?v=HsUqtiOPLA4

wxa7115

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Quote from: Westant on February 15, 2022, 06:41:57 PM

Quote from: FanEagle on February 14, 2022, 06:38:08 PM

This government, have they really taken time to study cryptocurrency and how it works? Do they know that even if they should ban crypto currency in the country that there will still be people who are making use of these crypto currencies and be able to trade them despite whatever ban they might have placed on it?

As for cryptocurrency mining, it is quite possible that the government can stop companies from mining cryptocurrency, because it is quite easy to spot the crypto miners wherever they might be. So, it is quite possible for them to stop it, which is one way I think that they can do something that will affect Bitcoin.

And this is because Bitcoin these days is not something that you can just mine from your home with your computer. This time around it requires a big mining farm and all that. I think if it was as it used to be before, then it would be even more difficult for them to stop mining. It is good that Russia didn’t ban it, but rather accepted it.

It is the big mistake of the countries who think that they will ban it and the use of it will be erased from the country while in actual they are losing themselves as people can use it anonymously and people will use it because of the benefits to them and the government will not be able to take the taxes. Those who study it on time found it to better is to accept it and those who will study later will regret to lose the taxes collections.

It is widely known that if there is demand then someone is going to make the effort to supply that product, so no ban is ever going to be effective against a product with high demand, now I can understand why for example some dangerous drugs are banned even if there is a high demand for them.

But in the case of bitcoin people are not going to understand why something like this is banned as it damages no one, so the resistance to those bans will be even more fierce, especially if people are making decent money with bitcoin.

marilynmanson21

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complete problems, prohibitions, taxes and crypto where all dealing with the government of course
the government forbids crypto mining but wants taxes from crypto owners, a policy that is detrimental to the people, I think, especially like India, the tax given is quite high at 30%, taxes are robbers for crypto owners, sometimes I can't understand the government's policy regarding this crypto tax

Cookdata

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I'm not sure if collecting taxes on bitcoin just because it encourages adoption and allows various nations to keep bitcoin, but in this case, I'd like my country to remain tax-neutral (not legal and not illegal but a choice) on this issue. I understand that paying taxes as a citizen of a country is usual, but why are they treating bonds and stocks differently when you cash out? A 30% tax on capital gain or loss is so large that you are practically paying back what you have made on an investment.

You're straining to get your bags to pump and the government is waiting to utilize your sweet tax to fund the national budget. I wouldn't mention the transaction fees. Cry

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Quote from: paxmao on February 02, 2022, 04:40:11 PM

Quote from: kryptqnick on February 02, 2022, 03:02:50 PM

Calling for regulation instead of restriction is a simple choice because regulation would mean at least some influx of money for the state, and given that crypto mining isn't anything morally questionable (unless one believes it's very harmful for ecology, but Russia's not the sort of country that takes ecology seriously anyway), it's clearly a win to legalize cryptos and operations with it.
As for Zimbabwe and tax collection, I think if taxes are applicable, it already means that cryptos are legalized in some way there. I only hope taxes will be reasonable because otherwise people will simply look for ways of avoiding paying them.

Regulation has to be there, it is inevitable and up to a certain point it is desirable. As I have mentioned a number of times, the devil is in the details. The fine print of the regulation may mark the distinction between a ban, a regulation that restricts trade and use, a regulation that simply protects the users or one that simply taxes and provides zero value for the investors.

I am interested in regulations that protect users.

There is a trade off here. Either make bitcoin regulate and pay taxes or keep using bitcoin on a limted scale but pay no tax. I will prefer to pay tax with crypto regulate rather than using bitcoin which is declared ilegal in this case.
If you are geneuine user of bitcoin, and have no bad intention like money laundering, regulation is the best thing. (however KYC and taxes comes with regulation).

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Quote from: FanEagle on February 14, 2022, 06:38:08 PM

This government, have they really taken time to study cryptocurrency and how it works? Do they know that even if they should ban crypto currency in the country that there will still be people who are making use of these crypto currencies and be able to trade them despite whatever ban they might have placed on it?

As for cryptocurrency mining, it is quite possible that the government can stop companies from mining cryptocurrency, because it is quite easy to spot the crypto miners wherever they might be. So, it is quite possible for them to stop it, which is one way I think that they can do something that will affect Bitcoin.

And this is because Bitcoin these days is not something that you can just mine from your home with your computer. This time around it requires a big mining farm and all that. I think if it was as it used to be before, then it would be even more difficult for them to stop mining. It is good that Russia didn’t ban it, but rather accepted it.

It is the big mistake of the countries who think that they will ban it and the use of it will be erased from the country while in actual they are losing themselves as people can use it anonymously and people will use it because of the benefits to them and the government will not be able to take the taxes. Those who study it on time found it to better is to accept it and those who will study later will regret to lose the taxes collections.

doomloop

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Quote from: Fatunad on February 13, 2022, 06:58:21 PM

Unless if you do make yourself been using centralized platform on making directly conversions from crypto to fiat then you are KYC verified then sooner or later you would really be taxed up.
Yeah its true that as a citizen on a particular country that we should pay up tax for the benefit of the economy which i couldnt really blame out some people because some countries does
really have that kind government which is really corrupt which they would really be hesitated on paying up taxes.

It is through these centralized exchanges that the government would be able to tax crypto currency traders. Centralized exchanges are linked to the government and are being regulated by them, so if they are placing any taxes, it is going to be through these centralized exchanges.

But, I don’t think that the government would be able to charge tax when a user is making use of a decentralized exchange to trade, because these exchanges that are decentralized doesn’t have any link to the government, so they cannot be regulated at all, so meaning that there wouldn’t be a way that the government would know the traders on the platform, because they have no information about them, not to talk of taxing them.

It is up to the individual, because as far as I know there are so many people who prefers making use of decentralized exchanges just because they are trying to keep their privacy, and there also those who doesn’t mind making use of the centralized exchanges and putting up with their KYC and all that.

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This government, have they really taken time to study cryptocurrency and how it works? Do they know that even if they should ban crypto currency in the country that there will still be people who are making use of these crypto currencies and be able to trade them despite whatever ban they might have placed on it?

As for cryptocurrency mining, it is quite possible that the government can stop companies from mining cryptocurrency, because it is quite easy to spot the crypto miners wherever they might be. So, it is quite possible for them to stop it, which is one way I think that they can do something that will affect Bitcoin.

And this is because Bitcoin these days is not something that you can just mine from your home with your computer. This time around it requires a big mining farm and all that. I think if it was as it used to be before, then it would be even more difficult for them to stop mining. It is good that Russia didn’t ban it, but rather accepted it.

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Quote from: Oasisman on February 13, 2022, 04:59:37 PM

Quote from: usekevin on February 02, 2022, 07:00:30 PM

Quote from: paxmao on February 02, 2022, 04:40:11 PM

Quote from: kryptqnick on February 02, 2022, 03:02:50 PM

~snip~

People invest with their knowledge. The profit is shared by the mean of taxes. I had strongly disagreed with the concept of taxation. The crypto earnings is our hard work, how the government had a right to keep a taxes on us. This is not a good enough for the investors. All the indian people who had crypto investment are not happy now. I had read the article about that one. The crypto investors of India have to pay of 30 percentage of their earnings. This was huge drawback to investors of India.

Well, as much as we don't want our hard earned money to be taxed, but it's the law.
The law maybe harsh but it's the law. Same goes to the big business men, they worked hard for it and you'll be surprised of how much taxes they paid annually to keep their business running. Besides, It is our duty to pay our taxes as a citizen of a country.
Now, don't be too worry about crypto regulations and taxation, especially Bitcoin. They cannot impose a fixed amount of tax when you're earning Bitcoin because they had no control over it and they don't know how much you're earning. They cannot make an audit to your crypto earning.

Unless if you do make yourself been using centralized platform on making directly conversions from crypto to fiat then you are KYC verified then sooner or later you would really be taxed up.
Yeah its true that as a citizen on a particular country that we should pay up tax for the benefit of the economy which i couldnt really blame out some people because some countries does
really have that kind government which is really corrupt which they would really be hesitated on paying up taxes.

Oasisman

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Quote from: usekevin on February 02, 2022, 07:00:30 PM

Quote from: paxmao on February 02, 2022, 04:40:11 PM

Quote from: kryptqnick on February 02, 2022, 03:02:50 PM

~snip~

People invest with their knowledge. The profit is shared by the mean of taxes. I had strongly disagreed with the concept of taxation. The crypto earnings is our hard work, how the government had a right to keep a taxes on us. This is not a good enough for the investors. All the indian people who had crypto investment are not happy now. I had read the article about that one. The crypto investors of India have to pay of 30 percentage of their earnings. This was huge drawback to investors of India.

Well, as much as we don't want our hard earned money to be taxed, but it's the law.
The law maybe harsh but it's the law. Same goes to the big business men, they worked hard for it and you'll be surprised of how much taxes they paid annually to keep their business running. Besides, It is our duty to pay our taxes as a citizen of a country.
Now, don't be too worry about crypto regulations and taxation, especially Bitcoin. They cannot impose a fixed amount of tax when you're earning Bitcoin because they had no control over it and they don't know how much you're earning. They cannot make an audit to your crypto earning.

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Quote from: usekevin on February 02, 2022, 07:00:30 PM

People invest with their knowledge. The profit is shared by the mean of taxes. I had strongly disagreed with the concept of taxation. The crypto earnings is our hard work, how the government had a right to keep taxes on us. This is not a good enough for the investors.

Actually, it depends on the laws or regulations of the country. In my country, there is a tax for total income or earnings, but there is no specific tax for crypto industry.
If it is about the investment, there are also taxes that are for some property and also including investment that we have, but not for crypto yet.
Even we don't agree with taxation, if the government has decided, we can do nothing.

Topic: Dealing with tax and crypto ban (Read 593 times)