Do traders pay income taxes? - page 9.

Gontxi

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Quote from: Fastpow on September 11, 2018, 03:22:06 AM

I'd like to start trading, but what happens when you get profit from a new coin? you pay taxes as individual (like capital gain) or you must open a registered company?

there is no tax for crypto trading that I know of.
yes only the fee service from the exchange is there and the fee for each transaction. that's why there are many countries that try to make regulations for crypto with all its rules.

Quitthis

newbie

Activity: 57

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Quote from: Handsome Boy on September 11, 2018, 11:47:19 AM

if I personally do not pay taxes from my trading income, because I think trading is still illegal in my country so there is no reason for me to pay taxes.

If its illegal how do you get money on your bank account.

meanwords

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Taxes depends on the country. What I've known so far is that U.S.A is the only country that taxes Bitcoin profit. In any other countries like the Philippines, they don't tax it no matter how big your profit is because there are companies who manage things like this depending on the wallet you use.

daviidalpert

sr. member

Activity: 448

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It doesn’t seem to pay taxes now.In the near future, many countries will supervise and formulate some policies.Maybe we need to pay taxes after the policy is introduced.

learntonoob

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FinanceX Exchange

I think the government is making the framework for the income taxes. We will have to accept it if crypto will be legalized everywhere in the future.

popox

member

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I know both situations when people pay taxes or not. It depends on the platform you work with and cases that you follow to be there. But if you don't want to pay you can just find other platforms.

cryptojac17

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Quote from: BobBct on October 08, 2018, 03:50:42 AM

I'm a trader and i don't pay taxes because why would you pay taxes if it is not regulated in other countries but i'm not saying that it's not legal i'm just saying that taxes will come to trading when crypto will be regulated as an official currency.

That's right, we're not going to pay taxes on decentralized currency specially when it's not a type of fiat currency. In a country it depends on how tight your government authority is, and with central banks who monitored the financial balance of the fiat economy. Trader's aren't obliged to pay taxes for a matter of crypto trading and I think if ever crypto will be legalized so far, there they could imposed a tax law for every exchanged withdrawal transactions.

X-ray

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Leading Crypto Sports Betting & Casino Platform

Quote from: maaldaz on October 07, 2018, 10:33:41 AM

I don't really sure about that, if we done it personally without getting listed in any company, i think it won't be necessary for it. except if even though we are working alone but count as a small company, then we need to pay an income tax.

As far as i know there is still no regulation about that, exchange site has a responsibility to pay the tax to the government but they are not applying it to their traders that used their service. Basically this depends on where are the basis of the exchange site itself. Some countries have been issuing the new regulation about that.

BobBct

sr. member

Activity: 616

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I'm a trader and i don't pay taxes because why would you pay taxes if it is not regulated in other countries but i'm not saying that it's not legal i'm just saying that taxes will come to trading when crypto will be regulated as an official currency.

tee-rex

hero member

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Quote from: Noizebtc on October 07, 2018, 10:17:26 AM

I do not think that many traders pay taxes on their profits. Firstly it is very difficult to track down and in General how they will know how much the trader really earned money this year. Fuck them.

I would suggest it depend on the exchange and which country it is located in. I also assume that in the US at exchanges like Kraken, Polo, Bittrex, Coinbase, and their likes all US residents have to pay their income taxes whether they want or not as these exchanges directly report all transactions to the IRS. In other countries the situation with the income tax may be different, and in some of them bitcoin and cryptocurrencies may not be taxable at, which effectively means you officially might be exempt from paying an income tax on your bitcoin profits. These are known as tax havens I guess.

Michelecako

jr. member

Activity: 98

Merit: 1

If you say openly and talk about what each of us is a citizen of his country and pay taxes we owe it to our states. The time will come when we will all pay taxes from crypto. The success of cryptography will be if taxes from the profits of participants in the crypto market will be huge.

maaldaz

member

Activity: 420

Merit: 10

I don't really sure about that, if we done it personally without getting listed in any company, i think it won't be necessary for it. except if even though we are working alone but count as a small company, then we need to pay an income tax.

Noizebtc

full member

Activity: 434

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I do not think that many traders pay taxes on their profits. Firstly it is very difficult to track down and in General how they will know how much the trader really earned money this year. Fuck them.

Ulya63

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Activity: 420

Merit: 6

Well, in my a country there are no such laws to pay for trading cryptocurrency. Even if there were not many people would agree to pay such a huge amount for it. In the world of cryptocurrency today, you have money, but tomorrow you don’t have it, and then no one will be able to prove the opposite. Then it turns out no one will know that you have money if you are trading on the exchanges where kyc is not required then why pay.

Cryptolord_ng

copper member

Activity: 365

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In my country, government are not really into cryptocurrency and we don't pay tax individually but I still belief that I pay tax so far I pay some % for trading on exchange and the exchange is paying tax, definitely I'm also paying tax

bolbau

full member

Activity: 574

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for now, as long as I do crypto trading there has never been an individual tax deduction that I received. in the context of my country (Indonesia) I feel the tax burden has been made when we make money withdrawals and trade in the local crypto market. tax costs are calculated along with the fees set by the crypto market, later they will pay taxes to the government on behalf of the company. I think this is one of the things that keeps the government from issuing negative issues related to crypto, they want to make a profit, they want individual income tax, but they have not yet got the right regulations and rules related to it.

ImSuparmin

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I have no idea what taxes are in the crypto world, and I want to know that, can you explain to me what is tax? What is tax income? and how can I do it?

tee-rex

hero member

Activity: 742

Merit: 526

Quote from: cryptofan999 on October 04, 2018, 04:58:46 PM

This is totally depending which country are you from.Some country, according to their legislation on taxe, just accept income taxes. So you just have to pay income taxes.In crypto market you are anonymous, How govt will find you out.

That wouldn't be difficult provided there is an intention to do so. Quite naturally, if you are earning just enough to provide for a living and not the one like that of a millionaire, it is not very likely the tax authorities will be interested in the source of your income, though your mileage may vary. But if it is measured in the range of millions, they may get interested, then you have to answer some questions asked and you'd better have the required taxes paid to get off cheap and unscathed. They can easily find out when you decide to cash out as all big transactions are recorded and then thoroughly analyzed for money laundering and similar criminal activities.

GmBoom

jr. member

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I don't think that is necessary as long as you make a single account to make good trades. You already pay for the use of the exchange because the exchange will negate your funds a very small percent when you are doing a trade, buy, and sell and making withdrawals.

christofyler

newbie

Activity: 532

Merit: 0

I can't really say they pay tax.... Traders only pay for transaction fee but maybe when regulation of ICO come in tax may then be involve.... That why we have to bear the risk involve since no one is controlling the transactions.

Topic: Do traders pay income taxes? - page 9. (Read 1578 times)