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Topic: Does Bitcoin need to be taxed? - page 5. (Read 1328 times)

member
Activity: 62
Merit: 10
January 10, 2018, 10:19:21 PM
#76
Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job? 

Doing contract killing gives you income but is it job? Do we tax Killing Bounty income?
Earning Bitcoins isn't come under economic jurisdiction of most of the countries. You can send, receive, hold, trade as many Bitcoins as you want to. But where problem actually comes is while converting them to fiat money. As according to law of all countries, when you sell or buy Bitcoins, such activity will be considered economic one. Depending upon your countries laws, you have to pay tax.
Income is taxable always, you might earn from contract killing but if you’re caught you dont just get a murder charge, you also get IRS on your ass
member
Activity: 171
Merit: 10
Streamity Decentralized cryptocurrency exchange
January 08, 2018, 10:53:03 AM
#75
Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job? 
It can also be said that investing in btc is becoming a job. and most transactions are paid, whether by transferring coins to exchanges or purchases. If the income from investing in btc is taxed, I think the profit from the investment will not be much for us and the newbie apply to this job which is difficult. That means the amount of users will decrease.
member
Activity: 119
Merit: 14
Kawa
January 08, 2018, 10:46:37 AM
#74
Of course Bitcoin need to be taxed turning your BTC into fiat. Even some countries don't have such a regulations, anyway improvement in you financial situation will be classified like a capital gain or the income from the activities (in our case from mining/trading).
full member
Activity: 308
Merit: 101
January 08, 2018, 10:45:47 AM
#73
Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job? 
For my country if the government wants to levy taxes from doing bitcoin I must first recognize and allow me to use bitcoin as a legal currency and treat it as a legitimate job then I would be willing to pay taxes.
member
Activity: 257
Merit: 11
January 08, 2018, 10:38:56 AM
#72
Theres no one operating our community,no one is getting touched the BTC's price,no one is regulating why do it need to be taxed? taxed for what?
full member
Activity: 322
Merit: 141
January 08, 2018, 10:31:54 AM
#71
My opinion is that nobody's earnings shall be taxed..... This way I feel like I have a huge parasite that is slowly sucking on anything I earn and I get nothing in return. OK, maybe your countries are more advanced and better organised and have more honest governments, but here it is little what we get in return.

However, regarding the Bitcoin, or any other crypto, I believe it depends on the individual governements and how they categorise earnings. In some countries Bitcoin is considered to be a product, in some it is the asset, and in other a financial instrument. Now it depends how they treat products, assets and financial instruments. In our country since 1.1.2016. when you cash Bitcoin (convert it to FIAT) it is the moment when it is treated as capital earning and has to be reported in the tax return form. The tax is 12% or 18% (40.000 EUR being the boundary between the two (less, if less).

For me however "the feeling" is not right. It cannot be called double taxing because the tax is applied only on profit, but still it doesn't feel right.
sr. member
Activity: 700
Merit: 251
January 08, 2018, 10:16:06 AM
#70
Well i think it will be good. Since i read there are countries that banned bitcoin because they are afraid of it or such.
If money that comes from bitcoin get taxed, i think it will give benefit to everyone, the user and the government.
The government doesn't need to complain and feel threatened again, they will get money from the taxes for country's need. And the bitcoin user can continue making money from bitcoin, because bitcoin is not banned and they still have bitcoin as a job or source of income.
jr. member
Activity: 322
Merit: 3
January 08, 2018, 10:03:23 AM
#69
I hope not. We are already paying high transaction fees for transferring bitcoin to our wallet and the government doesn't hold bitcoin why would they put tax on it. Undecided


If people will use actively crypto currencies and if they will be acceptable in public places, the government will lose significant income from taxes, and this might lead to the collapse of certain areas of economics, an in same cases may destroy state system as well.
jr. member
Activity: 182
Merit: 7
Block chain enthusiast
January 06, 2018, 04:24:58 PM
#68
Taxing on Bit coin is not easy as it seems because of its volatile behavior but some country have tried. Bitcoin is not yet
accepted in most of the government around the globe.So why they bother to only tax it??? If Bitcoin is accepted by governments , taxing on it will be fair. However my opinion is "Bitcoin should not be Taxed yet!" Smiley
full member
Activity: 146
Merit: 100
January 06, 2018, 03:52:26 PM
#67
If we look overall, I think BTC should be taxed. Although I know the tax amount is going to be deducted in our profit only but it should be taxed and the reason being is that it could only be taxed if government centralize BTC and thus all the illegal activities associated with BTC could be banned. As far as there is no governing body over BTC and everyone is using according to their work including terrorist so humanity comes first, before profit also, so there is no harm ni taxing of BTC.
newbie
Activity: 126
Merit: 0
January 06, 2018, 10:36:17 AM
#66
I think it is not necessary. but it all depends on each government in each country there are some countries use taxes but some are not.
hero member
Activity: 1722
Merit: 528
January 06, 2018, 10:00:04 AM
#65
I liked bitcoin as a currency since it is decentralized, banks, government and other third parties has nothing to do with it but if bitcoin will taxed, I think that is unfair. We love using it because we are free from tax and other payments that will be deducted to our profits, expect the fees obviously. This is the first work that I have ever done without any taxes so I think bitcoin do no need to be taxed.
full member
Activity: 2142
Merit: 183
January 06, 2018, 09:57:42 AM
#64
Almost any activity that brings income to an individual or legal entity can be taxed and, as a rule, taxed. In this there is nothing unusual. In the case of crypto currency, the unusual is the difficulty on the part of the state to first determine the object of taxation and then monitor its implementation. However, I think, the states will find the possibility of collecting such a tax. While this issue is only being developed by them.
sr. member
Activity: 980
Merit: 294
January 06, 2018, 09:56:12 AM
#63
I think Bitcoin needs not to be taxed, since there is no third party involve in every transactions so it needs to be free of the taxes that imposed by the government, bitcoin never uses facilities like in banks or a physical market, so for what is the tax?
full member
Activity: 252
Merit: 102
January 06, 2018, 09:53:27 AM
#62
I hope not. We are already paying high transaction fees for transferring bitcoin to our wallet and the government doesn't hold bitcoin why would they put tax on it. Undecided
newbie
Activity: 97
Merit: 0
January 06, 2018, 09:50:14 AM
#61
Maybe other politics now start making proposals that bitcoin should have taxed..because the value is getting up..
full member
Activity: 196
Merit: 102
January 06, 2018, 09:37:25 AM
#60
Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job? 
The Directorate General of Tax affirmed that the taxpayer must also include the ownership of bitcoin in the property column of the annual tax return. If not include, then the property is found by the tax officer then the taxpayer can be threatened sanctions in the form of fines.
sr. member
Activity: 1582
Merit: 279
PredX - AI-Powered Prediction Market
January 06, 2018, 09:29:07 AM
#59
Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job? 
no but in trading you just like paying taxed because of the gas and other but its not a tax at all because its not a job.
the tax is taken, because the tax is generated from a revenue, and our income is when we get a salary and already have provisions from the government. while the bitcoin is indeed salary but there is no government regulation and approval. so the bitcoin is not yet in the tax set.
member
Activity: 105
Merit: 100
January 06, 2018, 09:09:26 AM
#58
Taxation depends on the officials who handles laws for taxes. It is true that bitcoin can be a job because it gives us incomes but most of the countries in this world are not handling bitcoin as part of their government so the government don't have the right to give tax on bitcoins. I am not thinking that bitcoin will have tax because the transaction fees are very expensive and if it has tax the fee will be more expensive and our income will be less and bitcoiners might decrease because of less income. Also, bitcoining is a digital job and it is hard to trace a person that is not paying that tax.
member
Activity: 266
Merit: 10
January 05, 2018, 03:08:33 AM
#57
Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job? 
no but in trading you just like paying taxed because of the gas and other but its not a tax at all because its not a job.
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