Does Bitcoin need to be taxed? - page 6.

btcmayumana

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Merit: 10

Quote from: akram143 on January 05, 2018, 12:15:51 AM

Already some countries have implemented taxes for bitcoins income but I am wonder how can bitcoin can be taxed?
No one knows right how much bitcoins we have,then it is impossible to implement taxes for bitcoins.

Whenever bitcoin is bought, sold, or traded, there are tax impacts. As example USA, which Bitcoin has been legally, policy tax are regulated by IRS which are any people who doing transaction using Bitcoin must convert the Bitcoin value to U.S. dollars as of the date each payment is made and keep careful records of it. This happen also for miners and exchanges market who gain profit from Bitcoin.
So, i guess other countries who ready accepting Bitcoin and legally it, need studying case from how IRS controlling tax.

goaldigger

sr. member

Activity: 2422

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Sad to say but i think it needs to be taxed. I think it is the main reason why government on other countries ban or illegalize it. Based on my knowledge, even earnings from a lottery can also be taxed and passive incomes on investments too.

A.Chanaka Bandara

member

Activity: 140

Merit: 10

Feeling Relax in Underpressure

Never Not only Bit coin but also all crypto coins are decentalize,So government can't control crypto system. So Bit coin no need to be taxes and rules and regulations in government.

hafeezbaloch

newbie

Activity: 21

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bitcoin no need to be taxed but it defend to your country... some countries has there laws rolls and regulations...

Geljames28

jr. member

Activity: 238

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Bitcoin doesn't need to be taxed.. But if the bitcoin will be taxed in our country, I think there's a good effect if bitcoin is taxed too..

mkmittalg

jr. member

Activity: 200

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I always wondered why people are so interested in such questions, how quickly would the government have imposed taxes on bitcoin. Can you give even 5 years to trade safely

hadveach

full member

Activity: 448

Merit: 102

yes, I say that this bitcoin is a profession, and for me especially bitcoin is my primary job. on bitcoin taxes.
I will pay taxes if my country's government legalizes bitcoin as a means of transaction, if it is still illegal, why should I pay taxes?

Yakamoto

legendary

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Quote from: Rosilito on November 27, 2017, 08:55:32 AM

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?

In my opinion, there is no need for Bitcoin to be taxed provided that it is being used as a means of payment in parallel with a "normal" job that pays taxes itself. The big thing that makes this a challenge, especially for various countries like Canada, is that they tax it like it has capital gains. If someone gets paid in Bitcoin, does this mean they're taxed the 50% that capital gains normally would be? Are they taxed on it as income and then any increase/loss from the market moving as a capital gain/loss? It's not exactly something that is easy to understand based on the current codes.

giogio0504

jr. member

Activity: 322

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Bitcoin is something like job or business, but it is not falls under usual definition of these terms. I think it should be taxed, as it is income, and it will be profitable for country, but the tax regulations should be clear. besides, it is unavoidable, as currencies are more and more popular in the world.

moetimas

full member

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if it can be done in every country, why not do it now !!! I think it will be good for world economic growth and especially bitcoin, because if the whole world recognizes bitcoin, then obviously, bitcoin will be the digital currency for the world. but the problem, bitcoin can not be controlled, whether the government can take tax in this case?

Willytom

member

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If there is a means of doing it, I suggest it should be taxed. People are really getting rich with it

Roydgon

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Quote from: Rosilito on November 27, 2017, 08:55:32 AM

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?

Для Укpaїни цe дyжe вигiднo, oпoдaткyвaти, нaзбиpaти гpoшi i вiдмити. Bзaгaлi з тaким нe згoдeн,, кoли дepжaвa тiльки зaбиpaє в людeй i нiчoгo нe дoпoмaгaє.

Gemma mae

newbie

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The bitcoin is not need to be taxed because bitcoin did not gove any hasstle to tje governement.There is no property for bitcoin to taxwd for.So bitcoin is excemption for tax.

Nerman

full member

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Quote from: Rosilito on November 27, 2017, 08:55:32 AM

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?

In my country as long as it gives you income then it should be covered on your income tax.

In my opinion I do not think Bitcoin should be call a job. Earning with Bitcoin is not certain and you cannot consider it an income unless you sell it.

If you are trading then it will be the same unless you convert it to FIAT it is still not an income

So for me as long as you are not yet converting it to FIAT then I do not consider it as an income and should not be taxed.

daringdiscovered

hero member

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The Government want it to be taxed, but they just can't. Bitcoin is a decentralized network, which mean it is untouchable, and I bet some of the politicians are annoyed because of this. Bitcoin have so many disadvantages and one of it is this decentralized network, unlike fiat, bitcoin is more better to use and to earn.

tot-o

newbie

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It doesn't need to be tax, but if our country can profit from bitcoin transaction and the likes, they will put a tax over it...
They are wise now a days too, haha

rizkyhiw

legendary

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Quote from: Rosilito on November 27, 2017, 08:55:32 AM

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?

This is very difficult, because basically the government can not monitor how much you earn and how much wealth you have in bitcoin.
Maybe this is the purpose of making bitcoin so as not to pay corrupt people in government. Another thing if the government knows your income.
Well, if they know and you do not pay taxes you will face the consequences of them as corrupt people against taxes.
If the government can accept bitcoin and legalize bitcoin as a good citizen, everyone will pay taxes.

parassinghal

full member

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A BLOCKCHAIN SOLUTION TO DISRUPT TRADE FINANCE

Its depends on the policy of the country like in our country if we change them in our traditional currency then for sure we have to pay the tax. And i think its fine, because in this way we can earn white money in huge amount.

BrewMaster

legendary

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There is trouble abrewing

"does it need to be" is a hard thing to answer. and it will be a whole different kind of discussion about taxation and what are the things that should and should not be taxed in general. which has nothing to do with bitcoin but with the taxing policy of different countries.

but bitcoin is considered different things in different countries. for example US considers it a commodity and treats the profit you make differently. but Japan considers it a currency and treats the profit somewhat the same but when you use it as a currency you are not forced to pay any taxes.

Dudeperfect

hero member

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In a democratic system, it is said that everyone has to contribute to the growth of the nation and collectively build a stronger economy. However, disruptive models like Bitcoin can change the traditional system of this process. I am sure most of the people have no issues with paying appropriate taxes but they are concerned about the method through which they are been taxed. I believe surplus amount/profits should be taxed at a normal rate but there should no control/intervention from the governments in holding the wealth in cryptocurrencies.

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