France to Introduce Lower Tax Rates for Cryptocurrency Transactions - page 2.

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Quote from: BitHodler on April 29, 2018, 03:04:16 AM

What's the point of owning coins you can't put to work legally because you have been avoiding tax? Think about it.

I get it that people have cold wallets that haven't been used for years, and also understand they don't want to pay tax over their coins, but at some point if you want to cash out or buy something, that's where the fun starts.

How does one explain where the coins came from.

That's actually a good question.

I have been holding a large part of my coins offline for years, and will very likely continue doing that endlessly. I know it may sound weird to some people, especially because of the fact that the general opinion is that why would you hold something that you will never sell, but that's my choice. I aim at the moment Bitcoin becomes an actual unit of payment and store of value, which it is already, but then on fiat and Gold level.

I don't want to expose myself to the potential risks of an imploding fiat system where my fiat wealth will be turned into dust. I have basically taken a life long hedge against the current system, and I'm very glad I did and do so. In other words, I don't look to cash out anything. I'll deal with the legal matters later when Bitcoin has grown to what I believe it is capable of. I have a seperate stash that I use for trading purposes on centralized exchanges, which I do pay my due taxes for. These coins I can put to work in any legal manner, so I'm not at all worried.

Harlot

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Better late than never. The classifying cryptocurrecy transactions as income tax is one of the most dumb misconceptions in cryptocurrency trading. They should based a similar structure on what taxes they are putting on stock exchange transactions. A flat rate of 19% compared to a 45% tax rate per transaction is better and we might see some more trading action coming from a developed country. Which means a better or higher price movement overall in the market. But let us not expect that this good news will have an instant effect in the market.

Don Pedro Dinero

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Quote from: BitHodler on April 29, 2018, 03:04:16 AM

Quote from: squatter on April 29, 2018, 12:34:54 AM

I wonder if they're doing this because they know people aren't paying taxes on cryptocurrency gains. People are more likely to pay if the damage isn't so bad.

Very likely. Important to note here is that they can only win in this case. You can better have people pay even 10% over their gains than nothing. It's still somewhat of a taboo subject, while it in reality doesn't need to be.

I am "happy" to pay tax over my gains as long as the percentage hovers around the 20% mark. It doesn't feel like theft as much as 40 or 50% does, where I can freely use my coins at any time.

I agree, countries were taxes are low (and where usually tax crimes are severely punished) tax fraud is virtually non-existant. I hope other countries learn the lesson and start implementing similar tax rates.

siti25

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Quote from: jaocoincrypto18 on April 29, 2018, 12:05:28 AM

Quote from: bitzamp.com on April 27, 2018, 12:43:15 PM

Cryptocurrency traders in France will be relieved of heavy tax as the government is taken steps that will induce a lower tax rate. The French Council of State announced on Thursday that profits arising from cryptocurrency sales should be considered as capital gains of “movable property”. – a decision that will see the current tax rate drop significantly.

Read More: https://news.bitzamp.com/france-to-introduce-lower-tax-rates-for-cryptocurrency-traders/

This will closed the issue last year that like China and South Korea that France too will not going to support Bitcoin and the Crypto currencies by planning to declare it illegal but instead it supported it by lowering the tax if the France citizens will adapt Crypto currencies. This is a good news as Germany already declared that there is no tax if the people will use Crypto currencies in spending in which this progress will help the current market performance to rise up even more.

that blockchain will offer an unprecedented opportunity for French startups to raise funds by issuing crypto currencies in ICO

avikz

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Quote from: BitHodler on April 29, 2018, 03:04:16 AM

Quote from: squatter on April 29, 2018, 12:34:54 AM

I wonder if they're doing this because they know people aren't paying taxes on cryptocurrency gains. People are more likely to pay if the damage isn't so bad.

Very likely. Important to note here is that they can only win in this case. You can better have people pay even 10% over their gains than nothing. It's still somewhat of a taboo subject, while it in reality doesn't need to be.

I am "happy" to pay tax over my gains as long as the percentage hovers around the 20% mark. It doesn't feel like theft as much as 40 or 50% does, where I can freely use my coins at any time.

People avoiding tax need to keep their coins somewhat hidden from then upper legal layer. What's the point of owning coins you can't put to work legally because you have been avoiding tax? Think about it.

I get it that people have cold wallets that haven't been used for years, and also understand they don't want to pay tax over their coins, but at some point if you want to cash out or buy something, that's where the fun starts.

How does one explain where the coins came from.

Right! As long as the tax percentage is not exorbitant like 40%-50%, people should come ahead and declare their crypto holdings and pay tax on the gains. This mentality will also help the nation when they will discuss their next move on crypto currency regulation. If a nation can record a good amount of tax inflow from the crypto income, probably they will come out with some favorable policy decisions. But if they see more numbers of people are avoiding tax, they may not be as favorable as they should be and the tax evaders may face the consequence later. It is always better to pay tax and live a worry free life! Because no one wants to see the tax officials ringing their doorbell!

BitHodler

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Quote from: squatter on April 29, 2018, 12:34:54 AM

I wonder if they're doing this because they know people aren't paying taxes on cryptocurrency gains. People are more likely to pay if the damage isn't so bad.

Very likely. Important to note here is that they can only win in this case. You can better have people pay even 10% over their gains than nothing. It's still somewhat of a taboo subject, while it in reality doesn't need to be.

I am "happy" to pay tax over my gains as long as the percentage hovers around the 20% mark. It doesn't feel like theft as much as 40 or 50% does, where I can freely use my coins at any time.

People avoiding tax need to keep their coins somewhat hidden from then upper legal layer. What's the point of owning coins you can't put to work legally because you have been avoiding tax? Think about it.

I get it that people have cold wallets that haven't been used for years, and also understand they don't want to pay tax over their coins, but at some point if you want to cash out or buy something, that's where the fun starts.

How does one explain where the coins came from.

squatter

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STOP SNITCHIN'

I wonder if they're doing this because they know people aren't paying taxes on cryptocurrency gains. People are more likely to pay if the damage isn't so bad.

I think that's why my state recently changed their tax forms regarding use tax. Everyone used to just leave the line blank. Now they say "you can't leave the line blank" and point you to a table where you estimate a small liability, like $20-40. It's small, but they know that means people will pay it.

I don't see the U.S. doing this for cryptocurrency, though. Undecided

jaocoincrypto18

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Quote from: bitzamp.com on April 27, 2018, 12:43:15 PM

Cryptocurrency traders in France will be relieved of heavy tax as the government is taken steps that will induce a lower tax rate. The French Council of State announced on Thursday that profits arising from cryptocurrency sales should be considered as capital gains of “movable property”. – a decision that will see the current tax rate drop significantly.

Read More: https://news.bitzamp.com/france-to-introduce-lower-tax-rates-for-cryptocurrency-traders/

This will closed the issue last year that like China and South Korea that France too will not going to support Bitcoin and the Crypto currencies by planning to declare it illegal but instead it supported it by lowering the tax if the France citizens will adapt Crypto currencies. This is a good news as Germany already declared that there is no tax if the people will use Crypto currencies in spending in which this progress will help the current market performance to rise up even more.

bitzamp.com

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Cryptocurrency traders in France will be relieved of heavy tax as the government is taken steps that will induce a lower tax rate. The French Council of State announced on Thursday that profits arising from cryptocurrency sales should be considered as capital gains of “movable property”. – a decision that will see the current tax rate drop significantly.

Read More: https://news.bitzamp.com/france-to-introduce-lower-tax-rates-for-cryptocurrency-traders/

Topic: France to Introduce Lower Tax Rates for Cryptocurrency Transactions - page 2. (Read 273 times)