Government Taxing Bitcoin? Here's the Answer - page 2.

Warkop

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Here in our country our wallet is regulated by the government in some ways so there's a fees behind that like the permit or license of our wallet but not every transaction then i think that's really a little only like very affordable so no problem at all then if your account is regulated but not good like with KYC and high fees then better to find other

If there is a wallet that is better and safeguards our identity is also good. why don't we try it. but until now we have not seen a wallet like that and the cost is very expensive not necessarily safe for us to use then. if there is a loss of who will be responsible.

sisule

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I don't worried if government taxing bitcoin but they have use tax correctly and never use by some one else to make their assets, how ever my country bad regulation of tax where many institution from tax become richest and they look take many benefit from tax, I think better transparent with our tax from bitcoin donation to some institution need help.

BlackFor3st

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Quote from: Debonaire217 on December 27, 2019, 07:51:00 AM

I always wonder how could an economy operate and run without taxes from cryptocurrencies. How could a government obtain taxes from people when people are completely utilizing a currency that is not supporting taxes. Would it be really good if we completely have our fiats converted to crypto? For me, there's always a way if our intention is good. We cannot really deny how government is providing regulation that is mainly for the betterment of us despite of some issues regarding corruption and frauds.

For me, the way we could still make it possible is to establish a local exchange wherein, if we convert our money to crypto, these local exchange could already have the portion intended for the tax of each transactions.

Yes local exchange is one of the factors that can be tax by government if in case fiat will be replace by crypto in the future. And I believe the government will not stop from taxing local exchange only if crypto will be the main currency as they will surely look for other way on how they can earn because one of the main source of income from the government is the tax.

If tax will be lowered then the government resources will be limited, yes we love to be exempted from tax but let's face the truth also that without tax our government will run or effective.

bangjoe

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only transaction tax and that even happens to intermediaries from local exchanges, my government has not specifically directed it there. All still needs to be researched in calculations, if crypto users in each country are no more than 3%, then income tax cannot be imposed, the most important thing is how regulation can fully function, because tax is a form of systemic recognition.

ajeef

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Quote from: Cimmy_revenger on January 27, 2020, 08:08:17 AM

Quote from: Debonaire217 on December 27, 2019, 07:51:00 AM

I always wonder how could an economy operate and run without taxes from cryptocurrencies. How could a government obtain taxes from people when people are completely utilizing a currency that is not supporting taxes. Would it be really good if we completely have our fiats converted to crypto? For me, there's always a way if our intention is good. We cannot really deny how government is providing regulation that is mainly for the betterment of us despite of some issues regarding corruption and frauds.

For me, the way we could still make it possible is to establish a local exchange wherein, if we convert our money to crypto, these local exchange could already have the portion intended for the tax of each transactions.

This kind of thing already exists in my country, who has an exchange business, both crypto and fiat, there will be taxes incurred.
service providers usually charge it to their customers.

How it could be detected when people are trade it with fiat anonymously ? i mean if we cash out not from exchange but from each person doing transaction with escrow and without any exchange services. I think people still can hide their wealth and avoiding tax as long as the coin that they trade is decentralized

Cimmy_revenger

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Quote from: Debonaire217 on December 27, 2019, 07:51:00 AM

I always wonder how could an economy operate and run without taxes from cryptocurrencies. How could a government obtain taxes from people when people are completely utilizing a currency that is not supporting taxes. Would it be really good if we completely have our fiats converted to crypto? For me, there's always a way if our intention is good. We cannot really deny how government is providing regulation that is mainly for the betterment of us despite of some issues regarding corruption and frauds.

For me, the way we could still make it possible is to establish a local exchange wherein, if we convert our money to crypto, these local exchange could already have the portion intended for the tax of each transactions.

This kind of thing already exists in my country, who has an exchange business, both crypto and fiat, there will be taxes incurred.
service providers usually charge it to their customers.

Wintersoldier

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Quote from: HarmonyA on January 26, 2020, 06:50:04 PM

Yea, the reason why some person want to boycott tax payments is by investing in crypto, and doing their financial transactions with crypto.
No matter how we may criticize government policies, it in someway protect us from the dark web of frauds.
In my country, when you buy are sell crypto, tax is deducted from the transaction. That's how crypto is taxed

And basically that is the way how local exchangers work, they can't actually run and be tolerated by the government if they aren't coordinating well enough, to sustain taxes. We might not know but in the world of decentralization, we think that we've successfully escape taxes but no, though, what I don't like to these system is to provide the freedom for people to avoid paying taxes that is in fact, isn't true at all. In short, we've just made our currency more secured and efficient using blockchain and cryptography.

HarmonyA

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Quote from: Debonaire217 on December 27, 2019, 07:51:00 AM

I always wonder how could an economy operate and run without taxes from cryptocurrencies. How could a government obtain taxes from people when people are completely utilizing a currency that is not supporting taxes. Would it be really good if we completely have our fiats converted to crypto? For me, there's always a way if our intention is good. We cannot really deny how government is providing regulation that is mainly for the betterment of us despite of some issues regarding corruption and frauds.

For me, the way we could still make it possible is to establish a local exchange wherein, if we convert our money to crypto, these local exchange could already have the portion intended for the tax of each transactions.

Yea, the reason why some person want to boycott tax payments is by investing in crypto, and doing their financial transactions with crypto.
No matter how we may criticize government policies, it in someway protect us from the dark web of frauds.
In my country, when you buy are sell crypto, tax is deducted from the transaction. That's how crypto is taxed

JeffBrad12

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Quote from: kro55 on December 31, 2019, 12:35:45 PM

Tax collection is one of the most difficult things about bitcoin and one of the core reasons why authorities are against bitcoin and other anonymous cryptocurrencies. The only way the government can keep track of crypto is through crypto exchanges and bank withdrawal. If you keep crypto in your wallet and never disclose them there is no way the government can track your crypto assets.

not really difficult considering country like korea and japan have succesfully taxing people with cryptos there and it's just a piece of cake for US. it's just the decentralized nature which is not yet understood by the people that have the authorities there that makes them misleaded into thinking that bitcoin could be used to launder money easily which is actually quite the opposite. most of people are transferring fund converted from bitcoin to bank account from exchange and the government could get information from that.

kro55

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Tax collection is one of the most difficult things about bitcoin and one of the core reasons why authorities are against bitcoin and other anonymous cryptocurrencies. The only way the government can keep track of crypto is through crypto exchanges and bank withdrawal. If you keep crypto in your wallet and never disclose them there is no way the government can track your crypto assets.

marcous

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actually for tax issues, especially in the crypto world, an exchanger is under the auspices of a company. and certainly, the company must be registered and legalized. If so, the exchanger already represents to pay taxes. while regarding personal income generated from cryptocurrency for example trading results. we can see that trading results are not always profitable, and the tax is imposed on an income that does have a fixed income every month.

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Quote from: ?? on ??

Here in our country our wallet is regulated by the government in some ways so there's a fees behind that like the permit or license of our wallet but not every transaction then i think that's really a little only like very affordable so no problem at all then if your account is regulated but not good like with KYC and high fees then better to find other

which country has succeeded in such a complicated regulation?

I think you are talking about the exchange market, not the crypto wallet in person. There is one provision where taxes are also reported manually, cannot be accessed by the government transparently, if it is true it will be far more terrible than the tax provisions for citizens who use fiat.

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Quote from: rekinthis on December 30, 2019, 07:25:02 PM

Quote from: ?? on ??

Here in our country our wallet is regulated by the government in some ways so there's a fees behind that like the permit or license of our wallet but not every transaction then i think that's really a little only like very affordable so no problem at all then if your account is regulated but not good like with KYC and high fees then better to find other

wait what? your country government has actually a way to monitor all of your bitcoin transactions? How is that done and which country do you live in? In my opinion, it's a crime to do such things by the government because every person should have the right to privacy. It is crazy how governments themselves do not respect the peoples rights.

Privacy is long gone. Please read about Huawei, Google home and many other private companies that were gathering private data and listening to you through their devices. What about that spyware that allows the government to turn on the camera in your phone and record you? It's very much a real thing. There's no privacy and what is legal is decided by the lawmakers and lawmakers listen to the government.

The idea won't work because of how much some governments want you to pay. If the tax was 5% all around the world than maybe but 20-30% is too much to add it as a permanent tax to every transaction. Nobody would use such cryptocurrency.

rekinthis

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Quote from: ?? on ??

Here in our country our wallet is regulated by the government in some ways so there's a fees behind that like the permit or license of our wallet but not every transaction then i think that's really a little only like very affordable so no problem at all then if your account is regulated but not good like with KYC and high fees then better to find other

wait what? your country government has actually a way to monitor all of your bitcoin transactions? How is that done and which country do you live in? In my opinion, it's a crime to do such things by the government because every person should have the right to privacy. It is crazy how governments themselves do not respect the peoples rights.

johant123

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Here crypto currencies are definitely taxed. The exchange I am using even sends you a yearly report of your assets, to use for your tax filings. And if they can send it to you, they can also give it to the tax authorities on request.

I don't know about all EU countries, but it looks to me like they are accepting crypto currency, and taxing them as they do other assets (like gold, or stocks).

carlzec

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States would not demand tax on bitcoin. They officially declare the existence of Bitcoin if they require a tax on profits from Bitcoin. In this case, the number of businesses that accept bitcoin increases. And people start trading in bitcoin province. These are my ideas.

airdnasxela

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All of us are responsible for paying taxes. And we'll only pay tax of cryptocurrency becomes officially legal in your country. As for my country, it's not yet legal that's why there's still no specific law about tax. Your idea is nice, the government just need to legalized it so they can implement taxation. But you know, people who have more income are more afraid of taxes, they'll make way just to lessen tax they would pay. This is also possible in crypto, if implemented.

Gotumoot

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Actually here in my country not paying tax for bitcoin holding is crime and you will give penalty for not paying tax and the worst is to be jailed. But Goverment here in my country don't have enough knowledge on how they can implement tax from us especially they don't know how to track me or my other friends.

aomakun

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Quote from: crzy on December 30, 2019, 06:35:51 AM

If there’s no law about this one then government can’t collect taxes, regulation should be made first and if those exchanges really want a good business then they should follow the law. Tax is a must in my country, its sad that even big people are not paying the right taxes, the law should be implemented well and everyone should require to pay whether you’re rich or not.

tax becomes one of the state's revenues to develop their country, and I think if the state does tax collection then they make a new regulation and in this context we must first look at the legality of crypto. You are right because without legality the state cannot take taxes on crypto users, except the company tax.

bettercrypto

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Quote from: Debonaire217 on December 27, 2019, 07:51:00 AM

I always wonder how could an economy operate and run without taxes from cryptocurrencies. How could a government obtain taxes from people when people are completely utilizing a currency that is not supporting taxes. Would it be really good if we completely have our fiats converted to crypto? For me, there's always a way if our intention is good. We cannot really deny how government is providing regulation that is mainly for the betterment of us despite of some issues regarding corruption and frauds.

For me, the way we could still make it possible is to establish a local exchange wherein, if we convert our money to crypto, these local exchange could already have the portion intended for the tax of each transactions.

Deregulation sometimes is a bane. In terms of economic growth, taxes are the most helpful way to fund the government. To maintain and stabilize the countries uncountable needs, taxes is really needed. But due to the graft and corruption, the treasury fund will always be corrupted by politicians. They used it to buy their own things instead of funding a project that helps to boost the industry. And crypto is an answer to that question. We don't need to eliminate tax, we need transparency.

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