How to TAX Bitcoin. An easy way ! | Bitcointalksearch.org

Aying

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Quote from: nasipadang on October 22, 2019, 12:08:14 AM

That is why regulations in each country require companies that exchange and wallet sites in the territory of the country to conduct KYC for users. The government has not officially taxed the currency, while the KYC only knows that the in and out of crypto is not used for crime. If the government wants to impose a tax on crypto, it means the government accepts crypto as an alternative payment for institutions created by the government.

You're right, government will need to accept crypto in all payment method if they want to put tax on it. but not all government in other country support it because of risk. they dont want people blame them if non-knowledgable people use crypto not in payments only. that's why government didn't take it easy they want to study it first before they take their move to accept crypto and tax it.

nasipadang

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That is why regulations in each country require companies that exchange and wallet sites in the territory of the country to conduct KYC for users. The government has not officially taxed the currency, while the KYC only knows that the in and out of crypto is not used for crime. If the government wants to impose a tax on crypto, it means the government accepts crypto as an alternative payment for institutions created by the government.

senin

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In my opinion, it would be much easier for exchanges and exchangers to make mandatory tax deductions from operations that exceed a certain amount in cryptocurrency. This, of course, will be difficult, given how many states exist on our planet, but it is not impossible. In general, the general rules will be established, according to which, when conducting transactions worth more than one thousand euros, we will have to go through a KYC check, that is, leave our personal data. In my country, in banks and currency exchange offices, everyone automatically pays the tax fee for currency exchange, and therefore there are no problems with taxes in this area.

shoreno

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Quote from: Apes on May 11, 2019, 12:58:29 AM

in some countries it has been implemented that cryptocurrencies are part of taxes.

yes i did also heard it once and i was shock because i though that crypto is an independent currency and shouldnt be taxed but those country made it possible .

Quote from: Apes on May 11, 2019, 12:58:29 AM

in certain countries cryptocurrency is still ignored to become a tax source. so lucky for people who are in a country whose government does not collect taxes from cryptocurrency, so there nothing to hide or commit a crime and against the law by not reporting taxes.

its not a crime to not pay tax as long as there is no law for taxing a crypto in your country but paying tax may have some benefits especially if their government is not corrupt .

Quote from: Apes on May 11, 2019, 12:58:29 AM

I was very lucky in my place cryptocurrencies tax charged where so small and I really didn't mind my cryptocurrency being cut.

i though tax depends on how high or low your salary was ? your tax charges is so small because your only a small time worker .

Apes

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in some countries it has been implemented that cryptocurrencies are part of taxes. in certain countries cryptocurrency is still ignored to become a tax source. so lucky for people who are in a country whose government does not collect taxes from cryptocurrency, so there nothing to hide or commit a crime and against the law by not reporting taxes. I was very lucky in my place cryptocurrencies tax charged where so small and I really didn't mind my cryptocurrency being cut.

Adriano2010

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Well i wish that crypto and bitcoin should be taxed and but if governments put tax they should always put a tax on profit, and not when hold a crypto because if sell the coin after price drop money are loss and is not fair to pay tax on a loss.

X-ray

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Quote from: BeGoods on May 07, 2019, 09:18:37 PM

Quote from: Bugsbey on March 19, 2018, 02:35:41 AM

Quote from: matuson on June 17, 2017, 05:12:02 AM

But that your government recognizes bitcoin as a currency? I doubt it. Your income in bitcoins according to the law is not revenue. If you buy goods with bitcoin it does not fall under the tax base. If you exchange them for your currency, then taxes will have to pay.

I doubt the government could impose taxes to all. How do government get our address. The system is decentralized, so how could the government impose taxes to every cryptocurrency transactions? Unless they will make this centralized. Maybe the government can let us pay taxes when our bitcoin will be converted to fiat money.

Of course by using help from third parties such as local exchanges that you use. they can just ask for tax if you withdraw your bitcoin into local currency, with the help of the exchange. yeah maybe the government won't see bitcoin as a currency, more on commodities

Not sure about that because basically the tax is applied for exchange site but not for its user. the user must fill the form for the personal task and the exchange site will never ask the users to pay the tax. It's the tax for exchange site.
The users have different application and you can see how there was a unique form for the users to report its performance in the cryptocurrency.
In general, the personal tax is different with the exchange site's tax.

Mux@

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Japan has accepted the cryptocurrency payment facility and is reaping the dividends. The US cannot come to a common denominator of what cryptocurrencies are, due to the fact that each state has its own view on this. The UK generally believes that cryptocurrency is a foreign currency. By the way, in France, approved a law allowing the use of specialized funds for investing in cryptocurrency. In the world, there is such a variety of approaches and opinion on the account of cryptocurrencies that everyone has a very long way to determine the correct and uniform principles of taxation of cryptocurrencies. As long as this sector of the economy is currently decentralized in most cases, we have the opportunity to earn good money!

ufaiz50

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This is the problem, if we do not carry out the ownership of bitcoin then it becomes illegal, while the government itself does not mention the illegal or legal bitcoin, nor do many organizations or companies accept crypto or bitcoin as official payments. because it does not report ownership the bitcoin does become illegal so we can just exchange it into paypal or exchangers that do not require KYC on their site. here from my view the problem is that there are not many services that conform to digital currency payments, so for what we pay taxes while bitcoin itself is rarely used for purchases or services in our government.

BeGoods

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Quote from: Bugsbey on March 19, 2018, 02:35:41 AM

Quote from: matuson on June 17, 2017, 05:12:02 AM

But that your government recognizes bitcoin as a currency? I doubt it. Your income in bitcoins according to the law is not revenue. If you buy goods with bitcoin it does not fall under the tax base. If you exchange them for your currency, then taxes will have to pay.

I doubt the government could impose taxes to all. How do government get our address. The system is decentralized, so how could the government impose taxes to every cryptocurrency transactions? Unless they will make this centralized. Maybe the government can let us pay taxes when our bitcoin will be converted to fiat money.

Of course by using help from third parties such as local exchanges that you use. they can just ask for tax if you withdraw your bitcoin into local currency, with the help of the exchange. yeah maybe the government won't see bitcoin as a currency, more on commodities

GoogleBit

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Quote from: tbterryboy on March 16, 2018, 01:38:09 AM

Quote from: GoogleBit on June 17, 2017, 04:54:28 AM

In my country, I have to fill a form every year for the tax department, including my year end bank statement and the salary bill.
Together with some major bills for insurance and healthcare, that's all they get.

So I can hide cash under the bed, or have an overseas account, or have some Gold bars, etc. The goverment has to thrust me quite a bit.
They can check some transfers, but if you like to hide it, you can do it.

So the actual way of getting the real numbers is quite bad.

In Bitcoin
If the Tax department makes it a rule by law, that you have to report every BTC address you own, or every wallet you own ...

All problems solved, because then the Department has also the addresses of the petrol station and the deli you spend money.
In no time the system knows which tax counts here and can claim the respective amount from both sides.

Sure it is still possible to hide Bitcoins, but then it is illegal.

...or did I miss something?

Oh that’s nice, but what if I decide not to give out my addresses to them? What if I just give them a fake address I don’t make use of, do you think they will know? Nope, I don’t think so, they will never know. They will only know when you report to them that you have Bitcoin. And why should you let your government know that you’re making use of Bitcoin?

...because your employer reported your salary btc address to the tax department, for his own taxes ... ;-)

coinxwife

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Quote from: arpon11 on June 17, 2017, 09:31:43 AM

In my opinion bitcoin should not be seen as property therefore it transactions should be exempted from tax. I see bitcoin as money and not gold or commodity or property but a medium of exchange for good and services.

True for me it is not really a commodity or wealth that need to be taxed,,,it is only a transactions through websites,,tax must be payable if companies,agencies or any stable works required.

Falmera

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Quote from: GoogleBit on June 17, 2017, 04:54:28 AM

In my country, I have to fill a form every year for the tax department, including my year end bank statement and the salary bill.
Together with some major bills for insurance and healthcare, that's all they get.

So I can hide cash under the bed, or have an overseas account, or have some Gold bars, etc. The goverment has to thrust me quite a bit.
They can check some transfers, but if you like to hide it, you can do it.

So the actual way of getting the real numbers is quite bad.

In Bitcoin
If the Tax department makes it a rule by law, that you have to report every BTC address you own, or every wallet you own ...

All problems solved, because then the Department has also the addresses of the petrol station and the deli you spend money.
In no time the system knows which tax counts here and can claim the respective amount from both sides.

Sure it is still possible to hide Bitcoins, but then it is illegal.

...or did I miss something?

So it is a test of honesty on your part and doing the right thing. Maybe in your country, you've seen the benefits of the taxes especially to those indigent people. But if most of the taxes is in the wallet of some few, then tax has no meaning for me at all. If bitcoin will be taxed, in our country, it will be so sad. Only so few will be benefited by this.

Sled

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Bitcoin- in bullish time

Quote from: Questat on March 19, 2018, 01:10:21 AM

Quote from: Bitfling on March 18, 2018, 07:34:38 PM

With blockchain technology, I am believe bitcoin more transparant, but bitcoin have anonymity system and no one know who own bitcoin wallet. If government want taxes from bitcoin I think they should tax from bitcoin trade and treat bitcoin as commodities. Thats my opinion and maybe I am wrong

If they will really want to tax us it could be easy for us.
It's only anonymous if we are transacting and we are using our own wallet where we are the one who knows
the important information, however, the moment you need to exchange it, that will be the time you will have to comply with the KYC policy
which the government will impose.

The taxing for the bitcoin and also for the other crypto will come for sure because the government will be taking advantage of the profit that will be making by the bitcoin user from their country. It will be easy for them to tax us and i agree to what you said because they can just request a report from your profits in cryptocurrency to declare the required tax to be paid.

Bugsbey

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Quote from: matuson on June 17, 2017, 05:12:02 AM

But that your government recognizes bitcoin as a currency? I doubt it. Your income in bitcoins according to the law is not revenue. If you buy goods with bitcoin it does not fall under the tax base. If you exchange them for your currency, then taxes will have to pay.

I doubt the government could impose taxes to all. How do government get our address. The system is decentralized, so how could the government impose taxes to every cryptocurrency transactions? Unless they will make this centralized. Maybe the government can let us pay taxes when our bitcoin will be converted to fiat money.

Questat

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Quote from: Bitfling on March 18, 2018, 07:34:38 PM

With blockchain technology, I am believe bitcoin more transparant, but bitcoin have anonymity system and no one know who own bitcoin wallet. If government want taxes from bitcoin I think they should tax from bitcoin trade and treat bitcoin as commodities. Thats my opinion and maybe I am wrong

If they will really want to tax us it could be easy for us.
It's only anonymous if we are transacting and we are using our own wallet where we are the one who knows
the important information, however, the moment you need to exchange it, that will be the time you will have to comply with the KYC policy
which the government will impose.

deppil

hero member

Activity: 1008

Merit: 501

Quote from: GoogleBit on June 17, 2017, 04:54:28 AM

In my country, I have to fill a form every year for the tax department, including my year end bank statement and the salary bill.
Together with some major bills for insurance and healthcare, that's all they get.

So I can hide cash under the bed, or have an overseas account, or have some Gold bars, etc. The goverment has to thrust me quite a bit.
They can check some transfers, but if you like to hide it, you can do it.

So the actual way of getting the real numbers is quite bad.

In Bitcoin
If the Tax department makes it a rule by law, that you have to report every BTC address you own, or every wallet you own ...

All problems solved, because then the Department has also the addresses of the petrol station and the deli you spend money.
In no time the system knows which tax counts here and can claim the respective amount from both sides.

Sure it is still possible to hide Bitcoins, but then it is illegal.

...or did I miss something?

do you know that any user can make wallets and any address without restriction, and when they give their address to the government they can avoid taxes by using other address or other wallet? I think this system is still very easy to manipulate, I think it is difficult to implement tax on bitcoin

Bitfling

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With blockchain technology, I am believe bitcoin more transparant, but bitcoin have anonymity system and no one know who own bitcoin wallet. If government want taxes from bitcoin I think they should tax from bitcoin trade and treat bitcoin as commodities. Thats my opinion and maybe I am wrong

percentelated4

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The whole system is corrupted so how can tax implementation cause the corruption free btc regulations?

tbterryboy

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Quote from: GoogleBit on June 17, 2017, 04:54:28 AM

In my country, I have to fill a form every year for the tax department, including my year end bank statement and the salary bill.
Together with some major bills for insurance and healthcare, that's all they get.

So I can hide cash under the bed, or have an overseas account, or have some Gold bars, etc. The goverment has to thrust me quite a bit.
They can check some transfers, but if you like to hide it, you can do it.

So the actual way of getting the real numbers is quite bad.

In Bitcoin
If the Tax department makes it a rule by law, that you have to report every BTC address you own, or every wallet you own ...

All problems solved, because then the Department has also the addresses of the petrol station and the deli you spend money.
In no time the system knows which tax counts here and can claim the respective amount from both sides.

Sure it is still possible to hide Bitcoins, but then it is illegal.

...or did I miss something?

Oh that’s nice, but what if I decide not to give out my addresses to them? What if I just give them a fake address I don’t make use of, do you think they will know? Nope, I don’t think so, they will never know. They will only know when you report to them that you have Bitcoin. And why should you let your government know that you’re making use of Bitcoin?

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