It's easier to just tax exchanges. If you cash out, you get taxed - if you hold, nothing happens.
It's nightly impossible to keep a record of every single bitcoin wallet, moreover with single-use wallets and paper wallets.
If you get paid on bitcoins, the tax should be collected on the payout.
The government won't be checking your bank account to get your taxes, it will just tax your transactions and products. It kinda doesn't matter what currency you are using.
Topic: How to TAX Bitcoin. An easy way ! - page 9. (Read 4407 times)
This is not that easy. Tracking people or groups using or making profit from bitcoin is not a simple task, there are multiple vectors. But surely possible.
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?
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?
There are two concerns about implementing it. Firstly, bitcoin has to be accepted by the governments as a currency, which most unlikely they will do. Secondly, the governments will tax on the currency of that country, and the volatile price of bitcoins literally going up and down almost every minute, it will be hard to fix a widely acceptable exchange rate to express its value in flat at the time of tax assessments.
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?
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?
Nice strategy to avoid taxes, but I think there are more ways to invest money into several commodities or stocks to make it doubled.
Gold bars is a good one than just store fiat money which always losses its value due to inflation.
In Bitcoin
If the tax department make a rule to get tax from bitcoin, they cannot get from people who don't want to report their addresses. Govs can't track it because it's anonymous feature of a wallet which we do not need to register the id.
The best way they could get taxes is from local exchanges that located in the country, such as coinbase in USA.
You can hide bitcoin but it would be better to declare the TAX for it if your country recognize it as a legal currency and be a good citizen for your country. If your country do not recognize it as a currency you are not forced to pay TAX for it however when you exchange it to receive cash you must pay taxes.
That's correct. There's no way to trace transactions or to make people give up their addresses. Addresses are not connected to identities which makes it impossible for the government to prove anything. If they wanted to tax you they'd have to prove beyond reasonable doubt that you own these addresses and this is impossible, unless they can find you posting a signed message on social media or something.
Sure it is still possible to hide Bitcoins, but then it is illegal.
Do you think that everyone who owns Bitcoin suddenly will go and report every single address they own?Don't you think that tax in some countries is already ridiculously high, we are giving out more than 50% of our earnings in tax!
Bitcoin should remain tax-less for some time, just to boost and push adoption of this technology, then in the future, we can think of some advanced way to tax BTC.
You can hide bitcoin but it would be better to declare the TAX for it if your country recognize it as a legal currency and be a good citizen for your country. If your country do not recognize it as a currency you are not forced to pay TAX for it however when you exchange it to receive cash you must pay taxes.
...or did I miss something?
Sounds hassle to me. Let the tax be shouldered by the bitcoin exchanges that is operating per country. Since we shouldered fees in every type of services that bitcoin exchanges is giving us, we are being tax now directly via using them. As long as the fees is reasonable then it's fine to me since no doubt that a legit bitcoin exchange should be operating under legal terms of the said country. We have the advantages here on the other hand.
Registering every bitcoin users in the said country is a shit and I doubt government will implement that way. Waste of budget.
Giving away your Bitcoin Wallet Address won't solve the problem of Taxation. You know why? Because even if they can monitor it incoming and outgoing transactions they won't know which one is categorized as earnings or just someone remitting you money (which is not counted as income) this can be a major problem for the citizen as he/she might be taxed wrong, I don't know a clear solution for this even giving a dedicated address for your business will not solve the issue.
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?
Yeah, you missed a lot to be honest.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?
I now own a BTC address with $5 in it and other addresses I may or may not have had access to now belong to someone from Aruba. I don't own them, someone far away does. It's weird why they keep paying for my stuff. Either way, that's not my address. I don't own it, can't be taxed because they're not in the same country and I'm not the owner of the address.
Damn shame how that simply doesn't work, huh?
Taxation of bitcoin is in the hands of the government. Most of the time government don't show much importance on these issues and recently found that Israel making plans to levy taxes on the transaction taking place and this is followed to add bitcoin to the taxable asset.
You did not miss anything, that is how the tax system works and always has worked, it relies on trust. The tax office will trust you, along with random audits, but most governments now can only tax on your fiat money. When you cash it out, they will know and tax you on that income. Governments around the world will eventually catch up to the intricacies of bitcoin but it's inherent nature makes it easy to be anonymous.
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?
Remember Bitcoin can saving in hard wallet and the government can't check it, if want tax Bitcoin, I think we have some ways: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?
1. Create a World Bank for storage Bitcoin all user on the world and all user obligatory deposit to this bank, it useful for the government check balance Bitcoin anyone
2. Create tax fee any transaction in Blockchain Bitcoin, but only need government have huge hardware for mining or a way look like as PoS
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.
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?
Basing on the situation you do example is quiet complicated but possible. If government would tend to plan that thing it will consume time and somehow useless since people can anytime hide their assets or money in other address because they cant force you if you have another address even they would try to seek out i can say it would be useless.Imposing tax is possible only on the services you do use. 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?
In my country we do pay taxs with cryptocurrencies, if you made profits from buying and selling. If you just hold then it's ok. We don't need to give adress to show proofs i guess it is based on trust. But i can tell you some exchanges are highly watched so if you're receiving large amounts be sure they won't need your report.
Hiding cash under your bed or gold bar also tax evasion which is illegal, if government really regulate and taxed bitcoin it is better just report and pay the tax, it is possible to hide bitcoin but when you want to change it to fiat or spend it the government will know about it
i don't know why people are so weird about taxes when it comes to bitcoin. i get that none of us are happy about paying taxes but why is it always different when it comes to bitcoin!
people pay taxes on literary anything you can think of with no complains but when it comes to paying taxes on owning bitcoin, using bitcoin, trading, etc they all start protesting vigorously!
it is the same as asking you to report all the properties you own!
People talk about bitcoin tax as it is anonymous and nobody has any record to match its owner but i do think bitcoin is no different from forex trading or share trading that you do ,in both cases you invest to gain profit then deposit them in bank .it is wrong when you hold a good amount of money with yourself without any record.simply put money in bank and go with ease. people pay taxes on literary anything you can think of with no complains but when it comes to paying taxes on owning bitcoin, using bitcoin, trading, etc they all start protesting vigorously!
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 ...
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 ...
it is the same as asking you to report all the properties you own!
i don't know why people are so weird about taxes when it comes to bitcoin. i get that none of us are happy about paying taxes but why is it always different when it comes to bitcoin!
people pay taxes on literary anything you can think of with no complains but when it comes to paying taxes on owning bitcoin, using bitcoin, trading, etc they all start protesting vigorously!
it is the same as asking you to report all the properties you own!
people pay taxes on literary anything you can think of with no complains but when it comes to paying taxes on owning bitcoin, using bitcoin, trading, etc they all start protesting vigorously!
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 ...
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 ...
it is the same as asking you to report all the properties you own!
...ok guys.
In my country we can pay the power bill and buy tickets for railway, we can even pay some taxes with btc.
What I'm talking about, if every country is treating btc as a currency, then, it is not different to cash to tax it.
It makes it even much, much easyer. Think twice before you post...
but thanks for replay ;-)
In my country we can pay the power bill and buy tickets for railway, we can even pay some taxes with btc.
What I'm talking about, if every country is treating btc as a currency, then, it is not different to cash to tax it.
It makes it even much, much easyer. Think twice before you post...
but thanks for replay ;-)
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