Topic: Is Taxing Bitcoins Possible? (Read 741 times)
Taxation of bitcoin is possible if the government or any business establishment will legally accept bitcoin for payments and it can be done during payments by adding the price of a subject or items paid with btc. In my country.there is an existing value added tax, but it can be add on if they want too.
I have been thinking of this for long and the reason being that a lot of bitcoin transaction is going online everyday in many countries and i think government can generate IGR from this if possible. I am not a programmer and i have a little knowledge about bitcoin technologies but i just want to know if it is possible.
Well for me bitcoin cannot be subjected to tax. Because it is very impossible to tax persons who are using or earning bitcoins. Simply because transactions are untraceable. It would take so many times and extensive planning and study to just tax our earnings from bitcoin. The only thing maybe the government can do is to regulate bitcoin.
It's not directly possible to have your Crypto taxed. However, if you exchange your crypto to Fiat currencies and then withdraw your funds into a bank account then they will get taxed. Everything that's shown as an income is taxed, you can avoid it though if you are dealing in person.
It is possible to tax bitcoin investments but no bitcoin itself, I think this will work when you will be cashing out your earnings, it will happen will your online wallet, whenyou make transfer from your wallet to your bank, the money will be deducted for fees and taxes accordingly. I think this is the most viable option for bitcoin taxation.
I think the only option that would all transactions are taxed is to control all exchangers
I have been thinking of this for long and the reason being that a lot of bitcoin transaction is going online everyday in many countries and i think government can generate IGR from this if possible. I am not a programmer and i have a little knowledge about bitcoin technologies but i just want to know if it is possible.
Well for me bitcoin cannot be subjected to tax. Because it is very impossible to tax persons who are using or earning bitcoins. Simply because transactions are untraceable. It would take so many times and extensive planning and study to just tax our earnings from bitcoin. The only thing maybe the government can do is to regulate bitcoin.
I have been thinking of this for long and the reason being that a lot of bitcoin transaction is going online everyday in many countries and i think government can generate IGR from this if possible. I am not a programmer and i have a little knowledge about bitcoin technologies but i just want to know if it is possible.
Well for me bitcoin cannot be subjected to tax. Because it is very impossible to tax persons who are using or earning bitcoins. Simply because transactions are untraceable. It would take so many times and extensive planning and study to just tax our earnings from bitcoin. The only thing maybe the government can do is to regulate bitcoin.
Taxing bitcoin is possible, if only bitcoin is dolly register with appropriate government authority, for proper regulation, taxing bitcoin can make bitcoin global acceptable, like others hot currency,.
and it is possible for you to have a bitcoin tax because bitcoin users make a lot of money and little to lose their income when bitcoin is taxed in the Philippines.
The government does not conduct tax financial transactions, they gain tax benefits or income from income-generating traders. The same rule applies to cryptocurrencies. And usually you as a law-abiding citizen follow your country's tax law and declare your income. If you do not, and they know, big fines and possible imprisonment.
Taxing bitcoin is not possible, because the system is decentralized, is not control by single administration authority, individual are in control his or her bitcoin, so who do government tax? Do to this reason, it make it difficult for bitcoin to be taxable.
but a lot can still be done if government is able to work with those companies that sells bitcoins, at least they can take the data of those who they sell to etc.
Taxing bitcoin is not possible, because the system is decentralized, is not control by single administration authority, individual are in control his or her bitcoin, so who do government tax? Do to this reason, it make it difficult for bitcoin to be taxable.
They cannot tax bitcoin directly the same way they do with your dollars, in my country the government already subtract your due taxes from your paycheck so there is nothing to do, but this is impossible with bitcoin, only when you try to cash out to fiat you will need to give an explanation of where you got that money and pay taxes on it but if you keep holding your bitcoin then you are safe.
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Yes I agree with you they only be able to tax local currency or FIAT but it is impossible to tax bitcoin. In my country its when the bitcoins has been converted and becomes local currency then the banks charges you for VAT (Value Added Tax) on your account balance in local currency. If you hold more than necessary in your personal account you are going to have answer some questions on how you come about the money. So bitcoin cannot be taxed
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Yes I agree with you they only be able to tax local currency or FIAT but it is impossible to tax bitcoin. In my country its when the bitcoins has been converted and becomes local currency then the banks charges you for VAT (Value Added Tax) on your account balance in local currency. If you hold more than necessary in your personal account you are going to have answer some questions on how you come about the money. So bitcoin cannot be taxed
I am not an expert in taxation but I think it is impossible, because the government can not calculate how many bitcoins are owned by its citizens, unless they have access to calculate and of course have to cooperate with the bank and exchange
Its not possible to tax bitcoin owners because the system is decentralized generally and all users have total control individually to their funds in bitcoins form. The government cannot also track the record of people who own what number of bitcoins how much more tax them for the number of bitcoins they.
I have been thinking of this for long and the reason being that a lot of bitcoin transaction is going online everyday in many countries and i think government can generate IGR from this if possible. I am not a programmer and i have a little knowledge about bitcoin technologies but i just want to know if it is possible.
They cannot tax bitcoin directly the same way they do with your dollars, in my country the government already subtract your due taxes from your paycheck so there is nothing to do, but this is impossible with bitcoin, only when you try to cash out to fiat you will need to give an explanation of where you got that money and pay taxes on it but if you keep holding your bitcoin then you are safe. 
I think that's so possible. According to me, the government will give tax for 'bitcoiners' after they makes bitcoin legal.
Actually can be once and not the fact that someone can find out if you have Bitcoin or not, no wonder her Satoshi has created just one word anonymity. Great quote.And in this terrible world comes the one. He rebelled against the system. He taught people to get money to bypass all of these financial bloodsuckers.
I have been thinking of this for long and the reason being that a lot of bitcoin transaction is going online everyday in many countries and i think government can generate IGR from this if possible. I am not a programmer and i have a little knowledge about bitcoin technologies but i just want to know if it is possible.
Not until people or the tax payers themselves decide to self declare their income to the government. I mean the exchanges can be said to meet KYC compliance but you can't say the same thing for the private key wallets as they are public wallets with no central company owning them. So taxing your bitcoin in private key wallets is next to impossible. All they can do is monitor exchange transactions and tax them. I think that's so possible. According to me, the government will give tax for 'bitcoiners' after they makes bitcoin legal.
Actually can be once and not the fact that someone can find out if you have Bitcoin or not, no wonder her Satoshi has created just one word anonymity. Great quote.And in this terrible world comes the one. He rebelled against the system. He taught people to get money to bypass all of these financial bloodsuckers.
hmmm yeah? if the government said so it will have taxes else, a government can banned bitcoin in their country.
Everything will be possible by using bitcoin as the payment for anything transaction we made, not only taxing bitcoin payment but also we can do more payment by using in another transaction like we made the payment from buying and selling drinkwater, food, electronic and many more. When the some country have accepted the bitcoin we can make many transaction by using bitcoin as the payment, but if your country still not allow fro using bitcoin as the payment like Indonesian, Malaysian you will not be able using bitcoin.
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