Is Taxing Bitcoins Possible? - page 3.

mistanama

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Quote from: investerS on January 22, 2018, 04:59:32 AM

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.

It is possible to tax the bitcoin. When the government enters the bitcoin? we can not do anything. When the government is giving it, people can do nothing. We will just follow it because that's their law. But hopefully they would not, tax the bitcoin. Let's just have the bitcoin to benefit people who really need money. Bitcoin is the hope of people to rise to life.

BlackPanda

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Quote from: 2gether on January 24, 2018, 05:59:29 AM

Quote from: UAE Seasider on January 24, 2018, 05:57:51 AM

I think we are all aware of the regulations being imposed by the IRS in the United States of America, where the onus is on the individual to volunteer the information of their financial activities. They are planning to tax any capital gain on each and every crypto transaction. Sure other countries will try and do the same at some point so maybe think of relocating to somewhere more sympathetic with your philosophy

I suspect that this will increasingly become the rational for legislation. We will see taxes on cryptocurrency gains become normal. I don't think each move should be taxed but rather the eventual payout should be, if it has to be, the only thing subject to a countries taxation code.

Perhaps the rationale is the application of taxes and our honest sense of the amount of assets we have. If this is approved then most likely crypto could be a thing that can be used freely, with the regulation of the position of crypto will be stronger. Oh yes tax withdrawal is also very possible if applied to the exchange, by applying the amount of withdraw that we do then the exchanger company that will deposit the tax of its users. This can be an alternative because with so Crypto transaction flow can be more organized.

oppasong

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In my opinion, if bitcoin income is taxed then it is a good move. Income bitcoin is very reasonable to tax. Because most investors have very high profits. By paying taxes then we at least have helped the government in building this beloved country.

daniweb

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I don't think this is possible because it's gard for the government to track it. The taxing is possible only when you withdraw it

jkinit2125

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Bitcoin is a decentralized coin. That is the key asnwer for that question. What does decentralized means? It means BItcoin itself is nothing but independent. No one controls it. Even Governments of different countries. Or even what you known the powerful country ever existed. BEcause bitcoin is decentralized. You can obtain bitcoin through mining, faucets, but you cannot control it. So how does that correlate to the question? It means Bitcoin cannot be taxed directly. But in the world where the tax is the lifeblood of the Government, it can. Indirect taxes would be its name. Your earnings through bitcoin will be converted to fiats. That is the moment you are to be charged for taxes to your earnings. That means, even Bitcoin and cryptocurrency is in underground economy, it is still possible, earnings from it will go to the Government.

Asusnumbaone

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Quote from: londoireng on January 22, 2018, 05:07:29 AM

Im not an expert too, but in my point of view its almost imposible to do that. Cause is untracable right ? if you dont know who hold it can you tell that people to pay the tax, for example i live in the usa where tax is mandatory but goverment have no proof that i have bitcoin. can they taxing that ? Spoiler allert, if you not tell them that you had, they cant.

It is possible. Yes, because bitcoin can be ban in the country so it is possible. Government can collect the addresses of the bitcoin holders and ask them to register first their bitcoin address but it will takes a lots of process. The government will make a system so that they can compile the address and personal information of the user and also they have to make a law about the bitcoin. Unregistered bitcoin address will become illegal in that country and it will become a crime. Government can do that if the government is willing to put tax in the bitcoin. Also if they do that, they acknowledge the bitcoin to become the digital currency in that country.

2gether

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Quote from: UAE Seasider on January 24, 2018, 05:57:51 AM

I think we are all aware of the regulations being imposed by the IRS in the United States of America, where the onus is on the individual to volunteer the information of their financial activities. They are planning to tax any capital gain on each and every crypto transaction. Sure other countries will try and do the same at some point so maybe think of relocating to somewhere more sympathetic with your philosophy

I suspect that this will increasingly become the rational for legislation. We will see taxes on cryptocurrency gains become normal. I don't think each move should be taxed but rather the eventual payout should be, if it has to be, the only thing subject to a countries taxation code.

UAE Seasider

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I think we are all aware of the regulations being imposed by the IRS in the United States of America, where the onus is on the individual to volunteer the information of their financial activities. They are planning to tax any capital gain on each and every crypto transaction. Sure other countries will try and do the same at some point so maybe think of relocating to somewhere more sympathetic with your philosophy

Zab_O

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If exchanges are regulated by the Government - then yes. Also, if you withdraw fiat and the bank knows it's from selling cryptocurrency, it might be taxed (if the government decides so).

b3llsf1l3s

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Quote from: webdevmastery on January 23, 2018, 09:51:54 AM

Quote from: investerS on January 22, 2018, 04:59:32 AM

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.

Yes it is possible if government will handle the cryptocurrency in different countries. It was a very bad idea if they will place tax on bitcoins since the tips on exchanger is very expensive today. Placing a tax on bitcoins is a very bad idea for the government it was like they will only milk the miners from getting taxes to them.

i think its a impossible thing, due a lot of bitcoin addresses, and people can make multiple bitcoin addresses i think that was impossible.
did government want to track a whole of bitcoin addresses ? i dont think so, it really need a lot of time

MCVXYZ

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Quote from: VitKoyn on January 22, 2018, 06:59:51 AM

Quote from: investerS on January 22, 2018, 04:59:32 AM

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.

It is possible to have tax in Bitcoin if you transact using centralized exchange that holds your identity and when you convert your Bitcoin to paper money, but I think it is impossible to put tax in all Bitcoin transactions especially if you use over the counter that is used to buy and sell massive amount of Bitcoin. There's nothing to worry about this if your country does't have a tax regulation about cryptocurrency gains but if IRS in your country declared it as an asset then you should pay your tax, and report to them every transaction you made.

Yes I think the same thing about this,Of course Its possible to have tax if you transfer your funds using financial sector wich has centralized administrator or there are identificator documents in any centralized service wich you use..As in South korea,wich is good example:Financial commision of South korea has just announced that exchanges will be obliged to send transaction information of traders to the banks,wich i think is nonsense.but for this there must be legislative basis in your Country.

Aneuk cabang

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with my knowledge in crytocurrency, i guess it almost imposible to make bitcoin and others taxable. but nothing is imposible, japan used to accept bitcoin but i dont know if they have found away to make bitcoin taxable

novhitadaloma

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for the time being this may not have been in taxes, because there is no law that regulates about bitcoin. but maybe if it is set or in sahkan, income from bitcoin must taxable.

buinchain

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I think this is very difficult, but it is possible. Enlightened by the profits of cryptocurrency governments envy, I think they are looking for excuses to rectify cryptocurrencies, taxation is a good excuse for them to take the opportunity to take the opportunity to formally join the bitcoin world.

Samueltalk

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if this time can not be taxed, because in my country has not been made legislation but if it was inaugurated by the government it could be in taxes.

TheGodFather

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Quote from: investerS on January 22, 2018, 04:59:32 AM

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.

During its stay in the network or in the internet nothing can ever tax it however once you try to encash it and change it to something real and physical then that would be hhe time that regulations and taxation would take place and would really be susceptible to all these sanctions as they are now in the real world and can now be handled by anyone and everyone

marydale

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Equitybase

In my opinion, yes it is possible! Government can find a way in tracking transactions and impose tax on it. However, it would be quite tricky to do so since transactions are done by people that didn't use real name but aliases or screen names.
But it will be a good leap in cryptocurrency, could mean that government now recognizes the digital currency

CarylnBoy

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I think tax can not be bitcoins. But it really depends on the country, taxing bitcoins is a very bad idea for the government, just as they only allow miners to collect taxes for them. And the government is hard to know how many bitcoins a person has.

BtcBling

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Quote from: investerS on January 22, 2018, 04:59:32 AM

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.

Yes, the government can tax Bitcoin if we will change it to fiat or vice versa. It is already happening in African and Asian countries. In our country, our Central Bank already created a regulation that stated all Bitcoin conversion is submitted to tax. There are a transaction fee and remittance tax on the transaction that I have made.

Finestream

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Quote from: gordeevaar on January 24, 2018, 01:15:05 AM

It is already taxable. In fact, in my country government is strictly after big investors and had issued them tax notices for investment in crypto.

But in our country,bitcoin is not yet adopted by the government so they cannot impose taxes on it.Although i believe that there are lot of bitcoin users in our country which remain anonymous,still the government have not taken actions provided that all bitcoin users and investors should pay taxes in all their transactions.

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