Topic: Japan Debates Its Bitcoins Tax (Read 2579 times)

 I think it will more favourable if the bitcoin is being tax since it is very vital in the government and all country have a possibility to accept it.

Actually it must be imputed by the tax in the bitcoins.  The taxation in different countries is very essential since it is the life blood doctrine of the state in order to implement a well-organized society. 
I think it should be implemented by tax in order by whole nation to accept the cryptocurrencies in their respective countries.  It will be a win-win situation by both parties if this such thing may happen.

This is the only way which will be beneficial for the country economy as they will get huge amount of money from the taxes if structured properly. Thus users will need to pay the tax on the profits  accordingly and in turn government economy will also boost as they will get an additional source of revenue form cypto currency.

That was quite expected from a newbie . Bitcoin can be taxed for sure .
Many countries have already starting taxing Bitcoin and others are either thinking to tax it or ban it .
The fact is , that almost all the countries which have accepted and legalized bitcoin have also regulated and taxed it because it seemed the easiest and obvious way for the government to keep the things in their control even the revenue that people get out of crypto currency .
This is frustrating and disappointing because many people tend to join bitcoin for the sake of being tax free .

When the government requires payment of taxes it has to do primarily with their own obligations. Taxes this is not a tribute. This is a payment of people services for the proper administration of the state. The government think otherwise. They became bandits who do nothing and Rob people. That's why I'm against taxes in bitcoins. The creation of cryptocurrencies is an attempt of people to build its economy.

It's like any other country, bitcoin is not taxed, the money you get from cashing out from bitcoin is taxed

I like people who don't think they're going to be taxed, because it's a little special. If you have money, it will.

Yeah. I also think that taxation is all crypto profit is going to be an usual thing, the same as taxation of our fiat profit.

Unclear at best.
A large portion of traders and one of the major exchanges here recommends declaring profits as "misc. income" which means for MOST income tax brackets they will be taxed at a higher rate than the current capital gains tax in Japan.
Capital Gains tax would be better for most people, especially if you made a huge profit.
However, there is no clarity.
People who don't sell won't have any problems though.

When I was having a seminar, our speaker told us that in Japan bitcoin is really known, it has a great impact in that country since it really adopted the crypto currency idea and the rumor creator named By a Japanese word satoshi nakamoto. Every exchange sites pays tax. Bitcoin is a currency considered as fiat in Japan even thou it's digital so the government officials permitted to put a tax on it.

I also have the same opinion with you. Fair taxes, and bitcoin legally for investment, trading, or transactions and government provide legal protection. That is the thing I really dreamed of.

Of course bitcoin can be taxed but the process will be hard because its a digital money and not all people know about it. Too many countries didnt legalize bitcoin yet so it has no tax yet but if the time passes maybe sooner or later it can have a tax already.

I don't have any issues, as long as the rates (GST/VAT, capital gains tax, and income tax) are reasonable. For their part, Japan did the right thing by legalizing Bitcoin and the exchanges which trade crypto-currencies. Here in India, the tax authorities are trying to bully the crypto users by sending legal notices to anyone they suspect of trading in crypto-currency.

Taxing the ownership of Bitcoin may be challenging to implement. Usually, the best way is to tax the capital gains out of owning Bitcoin or any cryptocurrency for that matter. When a Bitcoin holder decides to encash or convert his holding into cash then the difference when he bought it and when he sold the same will be subjected to tax.

However, it can also be possible to implement some sort of a sales tax applicable when a person is buying Bitcoin and usually can be collected by the seller or the exchange. The government has to always remember that there is a certain level when tax can be effective and beyond that level some people can be sorting into hidden ways to deal with Bitcoin. The only upside with taxation is that the government has no choice but to recognize that something which it plans to taxed for.

Most of country still not legalized bitcoin yet, so I think hard to run pay tax. But for Japan already legalized bitcoin, so they can set rules for tax.
Actually collecting tax for some country it will help income for that country.

Most of the countries are struggling hard to form a effective revenue policy for BTC transaction. Even Indian govt. has formed a committee to analyse BTC users and decide the fate of BTC in India. This committee is working hard to form a set of rules to regulate the Bitcoin.

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For me it is good thing that a certain country will be benefits by collecting tax thru bitcoin earnings because we are proud that bitcoin will help the economy of a certain country to become rich, strong and stable including their citizens to prosperity as long as no corruption will involve. Some holders are affraid of bitcoin tax because their earnings will going to reduce in which a selfish act.

Yeah, it's intriguing to watch this play out. On one hand, it seems like many governments/central banks are acknowledging that they can't control cryptocurrencies and are focusing on taxation and investor-focused regulations. Part of me thinks, "maybe Bitcoin could be a normal commodity like gold."

But in the context of devaluing fiat currency, cryptocurrencies begin to look attractive. Why store value in the declining dollar when everyone else is dumping their money into growing math-based currencies? Could they really begin to threaten governmental monetary sovereignty? And if so, what will governments do then?

Maybe we'll start to see more bans on cryptocurrency businesses, mining and even payments. Then maybe we'll see how resilient Bitcoin really is!

Is the government seriously considering to treat Bitcoin like other currencies? If yes, that would be highly interesting in a age of negative interest rates.