Japan Debates Its Bitcoins Tax - page 2.

1NV3ST0NM3

full member

Activity: 420

Merit: 110

Quote from: Amph on March 23, 2016, 02:51:08 AM

of course it can be taxed, if a citizen that use bitcoin want to declare his revenue from it, it will be taxed like any other fiat money

taxing directly bitcoin is a bit more difficult for the government if their citizenz are not willing to help by declaring their income per year

I highly doubt that someone would declare his income himself as most of the investors of bitcoin are using it as a tool for merely tax evasion. Expecting complete income declaration from such people is highly difficult considering that no govt. Can tax merely a private key or wallet address.

Quote from: BellaBitBit on April 10, 2016, 11:59:13 AM

Why wouldn't it be taxed. It is money. These kinds of debates are a good thing for bitcoin and can help with further adoption by making newcomers see it is treated like a real currency.

What makes you say that its money? Its merely a commodity or more precisely an investment if we look properly. A currency is easily transferable moreover for the purposes of tax must be valid in eyes of law too. Bitcoin shows no such traits. It can only be taxed once it is realized in form of local currency.

Quote from: RealKhan on December 18, 2017, 05:57:56 AM

Most Japanese (like most westerners, I think) are still pretty much unaware of the profound significance of the blockchain, much less how it might change the world. The typical Japanese person knows very little about bitcoin, though there are enough buying it to strain the exchanges now.I think many see it as a way of hedging against a collapse of the yen, though I expect purchases will pick up.

I think you are mistaken. Japan highly appreciates bitcoin and blockchain moreover the fact that japan is the birthplace of bitcoin makes them even more attracted towards it. I think japanese people know much more about it than any westerner and they have incorporated its use much widely than western world. Even the japanese authority openly appreciates the beauty of blockchain and bitcoin.

bajigur894784

member

Activity: 350

Merit: 10

really a complicated situation.
when bitcoin is adopted by a country, then the government of that country will impose a tax on bitcoin.
it will certainly lead to pros and cons, because on the other hand investors will switch to buy and sell bitcoin in foreign markets are relatively cheaper and without tax.

Argoo

sr. member

Activity: 2352

Merit: 245

To impose a bitcomne tax the state can take some measures on this issue.
First, the state simply can oblige all citizens to voluntarily pay tax on profits from operations with bitkoyn, while establishing criminal liability for tax evasion. Many will be afraid of such responsibility and voluntarily declare their incomes in bitkoyne.
Secondly, the state can oblige all banks, exchangers, and exchanges for the purchase and sale of crypto-currencies to automatically incur additional income from such operations. At the same time, either there will be an obligation to provide your documents and other data for identification of the person, or not.

RealKhan

newbie

Activity: 34

Merit: 0

Most Japanese (like most westerners, I think) are still pretty much unaware of the profound significance of the blockchain, much less how it might change the world. The typical Japanese person knows very little about bitcoin, though there are enough buying it to strain the exchanges now.I think many see it as a way of hedging against a collapse of the yen, though I expect purchases will pick up.

Belkaa

newbie

Activity: 39

Merit: 0

Japan is one of the digital currency front runners, and it has already legalized the use of digital currencies. Recently it issued licenses to 11 bitcoin exchanges, showing the bond between Japanese regulators, the exchanges, and the crypto community.

Laland

full member

Activity: 317

Merit: 104

Bounty manager

Quote from: exstasie on December 16, 2017, 05:52:48 PM

Quote from: Kemarit on December 16, 2017, 12:09:23 PM

Quote from: Lancusters on December 16, 2017, 10:03:03 AM

I don't agree. There will be attempts by the state to its part of the money from the users. But I think that everything depends on us. If we don't want to pay taxes on our income then nothing happens. It is impossible to ensure the collection of taxes only repressive methods. The more pressure States the more we go into the shadows.

If you don't declare your bitcoin or crypto's I don't think that the government can tax it. So you might as well store you crypto's in your wallet and just hold on it for as long as you can. The problem lies when you want to cash it out. You need to go to a exchange to do that. But exchanges requires your identification for KYC/AML compliant. So there's the issue now.

Now that Bitcoin is going mainstream, it's time to get smarter about privacy than that. Exchanges that are AML/KYC compliant are just the lowest hanging fruit. There are many other ways to link wallets to identities. Many millions of dollars have been pouring into blockchain analysis companies. For example, the IRS is already working with Chainalysis and using its software to identity tax evaders.

These companies crawl the internet drawing links among addresses, and the scary thing is that people tend to leave lots of tracks behind: sloppy use of UTXOs/lack of mixing, lack of TOR use = lots of cookies and IP evidence left behind, etc. This shit all gets stored in a database somewhere and someday, it could come back to haunt us if we aren't careful, since the blockchain is permanent and public. Because of the volume of new investor activity, the focus is on exchanges now. But long term, we need to get smarter.

This one for is one of the most realistic issues on how bitcoin would pull people down. It just depends on each cash services in our country on how they would address issues like these. If they would give info about their costumers, then it would just lead to some issues regarding privacy and that company would just go down. Because it is a risk also for these exchange sites if they got caught by some identity notifications.

exstasie

legendary

Activity: 1806

Merit: 1521

Quote from: Kemarit on December 16, 2017, 12:09:23 PM

Quote from: Lancusters on December 16, 2017, 10:03:03 AM

I don't agree. There will be attempts by the state to its part of the money from the users. But I think that everything depends on us. If we don't want to pay taxes on our income then nothing happens. It is impossible to ensure the collection of taxes only repressive methods. The more pressure States the more we go into the shadows.

If you don't declare your bitcoin or crypto's I don't think that the government can tax it. So you might as well store you crypto's in your wallet and just hold on it for as long as you can. The problem lies when you want to cash it out. You need to go to a exchange to do that. But exchanges requires your identification for KYC/AML compliant. So there's the issue now.

Now that Bitcoin is going mainstream, it's time to get smarter about privacy than that. Exchanges that are AML/KYC compliant are just the lowest hanging fruit. There are many other ways to link wallets to identities. Many millions of dollars have been pouring into blockchain analysis companies. For example, the IRS is already working with Chainalysis and using its software to identity tax evaders.

These companies crawl the internet drawing links among addresses, and the scary thing is that people tend to leave lots of tracks behind: sloppy use of UTXOs/lack of mixing, lack of TOR use = lots of cookies and IP evidence left behind, etc. This shit all gets stored in a database somewhere and someday, it could come back to haunt us if we aren't careful, since the blockchain is permanent and public. Because of the volume of new investor activity, the focus is on exchanges now. But long term, we need to get smarter.

barbenoire123

member

Activity: 126

Merit: 10

Solution for reliable global money transactions

yes it can be taxed, if a user who uses bitcoin wants to declare his income and those bitcoin traced ,

Kemarit

legendary

Activity: 3080

Merit: 1353

Quote from: Lancusters on December 16, 2017, 10:03:03 AM

Quote from: European Central Bank on April 10, 2016, 08:14:11 PM

I love the guys on here who don't think it's gonna be taxed because it's kinda special. If there's money in it then it will.

I don't agree. There will be attempts by the state to its part of the money from the users. But I think that everything depends on us. If we don't want to pay taxes on our income then nothing happens. It is impossible to ensure the collection of taxes only repressive methods. The more pressure States the more we go into the shadows.

If you don't declare your bitcoin or crypto's I don't think that the government can tax it. So you might as well store you crypto's in your wallet and just hold on it for as long as you can. The problem lies when you want to cash it out. You need to go to a exchange to do that. But exchanges requires your identification for KYC/AML compliant. So there's the issue now. The government will know how much bitcoin you got or how much are funds you are moving through blockchain. And you know what's next, they will go after you for non payment of tax, so its gonna be ugly. But as far as Japan is concern, since they already legalized so I don't think they need to tax if, but I could be wrong here.

Edit: https://cointelegraph.com/news/its-official-japan-has-eliminated-tax-on-bitcoin-rise-in-trading-expected

Its an old article though, maybe they have updated it or something. But I'm not sure.

Lancusters

sr. member

Activity: 630

Merit: 263

Quote from: European Central Bank on April 10, 2016, 08:14:11 PM

I love the guys on here who don't think it's gonna be taxed because it's kinda special. If there's money in it then it will.

I don't agree. There will be attempts by the state to its part of the money from the users. But I think that everything depends on us. If we don't want to pay taxes on our income then nothing happens. It is impossible to ensure the collection of taxes only repressive methods. The more pressure States the more we go into the shadows.

atileture

member

Activity: 258

Merit: 57

Quote from: kipibtc on March 22, 2016, 11:24:01 AM

Didnt even know Bitcoins could be taxed.

Here is the article:

http://waldorftrust.com/blog-post/japan-debates-its-bitcoins-tax/

No bitcoin is free and can’t be taxing only pay small fee when sending.

only exchange to cash can be taxed by government.

crzy

full member

Activity: 2128

Merit: 180

Quote from: Amph on March 23, 2016, 02:51:08 AM

of course it can be taxed, if a citizen that use bitcoin want to declare his revenue from it, it will be taxed like any other fiat money

taxing directly bitcoin is a bit more difficult for the government if their citizenz are not willing to help by declaring their income per year

And who wants to pay taxes and go directly to the pocket of corrupt government ? bitcoin can be really taxable and they can mandate its people to declare their income simply because the technology of bitcoin that makes it more unique, I think government should support everyone because it can boost the economy.

codehtcmail

sr. member

Activity: 1192

Merit: 260

Tryig to survive in this harsh world

If Japan is taxing Bitcoin then for me they are implicitly acknowledging it as real money.

beerlover

legendary

Activity: 3052

Merit: 1188

It is money so it will definitely be taxed. In that way, bitcoins are regulated in a manner. However, it is kind of unfair for the Japanese if only Japan would have bitcoins tax.
I also read that the proposed tax for bitcoin transactions is 8%. Isn't that a little... high?

TastyChillySauce00

legendary

Activity: 3010

Merit: 1028

Leading Crypto Sports Betting & Casino Platform

Quote from: cardseller121 on April 10, 2016, 05:15:53 AM

Its hard to tax them looking how they can be hard to trace

only company will be taxed for its profit and revenues,and maybe every transaction on few online shops which accept bitcoin will be taxed as well and will be added into payment billing

7788bitcoin

legendary

Activity: 2282

Merit: 1023

Glad to know Japanese Government is working on Bitcoin regulation. However, can a bitcoiner pay his/her tax using... bitcoin- since it may be considered as money?

It will be big news if Japanese Government becomes the first to put on the "BITCOIN ACCEPTED" signs outside their tax office.

European Central Bank

legendary

Activity: 1288

Merit: 1087

I love the guys on here who don't think it's gonna be taxed because it's kinda special. If there's money in it then it will.

BellaBitBit

hero member

Activity: 756

Merit: 500

Why wouldn't it be taxed. It is money. These kinds of debates are a good thing for bitcoin and can help with further adoption by making newcomers see it is treated like a real currency.

cardseller121

member

Activity: 80

Merit: 10

Its hard to tax them looking how they can be hard to trace

tobacco123

sr. member

Activity: 552

Merit: 250

Yes, bitcoin can be taxed but the process could be a bit challenging. This is why the government of many countries decided to define it as non-taxable for the time being.

However, if bitcoin continue to grow, new regulations will sure come out to include bitcoin use in tax.

Topic: Japan Debates Its Bitcoins Tax - page 2. (Read 2579 times)