Knowing your tax liability | Bitcointalksearch.org

Tigorss

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Quote from: cryptopulsepodcast on April 18, 2018, 01:21:43 PM

Hey Folks,

I know this might not be everyone's favorite topic but we've done a podcast episode on knowing your Tax Liability!

You can listen here:

iTunes https://itunes.apple.com/us/podcast/id1333545783

Website https://www.cryptopulse.co.uk/episode-18/

Whilst it's most applicable for UK listeners, it contains some valuable info. Hopefully, it clears up and questions people have on this topic!

If anyone else has country-specific tax information perhaps you can share it in the comments?

the government is applying taxation to those bitcoin users. There must be a reason because as you said at the source you apply the government starts applying taxes so the government can reduce criminal acts and benefit from bitcoin users, I think that's a very natural thing when it comes to crime.

Bharat24

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For our countries growth it is our moral duty to pay taxes.

Biscutard

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Quote from: gantez on April 23, 2018, 09:34:23 AM

Knowing your tax liability is good and it helps you to plan on your income. It also makes an individual a responsible citizen. Evading tax payment is a crime.

It is not a crime unless no one knows you are evading but for the sake of fear that you might someday surprise that the authority knocking on your door one day. That's why you are obliged to pay for it if your name was on the list. Anyway, it should be better if we don't evade taxes because taxes are the ones helping our countries to become a better place.

darkangel11

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Quote from: cryptojac17 on April 24, 2018, 07:37:06 AM

As a citizen it is your moral obligation to pay taxes, if you pay taxes your government can serve better and you'll be protected against criminality, better infrastructure and better services and environmental protection.

Oh, please, stop with the preaching. Just like the US government was protecting people from alcohol by beating the shit out of them during the prohibition and later they were protecting the society from communism during the cold war. If that was not enough they went on to protect the Vietnamese from communism and the world from those non-existent nukes that Saddam had... all with taxpayers money. Do you need such protection? I sure don't.

BTCeminjas

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Quote from: Tapyaks72 on April 24, 2018, 10:14:24 AM

Paying taxes is the obedient of the law even how your government officials spend your taxes, but still you obligation to pay taxes. Even if government not officially implementing taxes on cryptocurrency if you earn out of cryptocurrency investment you're obligated to pay taxes as an entrepreneur because in the end if somebody traces your tax evasion you will be finalized.

Yeah, even any kind of business in the institution we have to obligate pay the tax in order to obey the rules and regulation.
But speaking of paying tax in crypto we are lucky enough here our country because my government has not implemented a law regarding crypto to pay tax. At this moment we much enjoy using crypto here without any deducting tax from our government and hopefully, there are no changes regarding this.

Tapyaks72

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Quote from: Harlot on April 23, 2018, 12:02:41 PM

Quote from: stomachgrowls on April 20, 2018, 04:50:10 PM

Quote from: darkangel11 on April 20, 2018, 04:24:21 PM

Quote from: Palmerson on April 20, 2018, 09:55:52 AM

It seems to me that the more popular the topic will be how to avoid paying taxes. Why do people voluntarily agree to pay taxes on the use of cryptocurrencies? In order to pay taxes, the government must provide full support to users. We can't see. That's why I don't feel obligated to pay taxes.

Not all countries require you to pay taxes on your crypto trades. Most of them want to have a percentage of your crypto to fiat trades, but crypto to crypto transactions are outside their interest and jurisdiction. Personally, I will not voluntarily disclose my crypto addresses to government institutions and I won't share any information regarding my cryptocurrency transfers. I'm also against taxes in general, but I'm not going to go to war with a bully that is much stronger than me. That's why if you trade for fiat and your country demands taxes it's either pay up or change the country.

My view about tax is really just an obligation which it isnt really should comes to a point on where we do against it since we do know that it do really help a certain countries economy for it to progress.Im a tax payer but would only be deducted to my day stable job.For now cryptocurrency things like exchange coins to fiat doesnt still have any tax being implemented.For some countries you are liable to have deductions but im sure sooner or later government would really have such act.

It is not whether you feel obligated or not, having a tax liability is a obligation itself to your country and to your fellow citizens. It may sound bad depending on how your country manages your fund but even so tax is the lifeblood of a nation and without their main source of income your country might suffer economically speaking. For most countries they are paying a fixed rate when it comes to capital gains tax which means whether you are rich or poor you are still paying the same cut as what the other men is paying, this shows that not all taxes gives burden to the citizen as taxes are not created to give burden in the first place.

Paying taxes is the obedient of the law even how your government officials spend your taxes, but still you obligation to pay taxes. Even if government not officially implementing taxes on cryptocurrency if you earn out of cryptocurrency investment you're obligated to pay taxes as an entrepreneur because in the end if somebody traces your tax evasion you will be finalized.

cryptojac17

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Quote from: Harlot on April 23, 2018, 12:02:41 PM

Quote from: stomachgrowls on April 20, 2018, 04:50:10 PM

Quote from: darkangel11 on April 20, 2018, 04:24:21 PM

Quote from: Palmerson on April 20, 2018, 09:55:52 AM

It seems to me that the more popular the topic will be how to avoid paying taxes. Why do people voluntarily agree to pay taxes on the use of cryptocurrencies? In order to pay taxes, the government must provide full support to users. We can't see. That's why I don't feel obligated to pay taxes.

Not all countries require you to pay taxes on your crypto trades. Most of them want to have a percentage of your crypto to fiat trades, but crypto to crypto transactions are outside their interest and jurisdiction. Personally, I will not voluntarily disclose my crypto addresses to government institutions and I won't share any information regarding my cryptocurrency transfers. I'm also against taxes in general, but I'm not going to go to war with a bully that is much stronger than me. That's why if you trade for fiat and your country demands taxes it's either pay up or change the country.

My view about tax is really just an obligation which it isnt really should comes to a point on where we do against it since we do know that it do really help a certain countries economy for it to progress.Im a tax payer but would only be deducted to my day stable job.For now cryptocurrency things like exchange coins to fiat doesnt still have any tax being implemented.For some countries you are liable to have deductions but im sure sooner or later government would really have such act.

It is not whether you feel obligated or not, having a tax liability is a obligation itself to your country and to your fellow citizens. It may sound bad depending on how your country manages your fund but even so tax is the lifeblood of a nation and without their main source of income your country might suffer economically speaking. For most countries they are paying a fixed rate when it comes to capital gains tax which means whether you are rich or poor you are still paying the same cut as what the other men is paying, this shows that not all taxes gives burden to the citizen as taxes are not created to give burden in the first place.

As a citizen it is your moral obligation to pay taxes, if you pay taxes your government can serve better and you'll be protected against criminality, better infrastructure and better services and environmental protection.

marielbeckham

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Oh, it's really a great source for knowing your tax liability. Saved it. Thanks.

botany

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Quote from: richardsNY on April 22, 2018, 06:02:43 PM

Quote from: BitHodler on April 22, 2018, 05:08:53 PM

The majority of our tax money doesn't stay within the state or country itself.

That definitely seems to apply to a lot European countries. It's insane that billions in tax revenue flows right into Brussels, while that capital could have been used in far better ways to improve education, healthcare, infrastructure, etc. I see around me how poverty even in Europe is becoming more of a problem than ever before, where regular education is severely losing the quality and prestige it once had. If you in current times want to actually develop yourself, you need to buy yourself into private colleges/schools, which isn't something each average person is capable of. Regular education is almost at a point where you can learn more yourself at home than wasting time in schools, which is the result of a reluctant government. If you don't invest in education, you are basically wasting the long term future of your country/economy.

That is a cynical way of looking at things, echoing the argument put forward by Brexiters. The money collected by the EU effectively is spent within Europe. The distribution may not exactly be in the same proportion as the way revenues are collected, but it still remains within Europe. Plus the fact that you have a single market greatly enhances trade and thereby the standard of living.

Harlot

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Quote from: stomachgrowls on April 20, 2018, 04:50:10 PM

Quote from: darkangel11 on April 20, 2018, 04:24:21 PM

Quote from: Palmerson on April 20, 2018, 09:55:52 AM

It seems to me that the more popular the topic will be how to avoid paying taxes. Why do people voluntarily agree to pay taxes on the use of cryptocurrencies? In order to pay taxes, the government must provide full support to users. We can't see. That's why I don't feel obligated to pay taxes.

Not all countries require you to pay taxes on your crypto trades. Most of them want to have a percentage of your crypto to fiat trades, but crypto to crypto transactions are outside their interest and jurisdiction. Personally, I will not voluntarily disclose my crypto addresses to government institutions and I won't share any information regarding my cryptocurrency transfers. I'm also against taxes in general, but I'm not going to go to war with a bully that is much stronger than me. That's why if you trade for fiat and your country demands taxes it's either pay up or change the country.

My view about tax is really just an obligation which it isnt really should comes to a point on where we do against it since we do know that it do really help a certain countries economy for it to progress.Im a tax payer but would only be deducted to my day stable job.For now cryptocurrency things like exchange coins to fiat doesnt still have any tax being implemented.For some countries you are liable to have deductions but im sure sooner or later government would really have such act.

It is not whether you feel obligated or not, having a tax liability is a obligation itself to your country and to your fellow citizens. It may sound bad depending on how your country manages your fund but even so tax is the lifeblood of a nation and without their main source of income your country might suffer economically speaking. For most countries they are paying a fixed rate when it comes to capital gains tax which means whether you are rich or poor you are still paying the same cut as what the other men is paying, this shows that not all taxes gives burden to the citizen as taxes are not created to give burden in the first place.

qwertyup23

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Quote from: Thanasis on April 23, 2018, 10:05:43 AM

As a citizen of a country everyone have to pay taxes to their country,and if you are found for not paying the appropriate taxes most of the governments will cease all the assets of the person and sometime even in jailed for years.So we need to do our work right and then expect others to pay the taxes correct,the changes have to occur in each person for having a good country.

Paying taxes is paramount for a country's development and enhancements as this mainly provides budget for the said improvements. Regarding with cryptocurrencies, some countries prohibit the utilization of such since its decentralized nature makes it difficult for them to regulate it- thus the imposition of taxes is immaterial. Though in the Philippines, earning bitcoin through mining is under the category of 'other income' making it subject for paying taxes.

Quote from: ahmad21 on April 22, 2018, 03:46:58 PM

Quote from: Palmerson on April 20, 2018, 09:55:52 AM

It seems to me that the more popular the topic will be how to avoid paying taxes. Why do people voluntarily agree to pay taxes on the use of cryptocurrencies? In order to pay taxes, the government must provide full support to users. We can't see. That's why I don't feel obligated to pay taxes.

I agree with you on this aspect. The problem with the government is that they want to earn revenue but they do not eant to provide any support in this concern. that is why most of the members of the community resent to pay taxes. They do not want to contribute anything towards the revenue of the government because they do not support the bitcoin community.

We can well evaluate our taxation liability, but what we want is in which country do we have to pay taxes and to what extent we are exempted from paying the taxes.

There is no crime when there is no law punishing it. Paying taxes in adherence to cryptocurrency would only make it relevant if such law exists. The reason on why bitcoin's price is volatile revolves around the lack of any government intervention when it comes to regulation and imposition of restrictions. Relatively speaking, some countries resort to the prohibition of it rather than imposing tax on it.

jseverson

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Quote from: Palmerson on April 20, 2018, 09:55:52 AM

It seems to me that the more popular the topic will be how to avoid paying taxes. Why do people voluntarily agree to pay taxes on the use of cryptocurrencies? In order to pay taxes, the government must provide full support to users. We can't see. That's why I don't feel obligated to pay taxes.

It actually has nothing to do with crypto or crypto support. You are expected to pay taxes on any and all income, whether or not it is related to crypto. Most governments aren't taxing crypto specifically, they're taxing all earnings. They don't care where it comes from for as long as it's legal.

But yeah, to answer your question, you're legally obligated to pay proper taxes, and while you certainly can cheat your way out of it, you better make sure you don't get caught as the penalties are going to be heavy.

Thanasis

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As a citizen of a country everyone have to pay taxes to their country,and if you are found for not paying the appropriate taxes most of the governments will cease all the assets of the person and sometime even in jailed for years.So we need to do our work right and then expect others to pay the taxes correct,the changes have to occur in each person for having a good country.

gantez

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Knowing your tax liability is good and it helps you to plan on your income. It also makes an individual a responsible citizen. Evading tax payment is a crime.

gentlemand

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Quote from: Palmerson on April 20, 2018, 09:55:52 AM

It seems to me that the more popular the topic will be how to avoid paying taxes. Why do people voluntarily agree to pay taxes on the use of cryptocurrencies? In order to pay taxes, the government must provide full support to users. We can't see. That's why I don't feel obligated to pay taxes.

People pay taxes to avoid having their life ruined. A pretty simple exchange.

What support do you want to see from the government? There's vast swathes of economic activity unsupported or actively hindered by government, that's no reason for them not to tax it until it squeals.

Fatunad

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Quote from: Tenderino on April 22, 2018, 07:04:55 PM

Why not call the thread knowing your tax liabilty in the UK? I mean if it is about the regulation in the UK, how can people from other countries use it? Every country has its own tax regulation in regard to bitcoin or crypto currencies in general and you could even mislead people from other countries if they act based on UK tax laws!

I am with this which topic title is somehow misleading yet this is only pertaining on tax discussions based on UK! but we can still able to talk about tax related topic inspite on just focusing on UK itself.

Quote from: richardsNY on April 22, 2018, 06:02:43 PM

Quote from: BitHodler on April 22, 2018, 05:08:53 PM

The majority of our tax money doesn't stay within the state or country itself.

That definitely seems to apply to a lot European countries. It's insane that billions in tax revenue flows right into Brussels, while that capital could have been used in far better ways to improve education, healthcare, infrastructure, etc. I see around me how poverty even in Europe is becoming more of a problem than ever before, where regular education is severely losing the quality and prestige it once had. If you in current times want to actually develop yourself, you need to buy yourself into private colleges/schools, which isn't something each average person is capable of. Regular education is almost at a point where you can learn more yourself at home than wasting time in schools, which is the result of a reluctant government. If you don't invest in education, you are basically wasting the long term future of your country/economy.

Would like to know what kind of government do European countries have? Seems like theres a monopoly on this matter which all tax arent being applied into just ones place but rather distributed into some places.
Enhancing Education should really be focused on because it will really give an impact soon if the citizens of a certain country do really have degree compared into havent molded properly when it comes to education.

Tenderino

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Why not call the thread knowing your tax liabilty in the UK? I mean if it is about the regulation in the UK, how can people from other countries use it? Every country has its own tax regulation in regard to bitcoin or crypto currencies in general and you could even mislead people from other countries if they act based on UK tax laws!

richardsNY

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Quote from: BitHodler on April 22, 2018, 05:08:53 PM

The majority of our tax money doesn't stay within the state or country itself.

That definitely seems to apply to a lot European countries. It's insane that billions in tax revenue flows right into Brussels, while that capital could have been used in far better ways to improve education, healthcare, infrastructure, etc. I see around me how poverty even in Europe is becoming more of a problem than ever before, where regular education is severely losing the quality and prestige it once had. If you in current times want to actually develop yourself, you need to buy yourself into private colleges/schools, which isn't something each average person is capable of. Regular education is almost at a point where you can learn more yourself at home than wasting time in schools, which is the result of a reluctant government. If you don't invest in education, you are basically wasting the long term future of your country/economy.

BitHodler

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Quote from: Zadicar on April 22, 2018, 04:05:15 PM

Every government is different some might be corrupt some are really following on tax actual usage which is good.This is why we would able to see ranking which are developed and which are on the bottom.

It doesn't necessarily depend on tax. If we look at how various states within US are doing, then the states with the highest possible tax rates are those who lag behind in basically every aspect.

In most cases the states with the highest tax rates are also those who make even the most simple thing a legal battle. Less tax and less regulations equals more freedom and more possible ways to develop yourself.

People should really stop thinking that paying taxes is solely for the benefit of the state or country itself. Seriously, people and businesses putting money together to do everything themselves are better off than having governments do it.

The majority of our tax money doesn't stay within the state or country itself.

Zadicar

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Quote from: makolz26 on April 22, 2018, 01:18:16 PM

Quote from: supermine on April 22, 2018, 07:34:54 AM

Quote from: Ivandvanko on April 22, 2018, 06:56:05 AM

the state wants to receive taxes even from going to the toilet ... why do ordinary people have to pay the country if the country does not want to take care of its people. it's very sad. We are not allowed to enjoy our short life Embarrassed

Normally all the countries are running by people's money so we need to pay taxes if we think it is our country.But in many countries the politicians made the country corrupted and they are keeping all the people in their pocket not taking care of the people who are paying that money.But as a citizen of the country you need to do your duty correct and the rest is the government and its system in hand.

Well, regardless of how politicians corrupting our money it will be their moral responsibility, we'll just hope that they cannot sleep well at night as a consequence of stealing our hard earned money, but, needless to say, we still have to pay our liability for our country no matter what especially when law requires.

Theres would always be a tax yet each country do imposes such law which its citizens are entitled to follow such rule which as being said this is really an obligation which we would need to pay up tax for the benefit of our countries progress and development.Every government is different some might be corrupt some are really following on tax actual usage which is good.This is why we would able to see ranking which are developed and which are on the bottom.

Topic: Knowing your tax liability (Read 332 times)