new tax rumor on crypto | Bitcointalksearch.org

ultrloa

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Quote from: ningrum on May 19, 2021, 05:46:28 PM

Quote from: Tomiwa_akin on April 23, 2021, 07:45:20 AM

with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

tax is imposed which means it has been recognized by the government, yes this is good news but it is also bad news,
because if a merchant's income is still below $ 1000 and is taxed it is clearly very funny, especially if a holder has to pay taxes it adds to the burden on the holder himself,
if You are a holder and feel the dump today, of course everything is very frustrating, yes taxes can also kill for holders and traders

Good news from what regulation or something? Since I don't find this good since imagine theirs a part of your profit has been taken and thats totally insane. But if they would really implement this well there's nothing we can dl from it but lets hope they will do a strict ruling on how they can fight crypto scams and other frauds.

livingfree

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Quote from: ningrum on May 19, 2021, 05:46:28 PM

tax is imposed which means it has been recognized by the government, yes this is good news but it is also bad news,
because if a merchant's income is still below $ 1000 and is taxed it is clearly very funny, especially if a holder has to pay taxes it adds to the burden on the holder himself,
if You are a holder and feel the dump today, of course everything is very frustrating, yes taxes can also kill for holders and traders

What the government recognizing is that you've gained profit and they wouldn't care if it's from crypto. If the law is just talking about gain, they really don't about the source as long as you're declaring that you've made profit.

And it's a different thing from a government that taxes crypto directly each time you take it in cash. The part for which any amount you gain through crypto is going to be taxable and that's different from the first part that I've explained.

BuNga_cute

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Quote from: Saisher on May 15, 2021, 07:09:49 AM

Quote from: Tomiwa_akin on April 23, 2021, 07:45:20 AM

with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

There are countries that taxed their users, but so far here in our country, we are not, maybe the regulators have overlooked us or they think that we are a small community that they need not tax us, but with Cryptocurrency a growing community and an advancing industry here in our country, they will one day caught us and make us pay taxes, I should be prepared for this.

At the end of the day every country has different rules regarding taxes on crypto. There are countries that impose taxes every time we make profit
from crypto, other country do not impose taxes at all. Depending on which country we live in, in my country the government has not yet taxed
income earned from cryptocurrency. Likewise in your country, maybe the crypto community is still considered small. So the government hasn't
imposed taxes yet, but I agree with you, someday in the end if the crypto community is getting bigger surely the government will impose taxes.

ningrum

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Quote from: Tomiwa_akin on April 23, 2021, 07:45:20 AM

with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

tax is imposed which means it has been recognized by the government, yes this is good news but it is also bad news,
because if a merchant's income is still below $ 1000 and is taxed it is clearly very funny, especially if a holder has to pay taxes it adds to the burden on the holder himself,
if You are a holder and feel the dump today, of course everything is very frustrating, yes taxes can also kill for holders and traders

wxa7115

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Quote from: fullhdpixel on May 15, 2021, 01:49:38 PM

Quote from: elisabetheva on May 15, 2021, 06:23:57 AM

when it was still of little value and no one was interested, let alone seeing it firsthand, because it was considered a waste of time doing anything related to bitcoin. but all that is no longer the case nowadays, all are starting to look for profits from the existence of bitcoin and pay attention and can participate in it to be able to enjoy the improvements that are now happening.

actually it is only natural that the government will take tax from the profits we get as long as we make transactions with bitcoin, and most importantly there are regulations that have been made to regulate all of that. but it is rather difficult if there is no good intention from the user to pay, the government could determine certain institutions to be ratified as tax revenue regulations by giving complete permission that every exchange is only through the institution and is directly taxed when every transaction.

I believe these huge corporations starting to buy billions of dollars worth of bitcoin made this a situation. I mean governments had to do something about it because these companies were pouring money into it like crazy and there had to be laws. What happens when you put in 1 billion dollars and it becomes 5! That is not like me putting in 1k and getting out 5k that would not matter to government it is too small, they wouldn't care about it but when a company does it with one billion that becomes a huge tax to care for, I mean just taxing the profit of 4 billion at a 25% rate would mean 1 billion dollars in a nations vault, that is a huge deal.

This is why I believe governments started only after they realized there was a huge amount of money to be made from it, a combined 10 + billion in taxes is quite possible in a nation like USA for example when bitcoin goes up.

True, however this is what governments do not understand, if they begin to pass laws that tax the gains in fiat once companies sell their bitcoin then do you know what it is going to happen? Those companies are going to become the biggest holders of bitcoin around the world.

After all you cannot tax gains until those companies sell their bitcoin which means that most of those companies will just refuse to do it, this already happens in the stock market as well in which many executives refuse to take bonuses on cash since they can be taxed on it and instead take stocks, so I think something similar is going to happen here.

fullhdpixel

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Quote from: elisabetheva on May 15, 2021, 06:23:57 AM

when it was still of little value and no one was interested, let alone seeing it firsthand, because it was considered a waste of time doing anything related to bitcoin. but all that is no longer the case nowadays, all are starting to look for profits from the existence of bitcoin and pay attention and can participate in it to be able to enjoy the improvements that are now happening.

actually it is only natural that the government will take tax from the profits we get as long as we make transactions with bitcoin, and most importantly there are regulations that have been made to regulate all of that. but it is rather difficult if there is no good intention from the user to pay, the government could determine certain institutions to be ratified as tax revenue regulations by giving complete permission that every exchange is only through the institution and is directly taxed when every transaction.

I believe these huge corporations starting to buy billions of dollars worth of bitcoin made this a situation. I mean governments had to do something about it because these companies were pouring money into it like crazy and there had to be laws. What happens when you put in 1 billion dollars and it becomes 5! That is not like me putting in 1k and getting out 5k that would not matter to government it is too small, they wouldn't care about it but when a company does it with one billion that becomes a huge tax to care for, I mean just taxing the profit of 4 billion at a 25% rate would mean 1 billion dollars in a nations vault, that is a huge deal.

This is why I believe governments started only after they realized there was a huge amount of money to be made from it, a combined 10 + billion in taxes is quite possible in a nation like USA for example when bitcoin goes up.

Andrews193

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Quote from: Pamadar on May 15, 2021, 10:36:40 AM

Quote from: Saisher on May 15, 2021, 07:09:49 AM

Quote from: Tomiwa_akin on April 23, 2021, 07:45:20 AM

with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

There are countries that taxed their users, but so far here in our country, we are not, maybe the regulators have overlooked us or they think that we are a small community that they need not tax us, but with Cryptocurrency a growing community and an advancing industry here in our country, they will one day caught us and make us pay taxes, I should be prepared for this.

You can't prevent things to happened, along the way with crypto's wide acceptance,

the chance that your country will learned and understand the losses that maybe they overlooked or due to un-awareness they are not

implying taxes yet, but sooner or later once they've realized that rules will be there to chase those crypto holders.

No longer small community around the world so expect that it will happen not far from now.

But from the information that I understand about crypto, each wallet address and transaction seems to be a string of characters, it is unclear about the origin and it is relatively difficult to query the exact owner, although governments have control over the internet system but their scope is also within permissible issues, the rules of privacy and individual rights still need to be preserved. Tax requirements are an unlikely expectation when crypto is not a small field, need very intensive settings to impose taxes

Pamadar

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Quote from: Saisher on May 15, 2021, 07:09:49 AM

Quote from: Tomiwa_akin on April 23, 2021, 07:45:20 AM

with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

There are countries that taxed their users, but so far here in our country, we are not, maybe the regulators have overlooked us or they think that we are a small community that they need not tax us, but with Cryptocurrency a growing community and an advancing industry here in our country, they will one day caught us and make us pay taxes, I should be prepared for this.

You can't prevent things to happened, along the way with crypto's wide acceptance,

the chance that your country will learned and understand the losses that maybe they overlooked or due to un-awareness they are not

implying taxes yet, but sooner or later once they've realized that rules will be there to chase those crypto holders.

No longer small community around the world so expect that it will happen not far from now.

adzino

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Which country are you talking about? You do know that each country has their own laws right? Most of the countries already tax any gains on crypto. Few countries like Portugal (I am not sure though) has no tax on crypto gains. And those few countries are also catching up with all regulations. They will eventually impose taxes on crypto gains. By the way, any link to support your claims? Probably those articles you are reading are just trying to spread FUDs. As for how the market will react, nothing is going to happen. We won't see a huge change. Maybe a slight drop in the price if major countries add some new regulation, but in the long run, won't be affected much.

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Quote from: Tomiwa_akin on April 23, 2021, 07:45:20 AM

with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

I think they already know beforehand about the imposition of taxes in every trade sector, especially in the digital sector. their problem falls and is pressured by the amount of tax that needs to be paid, that is a risk that must be faced. but beforehand they already know, at least they know how to reduce the risks faced in the future.

Saisher

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Quote from: Tomiwa_akin on April 23, 2021, 07:45:20 AM

with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

There are countries that taxed their users, but so far here in our country, we are not, maybe the regulators have overlooked us or they think that we are a small community that they need not tax us, but with Cryptocurrency a growing community and an advancing industry here in our country, they will one day caught us and make us pay taxes, I should be prepared for this.

btc78

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Quote from: Tomiwa_akin on April 23, 2021, 07:45:20 AM

with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

Which news was this? you should Give some links and not just telling some nonsense here in this forum , taxes ? how can they put tax directly in crypto? can you give us an example?

actually this has been there for long yet nothing got implemented so when this will be and how can they implement this?

elisabetheva

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Quote from: wxa7115 on May 10, 2021, 03:16:48 PM

Quote from: Tomiwa_akin on April 23, 2021, 07:45:20 AM

with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

We knew that something like this was coming, as long as bitcoin was this small currency that not many people cared about governments were fine letting this market grow but now that it is becoming a significant market and institutional investors are finally showing up here governments want a piece of the action and I cannot blame them.

However it is going to be really difficult for them to actually get it as there are many people that are not really friendly to the idea of paying their taxes and they may decide to never sell because of it, and once we can use our bitcoin directly then forcing people to pay their taxes on their bitcoin profits is going to be even harder.

Yes, when it was still of little value and no one was interested, let alone seeing it firsthand, because it was considered a waste of time doing anything related to bitcoin. but all that is no longer the case nowadays, all are starting to look for profits from the existence of bitcoin and pay attention and can participate in it to be able to enjoy the improvements that are now happening.

actually it is only natural that the government will take tax from the profits we get as long as we make transactions with bitcoin, and most importantly there are regulations that have been made to regulate all of that. but it is rather difficult if there is no good intention from the user to pay, the government could determine certain institutions to be ratified as tax revenue regulations by giving complete permission that every exchange is only through the institution and is directly taxed when every transaction.

Of course, with the existence of regulations, it can be ascertained that the government will gradually recognize it as a legal medium of exchange if it is willing to collect taxes from every transaction. for bitcoin players there is a legal umbrella and of course it is useful.

wxa7115

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Quote from: Tomiwa_akin on April 23, 2021, 07:45:20 AM

with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

We knew that something like this was coming, as long as bitcoin was this small currency that not many people cared about governments were fine letting this market grow but now that it is becoming a significant market and institutional investors are finally showing up here governments want a piece of the action and I cannot blame them.

However it is going to be really difficult for them to actually get it as there are many people that are not really friendly to the idea of paying their taxes and they may decide to never sell because of it, and once we can use our bitcoin directly then forcing people to pay their taxes on their bitcoin profits is going to be even harder.

STT

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So far as I know they must tax all potential gains deriving from QE and the government measures that effect and 'help' market assets including crypto. It wouldnt be that unusual to do despite crypto being separated and not national based, its not much different from taxing a fine art dealer for the profits they may see rise during a booming economy. We dont have the boom but we do have the monetary expansion so I dont think that occurs without clawing back any profits derived from it.
I'd rather we have proper capitalism but of course we are so far away from that, its not likely central governments turn away any source of income possible. I would like to know if that explains the reversal today, I had thought it possible but not immediately like this so I'm not convinced it sticks or forms a trend negatively.

Fatunad

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Quote from: k@suy on May 05, 2021, 12:19:22 PM

Quote from: Inspiron14 on May 04, 2021, 05:41:07 PM

I think taxes should be applied if the country protects investors and traders, if there is no protection why pay taxes? yes this is my question,
for me paying taxes is not a problem, but it is a shame if all traders are required to pay taxes, even though not all traders have large capital,
hmm maybe there will be a classification for the pay TAX.

Currently i lived in a country which is considered having a high tax rate among other country and as long as you have earned a lot the more it is higher the tax you're going to pay. Well i am not against on the fact that I will be going to pay tax and the poorest family will benifit it then I will be glad but sadly only a not all tax has been given to them or in any government projects because of corruption and also the fact that this tax may cost me much or even half of earn profit in crypto if ever. But if it would certainly make a positive impact in crypto market then it isn't a big deal at all.

Taxation wont really be giving positive impact to crypto market but rather be an another burden but well it does depend on the government you do have if its corrupt or not.
We cant really deny that citizens are obliged to pay up taxes but since to different regulations and set of laws on each country then this would vary
If ever that taxation on crypto would be given out globally then im sure that it would really be giving us out some difficult choices to make
but wondering on how they would implement it out?

k@suy

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Quote from: Inspiron14 on May 04, 2021, 05:41:07 PM

I think taxes should be applied if the country protects investors and traders, if there is no protection why pay taxes? yes this is my question,
for me paying taxes is not a problem, but it is a shame if all traders are required to pay taxes, even though not all traders have large capital,
hmm maybe there will be a classification for the pay TAX.

Currently i lived in a country which is considered having a high tax rate among other country and as long as you have earned a lot the more it is higher the tax you're going to pay. Well i am not against on the fact that I will be going to pay tax and the poorest family will benifit it then I will be glad but sadly only a not all tax has been given to them or in any government projects because of corruption and also the fact that this tax may cost me much or even half of earn profit in crypto if ever. But if it would certainly make a positive impact in crypto market then it isn't a big deal at all.

Roidz

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In my opinion, this tax will help the growth of the crypto asset industry and ecosystem to be able to continue to develop in various countries, but provided that the tax is at least not too burdensome for investors or traders, with this tax of course the government will protect the security of investor assets, previously the government I also had a plan to impose taxes before the speech of President joe Biden, right now my government is building a crypto exchange which is indeed managed by the state so that the application of taxes will be easy to apply.
but my question is if the state imposes taxes on investors or traders and of course the tax will still apply if traders experience profit or loss, and it seems that taxes will be imposed if we make withdrawals in the form of fiat money, but when the investor loses, will the government compensate for the loss?? Grin

Inspiron14

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Quote from: Tomiwa_akin on April 23, 2021, 07:45:20 AM

with the tax news flying around , the crypto market was really hit hard and still crawling from recovery. if finally validated, what effects will it have on crypto markets and its traders. please share your views and thoughts.

I think taxes should be applied if the country protects investors and traders, if there is no protection why pay taxes? yes this is my question,
for me paying taxes is not a problem, but it is a shame if all traders are required to pay taxes, even though not all traders have large capital,
hmm maybe there will be a classification for the pay TAX.

uneng

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Considering bitcoin is traceable and taxes over crypto are going to be raised from now on, the possible effects aren't positive because rich investors will have to find an alternative to protect their money against taxation, cashing out their funds from bitcoin and putting it in anonymous altcoins or another category of investments. Some people don't like this fact, but once rich investors are gone the whole market falls, as these are the ones who most move money around and keep the market pumping.

Furthermore USA is a guideline in the world, so if they are going to raise taxes, it's almost certain another countries will follow their lead.

Topic: new tax rumor on crypto (Read 604 times)