Then the second question if it is true our transaction is seen by the government, what will the government do next? collect our previous income? that's funny.
The government can detect all our transactions. In my country local exchange must have a government permit. So if there is a local exchange that does not have a license they will make news that the local exchange is a scam. In such a way the government would be easy to see all our transactions. Remembering, the requirement of creating on a local exchange must include an identity card for account verification.
Topic: Not Declaring Bitcoin Income - page 3. (Read 7575 times)
I think in my country the Government cannot trace anything about Bitcoin I have and about the benefits gained from Bitcoin transactions. As long as we are careful and keep it very securely, I think no one will know about it including the Government. Until now I am still safe to use Bitcoin in my country.
Nope, you are wrong mate, every transaction on bitcoin was traceable. It can trace on transaction history, but tracing your identity was probably will not happen to bitcoin users that still hide their identity on bitcoin. We have a right for not declaring our income since our government did not make any law regarding bitcoin. So, same here mate we much enjoy using bitcoin while it is not manipulated by my government.
I think in my country the Government cannot trace anything about Bitcoin I have and about the benefits gained from Bitcoin transactions. As long as we are careful and keep it very securely, I think no one will know about it including the Government. Until now I am still safe to use Bitcoin in my country.
I am sure in my country the Government cannot trace the people who benefit from the Bitcoin transactions. Bitcoin is highly transparent and very difficult to trace when we have made transactions with Bitcoin.
Every government can trace Bitcoin transaction if they will regulate it by controlling the local exchanges in which we convert our Bitcoin to fiat. Our local exchanges is KYC compliant in which they are required by the government to screen out their clients by requiring them to submit government issue ID and legal documents in which if they will not follow then of course the local exchange cannot allow to operate. Therefore everytime we will convert Bitcoin to fiat it will be monitor by the government specially if Bitcoin is legal in the country.
That is why Government wants to regulate cryptocurrency, they say they want everyone who trades in a specific country to be safe from money laundering and other criminal activities that has a high possibility in the future. But behind the major purpose is the Government will take part of controlling cryptocurrency trading and through regulation they could implement a tax.
I am sure in my country the Government cannot trace the people who benefit from the Bitcoin transactions. Bitcoin is highly transparent and very difficult to trace when we have made transactions with Bitcoin.
Every government can trace Bitcoin transaction if they will regulate it by controlling the local exchanges in which we convert our Bitcoin to fiat. Our local exchanges is KYC compliant in which they are required by the government to screen out their clients by requiring them to submit government issue ID and legal documents in which if they will not follow then of course the local exchange cannot allow to operate. Therefore everytime we will convert Bitcoin to fiat it will be monitor by the government specially if Bitcoin is legal in the country.
I am sure in my country the Government cannot trace the people who benefit from the Bitcoin transactions. Bitcoin is highly transparent and very difficult to trace when we have made transactions with Bitcoin.
Every government can trace Bitcoin transaction if they will regulate it by controlling the local exchanges in which we convert our Bitcoin to fiat. Our local exchanges is KYC compliant in which they are required by the government to screen out their clients by requiring them to submit government issue ID and legal documents in which if they will not follow then of course the local exchange cannot allow to operate. Therefore everytime we will convert Bitcoin to fiat it will be monitor by the government specially if Bitcoin is legal in the country.
I am sure in my country the Government cannot trace the people who benefit from the Bitcoin transactions. Bitcoin is highly transparent and very difficult to trace when we have made transactions with Bitcoin.
This is the main why government don't have major control over the bitcoin, technology is also convincing the government because it is the most secure code where we safely use them without any hacking problem.
Since only a few merchants are accepting bitcoin here in our country,the government are not tracking the profits we earn from bitcoin. As long as it is not regulated, we can't declare to them the income we got from our online jobs.
In the country where I live, it's not at all visible that the government has the intention to track me in terms of income/profits from bitcoin and etc in it which associated with it. Well maybe because the country hasn't really known about crypto or examine more deeply until interested in regulating it, to controlling it and protect it.
For me personally, yeah this is an opportunity to earn another income side because selling bitcoin to local currency is not prohibited. Still, in my mind.. there will be a time the country will really understand the crypto and support the existence of crypto.
For me personally, yeah this is an opportunity to earn another income side because selling bitcoin to local currency is not prohibited. Still, in my mind.. there will be a time the country will really understand the crypto and support the existence of crypto.
We know that bitcoin is illegal. We know how important the bitcoin is, and if we legalize bitcoin, there will be a time there is always an involvement between government and bitcoin. Every move, or every transaction involving bitcoin, there is always be a transaction fee. We should not let government get bitcoin, for us we can have that feeling a fee for all of our transactions. Declaring bitcoin income is like declaring your earnings to government, and will put an income tax, where our earning have deductions.
For those countries who banned bitcoin yes it is really illegal and that they don't want bitcoin to enter their community for a reason that their people are not paying the right tax, but in most cases there are companies as well that does not need to pay tax as they are not requiring it, but if required we must follow rules. It completely depends on the government because whether they are considering Bitcoin income as a tax if government start supporting many people will start paying their taxes for their bank transaction. Bitcoin blockchain is completely decentralized which they can easily trace the transaction by giving the address of the trading to the government.
We know that bitcoin is illegal. We know how important the bitcoin is, and if we legalize bitcoin, there will be a time there is always an involvement between government and bitcoin. Every move, or every transaction involving bitcoin, there is always be a transaction fee. We should not let government get bitcoin, for us we can have that feeling a fee for all of our transactions. Declaring bitcoin income is like declaring your earnings to government, and will put an income tax, where our earning have deductions.
For those countries who banned bitcoin yes it is really illegal and that they don't want bitcoin to enter their community for a reason that their people are not paying the right tax, but in most cases there are companies as well that does not need to pay tax as they are not requiring it, but if required we must follow rules. 
We know that bitcoin is illegal. We know how important the bitcoin is, and if we legalize bitcoin, there will be a time there is always an involvement between government and bitcoin. Every move, or every transaction involving bitcoin, there is always be a transaction fee. We should not let government get bitcoin, for us we can have that feeling a fee for all of our transactions. Declaring bitcoin income is like declaring your earnings to government, and will put an income tax, where our earning have deductions.
While governments do not have the ability to monitor transactions with the crypto currency in order to levy a tax on these operations. Governments can control the exchange-traded exchanges and exchangers located on their territory. They can also monitor the services of banks with crypto currency. Therefore, first of all, it is necessary to know whether your government collects information from these financial institutions for the tax authorities. In addition, it is necessary to know the tax legislation of the country of residence in order to use it izyanami. Such flaws and miscalculations will be necessary, since the crypto currency is still a new kind of taxation. It is only on the basis of this information that it is possible to conclude whether it is worth declaring your income in bitcoin.
I am sure in my country the Government cannot trace the people who benefit from the Bitcoin transactions. Bitcoin is highly transparent and very difficult to trace when we have made transactions with Bitcoin.
Why not? They can detect it if they want to for sure there are always ways, as of the moment since our law is not yet requiring too then I am not also obliged to pay tax with my bitcoin income, but will become open and willing to pay if our law requires for as long as it will be fair and just. I am sure in my country the Government cannot trace the people who benefit from the Bitcoin transactions. Bitcoin is highly transparent and very difficult to trace when we have made transactions with Bitcoin.
Why not? They can detect it if they want to for sure there are always ways, as of the moment since our law is not yet requiring too then I am not also obliged to pay tax with my bitcoin income, but will become open and willing to pay if our law requires for as long as it will be fair and just. I am sure in my country the Government cannot trace the people who benefit from the Bitcoin transactions. Bitcoin is highly transparent and very difficult to trace when we have made transactions with Bitcoin.
Why not? They can detect it if they want to for sure there are always ways, as of the moment since our law is not yet requiring too then I am not also obliged to pay tax with my bitcoin income, but will become open and willing to pay if our law requires for as long as it will be fair and just.
I am sure in my country the Government cannot trace the people who benefit from the Bitcoin transactions. Bitcoin is highly transparent and very difficult to trace when we have made transactions with Bitcoin.
After upcoming worldwide regulations people will HAVE to declare it. Sad but true
Why would anyone be forced to disclose their assets and if so why would they reveal everything and if not how on earth are they going to know about it.Are the bitcoin earnings taxable only when you convert them to "real" currency or is the tax applicable even if you dont convert ?
You need to pay your tax when ever you convert to fiat currency, there is no provision to pay your taxes while you are holding the coins and you really do not need to disclose your amount too.If we consider the situation with the legalization bitcoin, then I still do not see the point of showing income, what for ?
If you have made money with bitcoin and you have converted it to fiat currency you have to pay your taxes for the income you have made. In my country bitcoin is not recognized at the state level, so I do not see the point of showing the income from this activity.
If we consider the situation with the legalization bitcoin, then I still do not see the point of showing income, what for ?
The more he has such volatility, at which today's profit, tomorrow will become emptiness.
There is no tax until we keep using bitcoin as bitcoin but still it is not possible yet so we need to convert our bitcoin into fiat so bank is essential so our earning will be recorded so we must need to pay taxes according to our income.
There's no need for the bank to get involved with our bitcoin income. Paying tax is essential whether bitcoin isn't recognized then the only thing that we must do for declaring our tax is to volunteer ourselves going to the tax bureau and declare your bitcoin income. They can track using the bank details, because banks may be asked to provide details if account is being open for btc transactions or any suspicious transactions happening regularly than those details will be forwarded to them and then you will be under scanner.
They can and they can't. If you use an exchange that is sending payment through banks then for sure you are obliged to pay the tax because it is recorded to the bank's system and audit.How come the governement of my country in asia where I lived will scrutinize that part, since there were many type of money trasfers now offered in different countries right now. Definitely the private sectors whom doing the business of money transfers were really required to pay their taxes, but in our side as a trader of the local exchange site we already paid charges while doing the transactions with them. My advice for this matter, please avoid sending huge amounts to bank directly, just do the transactions separately or the other types of money transfers can do.
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