Not Declaring Bitcoin Income - page 6.

Potatohead

full member

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Quote from: iamTom123 on August 17, 2017, 09:53:03 AM

Here in my country which is now an upcoming tiger economy (though we are still classified as a third-world country), we are free to participate in Bitcoin both buying and selling as the government is treating Bitcoin just like any other foreiign money.

However, I am sure that only a very, very small fraction of us are declaring our Bitcoin income. It seems to me that the government is not that interested to get strict with individuals as long as they can tax the Bitcoin exchange provider for the service rendered.

I am then wondering the situation with other countries. Can your government really be able to track if you never declared gains made from Bitcoin transactions?

It's good to know that your country is supporting bitcoin because some countries are restricting bitcoin transactions and cryptocurrency trading. I really think it is great if most or almost every country will incorporate cryprocurrency in their daily transactions and daily life because it is really a good innovation that can give convenience to everyone.

mn754

newbie

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bitcoin income is a good

m1c0

jr. member

Activity: 148

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I find it too risky not to declare it. If you spend a lot of money with cryptos and link your name to a bitcoin address, you can also draw conclusions
about your income and then it is not far until the state comes to you. Bitcoin is not anonymous as it is mistakenly assumed.

marielbeckham

newbie

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Yes, it is capable to track this as in any other country all over the globe.

ValerKat

member

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Quote from: iamTom123 on August 17, 2017, 09:53:03 AM

However, I am sure that only a very, very small fraction of us are declaring our Bitcoin income.

This is smth new for me. Don't you mean that some governments obligate their citizen to declare Bitcoin income? My country has no official laws towards crypto currencies at all so it's quite attractive for me to hear that someone has to declare Bitcoin.

zmkriel

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Quote from: iamTom123 on August 17, 2017, 09:53:03 AM

Here in my country which is now an upcoming tiger economy (though we are still classified as a third-world country), we are free to participate in Bitcoin both buying and selling as the government is treating Bitcoin just like any other foreiign money.

However, I am sure that only a very, very small fraction of us are declaring our Bitcoin income. It seems to me that the government is not that interested to get strict with individuals as long as they can tax the Bitcoin exchange provider for the service rendered.

I am then wondering the situation with other countries. Can your government really be able to track if you never declared gains made from Bitcoin transactions?

I don’t know if we both belong in the same country but i guess it is. Actually though the government doesn’t collect taxes from the bitcoin itself but as soon as we converted it into fiat then there goes the tax. That is the reason why we paid for the transactions that we had, either through money remottance or through the bank accounts.

makolz26

sr. member

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Quote from: Aikidoka on March 17, 2018, 10:01:25 AM

I do not know which country do you live in. However, it seems that the third world countries do not care about cryptocurrency or rather bitcoin. Perhaps because there are only few who use bitcoin and they still haven't become threats to them. It is a fact that bitcoin is still not known in third world countries.

If you just stop someone and ask him about bitcoin, he will be like "What is bitcoin?". On the other hand, if they are going to legalized it or ban it, more people will be aware of its existence and will fight for it to get it back.

I don't think that they don't care but they don't just have the full basis of data so they can push though to our government for the legality and due to a lot of serious problems maybe they cannot find the time to focus on it but I am sure that they are all working on it.

Aikidoka

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Sinbad Mixer: Mix Your BTC Quickly

I do not know which country do you live in. However, it seems that the third world countries do not care about cryptocurrency or rather bitcoin. Perhaps because there are only few who use bitcoin and they still haven't become threats to them. It is a fact that bitcoin is still not known in third world countries.

If you just stop someone and ask him about bitcoin, he will be like "What is bitcoin?". On the other hand, if they are going to legalized it or ban it, more people will be aware of its existence and will fight for it to get it back.

Zabrielle

full member

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This actually is not happening in my country. I am curious if ever how the government is going to tax bitcoin if one day it will be legalized in my country too. Maybe they cant monitor or track how much bitcoin you have but they can maybe track when you convert it to fiat and transfer it to your bank account. I guess thats the basis for the tax.

Kumic

full member

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Washing money is another term. It would be easier to pay tax and spend it freely. We start to see this kind of practice in us and I think in some other countries.

LordDisick

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Quote from: iamTom123 on August 17, 2017, 09:53:03 AM

Here in my country which is now an upcoming tiger economy (though we are still classified as a third-world country), we are free to participate in Bitcoin both buying and selling as the government is treating Bitcoin just like any other foreiign money.

However, I am sure that only a very, very small fraction of us are declaring our Bitcoin income. It seems to me that the government is not that interested to get strict with individuals as long as they can tax the Bitcoin exchange provider for the service rendered.

I am then wondering the situation with other countries. Can your government really be able to track if you never declared gains made from Bitcoin transactions?

I think we live in the same country where in our governments doesn't really paying attention regarding cryptocurrency since they are merely focusing on how to stop Drugs in our country. Its a good thing for cryptos like us then but we can't really predict when its going to last. Maybe when bitcoin become more popular here the government might want to dig too far and want to regulate income tax in bitcoin. I hope it wont be too soon because honestly speaking I don't want to declare my bitcoin income yet.

nitishkumar999

newbie

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In India till now there is no any law for taxability of Bitcoin profit but this traceable. Here exchange is asking full kyc for trading in cryptocurrency and I am sure in future government will ask these database from exchanges operated in India. Thanks.

Sony.UK

full member

Activity: 532

Merit: 103

Quote from: iamTom123 on August 17, 2017, 09:53:03 AM

Here in my country which is now an upcoming tiger economy (though we are still classified as a third-world country), we are free to participate in Bitcoin both buying and selling as the government is treating Bitcoin just like any other foreiign money.

However, I am sure that only a very, very small fraction of us are declaring our Bitcoin income. It seems to me that the government is not that interested to get strict with individuals as long as they can tax the Bitcoin exchange provider for the service rendered.

I am then wondering the situation with other countries. Can your government really be able to track if you never declared gains made from Bitcoin transactions?

Its bit hard to be tracked as bitcoin transaction is very less. I need to salute your government that they don't care about individuals as long as they pay tax to the bitcoin exchange provider for the service they rent. Its the freedom given by the government. This is the reason behind your country is upcoming rapidly in economy. An educated and an experience leader knows how should get best without affecting citizens.

reddolphin

newbie

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yes they can do it.they can find it in the money coming in and out of their bank account.if you dont this, you can trade transactions face to face..

dunfida

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Quote from: creeps on February 22, 2018, 11:50:59 PM

Quote from: fuer44 on February 01, 2018, 10:20:57 AM

it should be better not to declare bitcoin income, besides banks also will never know about bitcoin transactions that we do and how much balance bicoin we have.

No need to declare your bitcoin income as long as your government are open on that kind of system. Personally, I convert lots of my bitcoin into fiat money but I never pay any taxes cause its legal here in my place and we can easily convert it even directly on our bank accounts. Its better not to tell anyone about your income to anyone for your own safety, cause people are now too greed when it comes to money matter.

Going back on earlier times on which the banks here in my country doesnt really care at all on which those funds came from until suddenly it took their attention about cryptos and people are already making millions of transactions have been made because of crypto and now they are starting to become strict when it comes on opening accounts for the sake of crypto earnings. Not declaring will really put you in trouble.

creeps

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Quote from: fuer44 on February 01, 2018, 10:20:57 AM

it should be better not to declare bitcoin income, besides banks also will never know about bitcoin transactions that we do and how much balance bicoin we have.

No need to declare your bitcoin income as long as your government are open on that kind of system. Personally, I convert lots of my bitcoin into fiat money but I never pay any taxes cause its legal here in my place and we can easily convert it even directly on our bank accounts. Its better not to tell anyone about your income to anyone for your own safety, cause people are now too greed when it comes to money matter.

Guapongbadoy

newbie

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Quote from: iamTom123 on August 17, 2017, 09:53:03 AM

Here in my country which is now an upcoming tiger economy (though we are still classified as a third-world country), we are free to participate in Bitcoin both buying and selling as the government is treating Bitcoin just like any other foreiign money.

However, I am sure that only a very, very small fraction of us are declaring our Bitcoin income. It seems to me that the government is not that interested to get strict with individuals as long as they can tax the Bitcoin exchange provider for the service rendered.

I am then wondering the situation with other countries. Can your government really be able to track if you never declared gains made from Bitcoin transactions?

Seems like this is really the problem if the government is implementing a tax over cryptocurrency as there is no way to track every participant in crypto world. Aside from this one every information of a member is confidential, so if there is a way that the government solve this issue I think the best way is to build a contact with cryptocurency exchange as I already gave this se answer in this thread https://bitcointalksearch.org/topic/m.30873247
I don't know if it is an effective way on government side.

fuer44

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it should be better not to declare bitcoin income, besides banks also will never know about bitcoin transactions that we do and how much balance bicoin we have.

rhamzter

sr. member

Activity: 420

Merit: 282

We don't need to discuss our income daily monthly or anytime because bitcoin income is very critical. We just need to avoid scam together with hacking if account. Because if we discuss it into other maybe they trigger the other people to hacked our accounts.

sontoloyo177

jr. member

Activity: 56

Merit: 1

I think the government should immediately issue tax regulations in order to synergize between banks or financial institutions with bitcoin trading. Implementation rules ensure the security and convenience of the wider user community or bitcoin traders. Regulators may monitor or place bitcoin controls so that bitcoin usage will be taxed every conversion to the country's official currency. Thanks

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