Topic: Okay. Charge tax on bitcoin. Is this fair policy? - page 2. (Read 872 times)
Taxing on incomes is common in every country, the percentage might be different but the taxation system should be like that. Whatever profit you gain on bitcoin trading and convert it to fiat, 20% tax on that is a normal percentage to ask. There are countries which accept this already which is again an indirect way of regulation.
Paying Income tax on Bitcoin is fair when you have crossed the minimum amount per year as Bitcoin is not regularized in our country once it is regularized then will surely pay if tax had to be paid. Paying tax for our country is a good thing. Government has to do so many things can't manage the things alone... So if all the tax payers pay it properly then it will be a good thing for all the countries.
20% is still a fair value limit, I am not too worried about it, the most important thing is that the state recognizes the ownership of crypto assets that I have and is able to contribute independently as a form of accountability to the state. Tax for gambling or other professional fields is even greater than that and they are fine.
In the US, lawmakers labeled Bitcoin and other cryptocurrencies as "commodities", which are subjected to taxation.
However, other countries like Singapore are making exemptions on that, as they do not tax their residents who are holding and trading some cryptos.
In my own opinion, taxes on Bitcoin and other cryptocurrencies would definitely help improve the country's economy. I do know that every time you convert crypto to fiat and withdraw it to your bank account or remittance, you are subjected to income tax.
However, other countries like Singapore are making exemptions on that, as they do not tax their residents who are holding and trading some cryptos.
In my own opinion, taxes on Bitcoin and other cryptocurrencies would definitely help improve the country's economy. I do know that every time you convert crypto to fiat and withdraw it to your bank account or remittance, you are subjected to income tax.
The only language the government understand is tax and tax only. They have no other business than taxing the people. I currently don't pay tax on bitcoin trading in my country this is because my government is yet to study about Cryptocurrency.
I think income tax is regulated in each country. And if you make money from bitcoin then it is sufficient that the total annual income requirement will be taxed, but if your income does not reach the minimum income per year then it will not be taxed. And even then depending on how much your income per year, the smaller the tax per year is also getting smaller.
It is fair to pay tax if you have reached the minimum income per year. Paying taxes will help improve the economy of country, a stable economy will flourish better. There is no other way of calculation of tax on the income by crypto market. As it is decentralized, you cannot track easily each and every transactions made by the users. In this way you cannot made a hard and fast rule of paying taxes. 
Government will only accept taxable cryptocurrency. If crypto comes into tax net of country then government can trace many thing about the crypto like who is holding how many bitcoins, KYC etc. I dont see any harm in taxing the crypto since its an asset and government globally tax the asset.
This may lead to several possible outcomes, <...>
There are plenty of things to consider when creating tax laws for cryptocurrency transactions for sure. I would not want to speak on behalf of our lawmakers but from what I have read so far, our country will probably have one after five years 
It's a totally different matter if where you live has uncertain rules. I don't. I don't think that stops people ignoring them 'because it's on the internet and I took the risk so I shouldn't have to pay'.
Oh I see. If there's a specific law that covers tax on cryptocurrency trading profits or losses, then complaining about the tax rates won't save anyone if they don't pay the necessary tax.Quote
If I were in a place that hadn't clarified anything I'd at least hang something back just in case they ever did. It's a pretty poor show to leave people in the dark completely.
I agree that we should have a regulation by now. It will be a mess if they start coming after people who never declared their income once a law has been passed few years from now. 
I think making tax on trading is a common thing, but if government want to 20% Fee of our trading is a ridiculous.
What's ridiculous about it, your profit in trading is considered as your income so it means that it can charge the same as the income tax. Paying tax is everyone's responsibility, and I think that 20% is only fair since it is for the good of your country.
That's why we have so many slave driving governments that first propose 20% , then 25% then 30% but only from certain profit and then go up from there.
People like you who first agree to 20% are easy to fool into paying 30% and poor workers faced with a tax increase will always vote for the rich to bear the majority of it.
That's why we have 30% or more from certain threshold because poor people are the majority and they want the rich to be poor, just like them. They don't understand that a rich person already pays more in taxes even if all social groups pay 20% regardless of the income.
You want to be a slave, so you will be one.
If by paying 20% tax bitcoin is getting global acceptance then I would not mind paying 20% as tax.
I know bitcoin was created to eliminate the middle man but bitcoin is not widely accepted yet.
If paying 20% gives wide acceptance to bitcoin then we should consider doing it because elevating the tax away from bitcoin can be done in the future but making bitcoin widely accepted should be our primary goal for now.
I know bitcoin was created to eliminate the middle man but bitcoin is not widely accepted yet.
If paying 20% gives wide acceptance to bitcoin then we should consider doing it because elevating the tax away from bitcoin can be done in the future but making bitcoin widely accepted should be our primary goal for now.
I noticed that certain country may charge tax on earning from Bitcoin trading...
20% tax on it. I think this is quite ridiculous.
That means govt sees it as a lottery.
What do you guys think?
but honestly that 20% is pain in the a**.
So far theres no regulation regarding to that here on my country and i do still consider it lucky.
I am ok with the government imposing tax in our crypto (Bitcoin) profit. Government needed our taxes to improve infrastructure, maintain the order and defense of the country from any invading forces. It (tax) is use to fund the country's welfare and use for public services.
I think income tax is regulated in each country. And if you make money from bitcoin then it is sufficient that the total annual income requirement will be taxed, but if your income does not reach the minimum income per year then it will not be taxed. And even then depending on how much your income per year, the smaller the tax per year is also getting smaller.
I think making tax on trading is a common thing, but if government want to 20% Fee of our trading is a ridiculous.
What's ridiculous about it, your profit in trading is considered as your income so it means that it can charge the same as the income tax. Paying tax is everyone's responsibility, and I think that 20% is only fair since it is for the good of your country.
I think making tax on trading is a common thing, but if government want to 20% Fee of our trading is a ridiculous.
What's ridiculous about it, your profit in trading is considered as your income so it means that it can charge the same as the income tax. Paying tax is everyone's responsibility, and I think that 20% is only fair since it is for the good of your country.
I think making tax on trading is a common thing, but if government want to 20% Fee of our trading is a ridiculous.
Government really need the taxes from people, mainly for projects and development, and might as well consider that in investment in bitcoin, taking risk is one of the biggest fact one should consider, and that doesn't mean it seems to be a lottery for government. Imagine all of the business and jobs that earns profits are required to pay tax in relation to the amount that they earn. Bitcoin investment is much more better to hear as a job rather than a lottery which means, it is still fair to pay taxes for me.
I noticed that certain country may charge tax on earning from Bitcoin trading...
20% tax on it. I think this is quite ridiculous.
That means govt sees it as a lottery.
What do you guys think?
20% tax on it. I think this is quite ridiculous.
That means govt sees it as a lottery.
What do you guys think?
I'm quite sure tax laws vary from one country to another. What is commonly shared among all countries perhaps is that income tax is being imposed to all. Which means that any income earned through legal means will be taxed. I'm afraid that includes earning from Bitcoin trading. However, there are differences on the limitations. Countries vary from one another on how much is a taxable income.
As regards Bitcoin income in particular, many countries' tax bureaus or agencies might probably find it very puzzling on how it would be computed, monitored, and assessed considering that many of them have even yet to understand what Bitcoin is. I myself am not paying taxes on my income through Bitcoin because there is not even a law regarding it. Bitcoin is not even considered a source of income.
"Fairnes" of crypto taxation depends on the country. If it's corrupt and all the money goes into someone else's pockets, that yes, it's unfair. Though in such states this kinda corruption typically penetrates all other industries as well
It is okay to pay taxes while earning in bitcoin. The only problem is, it loses the essence of cryptocurrency since we all know that it is decentralized. Meaning no one must control it including the government. But, if that is the only way for them to accept crypto in their country, I think that is okay. Just for the country to be able to improve their economy.
It's OK to pay if paying is voluntary. It's not OK if you're being charged 30% or more by your greedy government.
I'm a supporter of fair taxation and income tax is not fair. Capital gains tax also isn't fair. You're paying for imaginary profits that were never cashed out or turned into goods.
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