Please DON'T pay any taxes on your crypto! - page 12.

Dondont

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Activity: 446

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BitbondSTO.com | Germany’s First STO

Quote from: Lionel on January 26, 2019, 04:02:56 AM

More and more countries, like Chile or India, are trying to tax their citizen for the crypto they hold.

Please don't pay taxes on your coins.
You really don't need it, unless you are totally ignorant.

It's simple: they cannot prove you have the coins on your PC/phone , so you don't have nothing to pay taxes on, as far as they know.
It's just their attempt to trick the ignorants that don't know about that Wink

Even if they look for your wallet on your PC/phone ,
your wallet data is not accessible to them because it's encrypted with password ( uhm.... have you set the password protection on your wallet... right? Wink

).

Of course you are not going to give them the wallet password.

Oh.. they tell you that you withdrawn the coins from an exchange, so that's the proof you have the coins?
Just say that it was an hacker that stole your coins from the exchange, not you.
You got robbed, and you don't have to pay taxes on the money that was stolen from you, right?

P.S. for the geeks: use Veracrypt Wink

Is it just because paying taxes with crypto assets has such an impact?
I don't think that's possible, what about those who use crypto assets to shop, isn't that the same, the only difference is the name of the platform?

Peacemaker1994

jr. member

Activity: 154

Merit: 2

Quote from: Dewi Aries on January 26, 2019, 11:09:29 AM

Just wonder how government will track each person in their country. Which one is have and which one is not.

The government can check mate any transcation withdrawal from cryptocurrency enable wallet to any bank account through that the can track the possible user

boty

sr. member

Activity: 1190

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now the tax for cryptocurrency is still a very unique debate because some countries have banned the use of cryptocurrency and there are some countries that permit the use of cryptocurrency and without the need to use taxes, and the most true tax can never be collected.

Dewi Aries

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Leading Crypto Sports Betting & Casino Platform

Quote from: naufals4 on January 26, 2019, 07:01:16 AM

I think making regulations must pay taxes if we have bitcoin or cryptocurrency that is something that is not clear because the tax cannot recognize people who have cryptocurrency or not. if you are asked to pay taxes, then just say you don't have it.

Just wonder how government will track each person in their country. Which one is have and which one is not. Maybe that thing will be problem again for government and we as investor only need to say like what you said, we don't have any crypto.

Sharon121212

full member

Activity: 280

Merit: 215

That would definitely become task evasion. If unfortunately you turn out to be in a country where cryptocurrency is been tasked it's best to abide by the law and do accordingly. I would never support anyone to go against the law

tactac

full member

Activity: 448

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self made Full member (^-^)v

I think in my country within the next few years all domestic exchanges will have to submit all user transactions to the government.
All domestic exchanges need KYC, and when exchanging crypto to fiat we need to use a domestic exchange.
In other words, the government will be able to easily know the benefits of our trades and it will be impossible to avoid taxes.

Blocktopian88

jr. member

Activity: 80

Merit: 1

Are you kidding? I don't think what you said was smart, actually, if this action really happens, government might ban cryptocurrency more strictly, it's not good for crypto's development. Otherwise, cryptocurrencies are asked to pay taxes, personally speaking, it means government's admission for it.

IncredibleX

newbie

Activity: 9

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If you damage the laws in your nations, this can prompt terrible results. I encourage you to make good on regulatory expenses if the state legitimizes cryptographic money. In the event that you abuse the laws in your nations, this can prompt awful outcomes.

aris av

copper member

Activity: 409

Merit: 1

The Standard Protocol - Solving Inflation

I think it's better to follow the rules, and for certain countries that have applied crypto taxes, there's nothing wrong with obeying the rules for paying taxes, and I think it's better than having to deal with the law.

romero121

legendary

Activity: 3234

Merit: 1214

Casinopunkz - Anonymous Crypto Casino

What's been mentioned in the Op is true. Government try to profit out of the cryptocurrencies. Governments just want money, they doesn't want the good in it. Already there are countries like Israel that has got its taxation on bitcoin. They've added bitcoin along with the gold and other commodities. Upon the holdings one has got they're asked to pay taxes, but this isn't that effective as governments cannot trace the holdings of cryptocurrency belonging to a person.

Daniel91

legendary

Activity: 3374

Merit: 1824

Quote from: Lionel on January 26, 2019, 04:02:56 AM

More and more countries, like Chile or India, are trying to tax their citizen for the crypto they hold.

Please don't pay taxes on your coins.
You really don't need it, unless you are totally ignorant.

It's simple: they cannot prove you have the coins on your PC/phone , so you don't have nothing to pay taxes on, as far as they know.
It's just their attempt to trick the ignorants that don't know about that Wink

Even if they look for your wallet on your PC/phone ,
your wallet data is not accessible to them because it's encrypted with password ( uhm.... have you set the password protection on your wallet... right? Wink

).

Of course you are not going to give them the wallet password.

Oh.. they tell you that you withdrawn the coins from an exchange, so that's the proof you have the coins?
Just say that it was an hacker that stole your coins from the exchange, not you.
You got robbed, and you don't have to pay taxes on the money that was stolen from you, right?

P.S. for the geeks: use Veracrypt Wink

It's good advice if you just hold crypto in the wallet.
But, what if you need some money and withdraw some of the funds (after exchange) to your bank account?
Authorities will see your unreported income and punish you if you don't report it and pay taxes.
Please don't give advice which can bring legal problems to others.
IN my country is already very strict law about crypto and taxes.

adzino

copper member

Activity: 2968

Merit: 575

www.Crypto.Games: Multiple coins, multiple games

If your jurisdiction or the law of your country tells you to pay taxes on your crypto currency gains, then you should. If you hide your gains (that is not report them) and try to avoid taxes, then you are actually breaking the law of the country and you deserve to get punished. How long do you think you will be able to hide yourself and escape from those taxes? You will eventually get caught.

bellamente

member

Activity: 420

Merit: 10

If you violate the laws in your own countries, this can lead to bad consequences. I advise you to pay taxes if the state legalizes cryptocurrency

St4yInTh3D4rk

sr. member

Activity: 686

Merit: 264

"STAY IN THE DARK"

I don't want to be in jail tho,but the fact you said maybe right no one can find which coins you were holding but every citizen need to pay taxes so if you are a good man then you will do it.If we completely move to crypto to crypto transaction then it is much difficult for a government to ask for taxes so consider about it as well.

shesheboy

full member

Activity: 714

Merit: 114

Do you mean people that work outside and pay tax all the time are ignorant ? Yes they are maybe only if the leader of their country is corrupt but if you are sure that the president or the governant on your country is legit then your doing a good job because your helping your place to develop . on crypto we arent paying a tax here but tx fees are more than just a tax so i think thats already enough .

dewildance

full member

Activity: 546

Merit: 100

Quote from: Lionel on January 26, 2019, 04:02:56 AM

More and more countries, like Chile or India, are trying to tax their citizen for the crypto they hold.

Please don't pay taxes on your coins.
You really don't need it, unless you are totally ignorant.

It's simple: they cannot prove you have the coins on your PC/phone , so you don't have nothing to pay taxes on, as far as they know.
It's just their attempt to trick the ignorants that don't know about that Wink

Even if they look for your wallet on your PC/phone ,
your wallet data is not accessible to them because it's encrypted with password ( uhm.... have you set the password protection on your wallet... right? Wink

).

Of course you are not going to give them the wallet password.

Oh.. they tell you that you withdrawn the coins from an exchange, so that's the proof you have the coins?
Just say that it was an hacker that stole your coins from the exchange, not you.
You got robbed, and you don't have to pay taxes on the money that was stolen from you, right?

P.S. for the geeks: use Veracrypt Wink

I partially agree with what you say. Countries cannot demand tax from anybody without a legal arrangement. After that, taxation will not be easy. Because cryptocurrencies are in a structure that cannot be traced. So when you determine how much money you have is not easy. Especially when the global crypto money exchanges are active.

poptok1

hero member

Activity: 1638

Merit: 756

Bobby Fischer was right

Quote from: audaciousbeing on January 26, 2019, 06:47:34 AM

Your post shows the ignorance -snip-

“Disobedience is the true foundation of liberty. The obedient must be slaves.”
― Henry David Thoreau

I don't think he was purposely ignorant, those are just views of somebody that was given a chance to have and make them in to reality. That was the whole point of crypto wasn't it? To give us true financial independence. No one can be ostracized for utilizing that built in feature of cryptocurrency's technology.

“Quod timet servit.” (those in fear are slaves)
―Seneca the Younger

This brave fellow is just saying what you all* are only dreaming of!
Some members above already have implied and actively called for group responsibility...
You know that this is one way ticket, one way ticket to world totalitarian government, called nwo.

100bitcoin

sr. member

Activity: 861

Merit: 423

Quote from: Lionel on January 26, 2019, 04:02:56 AM

More and more countries, like Chile or India, are trying to tax their citizen for the crypto they hold.

Please don't pay taxes on your coins.
You really don't need it, unless you are totally ignorant.

It's simple: they cannot prove you have the coins on your PC/phone , so you don't have nothing to pay taxes on, as far as they know.
It's just their attempt to trick the ignorants that don't know about that Wink

Even if they look for your wallet on your PC/phone ,
your wallet data is not accessible to them because it's encrypted with password ( uhm.... have you set the password protection on your wallet... right? Wink

).

Of course you are not going to give them the wallet password.

Oh.. they tell you that you withdrawn the coins from an exchange, so that's the proof you have the coins?
Just say that it was an hacker that stole your coins from the exchange, not you.
You got robbed, and you don't have to pay taxes on the money that was stolen from you, right?

P.S. for the geeks: use Veracrypt Wink

What nonsense? None of the countries ask for tax on Crypto holding. They're asking for tax only when you are converting Crytp to FIAT. There's no way you can hide that unless you are solely living on cash.

naufals4

member

Activity: 574

Merit: 11

I think making regulations must pay taxes if we have bitcoin or cryptocurrency that is something that is not clear because the tax cannot recognize people who have cryptocurrency or not. if you are asked to pay taxes, then just say you don't have it.

gentlemand

legendary

Activity: 2604

Merit: 3056

Welt Am Draht

Quote from: KingZee on January 26, 2019, 06:13:40 AM

Technically speaking what you say means you're paying taxes on the fiat, not the crypto you hold.

It's a grey area in my country too, once they see <<<<>>>> money in your account, "where does this come from" questions start to be raised.

But this also means that if you can use your crypto instead, you're probably going to be just fine. That's why the OP is technically correct, you'll never have to pay taxes on crypto. Or in case you really need real life cash, try to use routes that won't be monitored by institutions.

Everything depends on your jurisdiction of course, but in many a place you don't need to be converting to fiat to be liable for tax. You could be earning in crypto and for many income tax applies. It's the same as earning in a foreign currency, just because it's not local money doesn't mean you're magically exempt.

The chances are high you'll get away with it, but we don't know how good surveillance will become in the coming years and in most places they can chase you for tax due many years in the past.

Topic: Please DON'T pay any taxes on your crypto! - page 12. (Read 21977 times)