Topic: Should we pay taxes on Bitcoin? - page 4. (Read 2262 times)
There is a lot of confusion surrounding Tax and it is different to every country. Overall I would say that BTC is not really anonymous and that the government is tracking its movement so don't be fooled that this is anonymous and safe and no one needs to pay taxes
Yes..
Recently wrote that in South Korea introduced a 10% tax, for a currency transaction that was not put into circulation and did not recognize - this is a good tax rate, but not more.
Same question is being asked time and again on this forum. And I always have the same answer...why the hell not?!? If we are paying taxes on all the prescribed incomes in the law...then why not bitcoin income. But my question is does the bitcoin income fall under the purview of income stated under the Income Tax Act. In my country India, income tax is levied on incomes divided under 5 major heads: salary, house property, business or professional income, capital gains and income from other sources. So bitcoin income can be categorized into capital gain income only if it meets the definition of capital asset under the Income tax Act, 1961, which is: http://yourfinancebook.com/capital-asset-defined-section-214/
It cannot be categorized into other heads like, salary, house property and business and professional income. So the question of tax ability of bitcoin is somehow dubious for us here, while some schools of thought it can be taxed under income from other sources. However there is no legal statement issued on this matter until now!
It cannot be categorized into other heads like, salary, house property and business and professional income. So the question of tax ability of bitcoin is somehow dubious for us here, while some schools of thought it can be taxed under income from other sources. However there is no legal statement issued on this matter until now!
Bitcoin is created to be free and not be controlled by anyone, and due to law creation and implementation, we are obliged to follow it but so far if your country doesn't have one then we not forced toto do so.
But isn't enough that governments will only impose tax on exchanges and other trading companies?
Obviously not. Why would governments take one cut of your pie when they can take it all?
Exchanges are just one single aspect of a market/industry that is far larger and will continue to grow larger. Everything related to crypto and the blockchain right now is similar to how it was back in the very early internet days. Barely any use but still plenty of speculation, where after a while actual useful tech and purposes started to pop up that managed to stay up even today.
With every tech and purpose popping up there are plenty of different uses that governments are eager to impose tax on. It should be clear by now that governments are tax hungry sluts. Nothing will change for the better in that regard.
Why not if we have a system that allows financial freedom and yet we should choose to pay their taxes from it and support our government.
You don't pay taxes on Bitcoin, you pay taxes on profit. So it's not accurate to say you paying taxes.
At least as far as I know, since haven't chance to pay for anything yet
At least as far as I know, since haven't chance to pay for anything yet
If our government has taxation system for the crypto currencies then we should pay taxes because tax fraud is one of the biggest crimes in most of the countires so we will get punished if we get caught.But most of the countries don't have taxes for the crypto currencies still we have to pay the income taxes for the earnings of crypto currencies since all of them will be recorded in our banks.
Bitcoin was created to liberate us from corrupt governments and corporations that serve their own needs. The coinbase transaction in the genesis block, mined by Satoshi Nakamoto contained: "The Times 03/Jan/2009 Chancellor on brink of second bailout for bank". What is your opinion on paying taxes on Bitcoin? The government most likely doesn't know my bitcoin address. Even if they do find it, based on the transactions made from my bank account to exchanges, I could simply say someone stole the private key from me. Many of the posts here asking for help on filing taxes on their Bitcoin make no sense to me. We have a system that allows complete financial freedom and yet people choose to pay their taxes from it and support crooked governments.
You can't do anything if your government wanted you to pay taxes on Bitcoin and other cryptocurrencies. You must be aware there are countries (ex. The USA, South Africa, etc.) that tax bitcoin along with other cryptos, although they don't consider it to be money or legal tender but treat them just like gold as property so it can be subjected for tax purposes.
I don't pay taxes and I won't do it.
In some cases it's actually better to pay taxes because it's not worth the problems you'll be going through later on. I was exactly like that in the beginning, but everything that happened with Coinbase confirmed my thoughts about how authorities will force exchanges to hand over information. That's why I decided to pay tax over the coins that I traded with and bought from centralized exchanges. The only case where I don't pay tax is over the coins that I bought externally -- no centralized service has been used to purchase them. Why else do you think that private trades are starting to become more popular? People are sick and tired of regulations.
Well. If I am living a good life in a good country like most of Europe or Singapore or Japan then I don't mind paying my tax well. But isn't enough that governments will only impose tax on exchanges and other trading companies?
Depend on your government whenever they applying tax or not. Usually it's become the fundamental rule to apply tax because tax is from people to people ,right ?
If you won't to pay tax , it means that you won't to use great condition of public service such as road
If you won't to pay tax , it means that you won't to use great condition of public service such as road
Bitcoin was created to liberate us from corrupt governments and corporations that serve their own needs. The coinbase transaction in the genesis block, mined by Satoshi Nakamoto contained: "The Times 03/Jan/2009 Chancellor on brink of second bailout for bank". What is your opinion on paying taxes on Bitcoin? The government most likely doesn't know my bitcoin address. Even if they do find it, based on the transactions made from my bank account to exchanges, I could simply say someone stole the private key from me. Many of the posts here asking for help on filing taxes on their Bitcoin make no sense to me. We have a system that allows complete financial freedom and yet people choose to pay their taxes from it and support crooked governments.
Apparently, some government started to take the tax from cryptocurrency and trying to control it. In my country, there is an announcement that is required for the cryptocurrency trader as well as mining to pay tax on this separately from their tax income...
I think yes. Accepting taxes for bitcoin is a must. If we pay taxes on bitcoins, then the government will never forbid bitcoins because they will get tax dollars when we invest in bitcoins.
Why not pay if we are required to do so? right? We should pay taxes not because we have to or we need to but because we want to help street children, and a children that cannot afford to go to school or old people that has a high maintenance of medicine. In that way, we are helping the government as well as our neighbor.
Only if the help does really go to the children and stuff... But unfortunately, the government could charge the tax for everything claiming that it is the good of the country, but we all know, they could help those children to be educated without charge taxes on Cryptocurrency.
In some cases it's actually better to pay taxes because it's not worth the problems you'll be going through later on. I was exactly like that in the beginning, but everything that happened with Coinbase confirmed my thoughts about how authorities will force exchanges to hand over information. That's why I decided to pay tax over the coins that I traded with and bought from centralized exchanges.
I think it's safe to say that the Coinbase versus IRS saga was meant to be a warning sign for traders to pay taxes where due. It seems that it worked out well as a warning if it made you pay tax, just in case.If the next to be released statistics show an increase in tax declarations, then it had a major impact globally. Governments see how the market booms but there is barely anything coming their way.
If it's not coming their way they will come to you and get it. They will use every unethical form of behavior to make you pay everything they think you owe them. When it concerns tax governments don't fool around.
I don't pay taxes and I won't do it.
In some cases it's actually better to pay taxes because it's not worth the problems you'll be going through later on. I was exactly like that in the beginning, but everything that happened with Coinbase confirmed my thoughts about how authorities will force exchanges to hand over information. That's why I decided to pay tax over the coins that I traded with and bought from centralized exchanges. The only case where I don't pay tax is over the coins that I bought externally -- no centralized service has been used to purchase them. Why else do you think that private trades are starting to become more popular? People are sick and tired of regulations.
People doesnt pay taxes by choice. The government require them to pay according to how large they earned. Actually, they have no choice but to pay taxes. If your government requires it then why would you not obey. It is also for our own good and means that they acknowledge the cryptocurrencies' existence.
It seems to me that the problem of falling prices for all cryptocurrencies is due to the fact that in the crypto community there are many people with such opinion. Perhaps you do not understand the basic idea of creating cryptocurrency. Why do we have to pay taxes? The government do not do anything in order for this business to develop. More than that, they interfere with its development. I don't pay taxes and I won't do it.
Having to pay tax on Bitcoin or any other crypto, I feel is just another sneaky way governments use as a tactic to encourage people to do with means to gain some sort of regulatory control over what's supposed to be a decentralized system. And I'm sure the tax brackets many governments impose are not all that low, as of matter of fact I would think they'd be quite high, particularly by those governments which make tax legal as another strategy to deter or reduce the number of people adopting Bitcoin.
People doesnt pay taxes by choice. The government require them to pay according to how large they earned. Actually, they have no choice but to pay taxes. If your government requires it then why would you not obey. It is also for our own good and means that they acknowledge the cryptocurrencies' existence.
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