Signature Campaigns taxes - page 14.

tambok

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Quote from: yojodojo21 on March 20, 2018, 11:12:22 AM

Quote from: Bardman on March 17, 2018, 07:40:52 PM

Now first of all I live in spain and I'm wondering if someone has ever paid taxes with money acquired from signature campaigns here. I made a decent amount of money a year ago because campaigns were giving 0.03-0.04 per week. I wouldn't really know how to pay taxes if I need to, would this count like a job and how exactly would someone prove they got their bitcoins from signature campaign , seems quite difficult.

it's your bad mate, not all bitcoiners live in the same area, we are from different places around the globe, that is why i'm thankful that in my country crypto is not a big deal, even thou it's making it's name and foundation to be legalized but still hoping that same thing happens that there will be no such excessive amounts of tax paying. we pay taxes through exchange sites Via Express shops, so not a big deal also, they are fair for a transaction fee. Cheesy

Well, we do have different areas and if in their country paying taxes from income from cryptocurrency then you are not obliged to do so and you are free to do what you are earning here, yes here in the Philippines we are grateful that we are not yet obliged to pay taxes.

yojodojo21

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Quote from: Bardman on March 17, 2018, 07:40:52 PM

Now first of all I live in spain and I'm wondering if someone has ever paid taxes with money acquired from signature campaigns here. I made a decent amount of money a year ago because campaigns were giving 0.03-0.04 per week. I wouldn't really know how to pay taxes if I need to, would this count like a job and how exactly would someone prove they got their bitcoins from signature campaign , seems quite difficult.

it's your bad mate, not all bitcoiners live in the same area, we are from different places around the globe, that is why i'm thankful that in my country crypto is not a big deal, even thou it's making it's name and foundation to be legalized but still hoping that same thing happens that there will be no such excessive amounts of tax paying. we pay taxes through exchange sites Via Express shops, so not a big deal also, they are fair for a transaction fee. Cheesy

VIC-btcforum

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i don t belive so but if you want to be sure then talk to a lawyer

smith136

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Quote from: matuson on March 20, 2018, 07:39:37 AM

Quote from: malbterxic on March 20, 2018, 07:31:55 AM

It would be logical to pay a tax for trading on the exchange, for example, for a certain volume of trading in dollars or based on the number of transactions and their volume. In subscription companies usually give tokens whose prices are not known, based on which indicators to pay tax?
The only option for taxing, this recognition of the Crypto-currency at the official level and the application of regulation of this sphere by state structures.
In the future, for example, they can prohibit participation in signatures by ordinary people, it will be done by accredited companies and they will already pay taxes.

It seems to me that it is not logical to pay tax on the stock exchange. Today you can get income and tomorrow you can get loss. Who is supposed to count. The exchange is not a tax authority and it has to do its own business. If you take taxes from users of the most reasonable would be to levy a tax on the capital. This can be done by banks that are part of the legal economy and participate in the regulation of the foreign exchange market.

Exchange could become an agent for the government although the problem is the valuation or the base that should be use for the assessment of tax and besides this is only possible if a user will trade his/her coins into Fiat since cryptocurrency is viewed as an asset other than cash.

matuson

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Quote from: malbterxic on March 20, 2018, 07:31:55 AM

It would be logical to pay a tax for trading on the exchange, for example, for a certain volume of trading in dollars or based on the number of transactions and their volume. In subscription companies usually give tokens whose prices are not known, based on which indicators to pay tax?
The only option for taxing, this recognition of the Crypto-currency at the official level and the application of regulation of this sphere by state structures.
In the future, for example, they can prohibit participation in signatures by ordinary people, it will be done by accredited companies and they will already pay taxes.

It seems to me that it is not logical to pay tax on the stock exchange. Today you can get income and tomorrow you can get loss. Who is supposed to count. The exchange is not a tax authority and it has to do its own business. If you take taxes from users of the most reasonable would be to levy a tax on the capital. This can be done by banks that are part of the legal economy and participate in the regulation of the foreign exchange market.

malbterxic

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It would be logical to pay a tax for trading on the exchange, for example, for a certain volume of trading in dollars or based on the number of transactions and their volume. In subscription companies usually give tokens whose prices are not known, based on which indicators to pay tax?
The only option for taxing, this recognition of the Crypto-currency at the official level and the application of regulation of this sphere by state structures.
In the future, for example, they can prohibit participation in signatures by ordinary people, it will be done by accredited companies and they will already pay taxes.

sunsilk

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Are you going to declare it as a job or as an incentive?

To answer your question why not just volunteer yourself and consult and a staff from the taxing bureau of your country to know what's best for you.

This can help you to have a calm mind and at the same time you are paying tax.

zarados

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as I know, the income tax is paid once a year, specifically in my country, the amount of tax we have to pay is the result of total gross salary in a year, reduced by monthly deduction, then multiplied by 15% (for $ 4k - $ 20k earnings) and it is all calculated in the form of currency. Well, if this is also applied to the sig camp, who is harmed?. After all, this is not an official job regulated by law.

alani123

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It really depends on where you reside. If the signature campaign is a sizeable amount of your income and you're cashing to your bank it'd surely catch some attention. But I don't think signature payments warrant that much of attention from tax authorities anywhere.

Depending on your jurisdiction, you might have to file for capital gains once you sell BTC and have the the money from an exchnge hit your bank, that is if you incurred gains ofc. Saying that you got the bitcoins from a signature campaign might be setting their price, or not. It's all too vague at this point but I don't think you'd have any trouble for not filing signature payments for taxes, at least for as long as you store them in BTC.

qwertyup23

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Quote from: Dreamchaser21 on March 19, 2018, 04:10:17 AM

Quote from: Bardman on March 17, 2018, 07:40:52 PM

Now first of all I live in spain and I'm wondering if someone has ever paid taxes with money acquired from signature campaigns here. I made a decent amount of money a year ago because campaigns were giving 0.03-0.04 per week. I wouldn't really know how to pay taxes if I need to, would this count like a job and how exactly would someone prove they got their bitcoins from signature campaign , seems quite difficult.

Cryptocurrency is not yet taxable even if you earn it through signature campaign unless there's a law that regulating cryptocurrency on your place. But I think if you just withdraw it and government see your transactions that's the time you will pay taxes when necessary.

It is very hard to impose tax on something that cannot be regulated. Thus, bitcoin being a decentralised type of currency falls into that category but this still depends on the laws of the country that you are staying. If the government creates a law or amends a current law prejudicial to bitcoin's existence, they it may be taxable. As of the amount, I also doubt that they may be able to trace it, considering that you receive your bitcoins on a separate wallet.

Quote from: Domenc on March 19, 2018, 11:26:44 AM

Quote from: Nahl on March 19, 2018, 05:16:39 AM

i pay fee for every transactions on my local exchange but i think that was not tax and whatever way i have to choose to earn bitcoin i never pay tax from my bitcoin earning but i wasn't ever heard that there was people paying tax to their government from signature campaign income

Different laws for every country, you should see you finical and tax structure into more detail then looking for answers here. Local exchanges often tend to introduce fees but this is not the tax you will pay, mostly tax is calculated upon the income at the end of year. So, one should recheck about taxes in their own countries. Also, there are few countries which have ban crypto and few which made no tax on crypto, So where are your country laws can only help you to find ans to this question.

I agree. Every country has their specific view regarding cryptocurrencies. As for Japan, they see it as an asset and as something that can be beneficial to the public whereas for Malaysia, their government warned about transacting cryptocurrencies since it involves some shenanigans that may cause your investments to be stolen. This all varies depending on the country that you are staying but I personally vote that campaign signatures should not be taxable.

kimochidesh

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Many of the campaign participants are into this problem. In my opinion, Income should be determined from the amt received* the rate at that point in time. Eg: If someone receives payment=0.01BTC when BTC rate is $15000 then his income is 0.01*$15000= $150. Now if BTC inc or dec. that should be considered capital gain or loss while selling this BTC for Fiat.

Zadicar

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Quote from: Bardman on March 17, 2018, 07:40:52 PM

Now first of all I live in spain and I'm wondering if someone has ever paid taxes with money acquired from signature campaigns here. I made a decent amount of money a year ago because campaigns were giving 0.03-0.04 per week. I wouldn't really know how to pay taxes if I need to, would this count like a job and how exactly would someone prove they got their bitcoins from signature campaign , seems quite difficult.

Government wont really sue us out when it comes to these crypto incomes since those amounts are just really small to consider. The thing here is that you would able to declare it out if you have already accumulated large amounts of bitcoins? If a certain law into your country do still have regulations when it comes to taxation into this sector then you don't have any choice but to include it out but for me its much better to hold it off.

BTCeminjas

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Quote from: 1NV3ST0NM3 on March 19, 2018, 01:30:22 PM

Quote from: Bardman on March 17, 2018, 07:40:52 PM

Now first of all I live in spain and I'm wondering if someone has ever paid taxes with money acquired from signature campaigns here. I made a decent amount of money a year ago because campaigns were giving 0.03-0.04 per week. I wouldn't really know how to pay taxes if I need to, would this count like a job and how exactly would someone prove they got their bitcoins from signature campaign , seems quite difficult.

This isn't a job because you are not being paid a fixed sum every month for your service with a view of continuing it for unknown time. I think the best thing you can do is to declare this as your business income. The income which is being earned by you by doing some work for your clients. You don't need to create any legal entity for it just make it a business as a sole properietership.

We consider that extra income in working in the signature campaign, yeah you can't conclude this as your job aside from you a decent job outside because your not receiving the fixed price amount at the end of the month and it depends on the company that you working on in signature campaign. Here our country you can pay tax when you convert your bitcoin to fiat and then cash out to the remittances in that case you are already paying tax. Our government did not impose a law regarding this income of cryptocurrencies so, we can enjoy whatever we want to our money.

1NV3ST0NM3

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Quote from: Bardman on March 17, 2018, 07:40:52 PM

Now first of all I live in spain and I'm wondering if someone has ever paid taxes with money acquired from signature campaigns here. I made a decent amount of money a year ago because campaigns were giving 0.03-0.04 per week. I wouldn't really know how to pay taxes if I need to, would this count like a job and how exactly would someone prove they got their bitcoins from signature campaign , seems quite difficult.

This isn't a job because you are not being paid a fixed sum every month for your service with a view of continuing it for unknown time. I think the best thing you can do is to declare this as your business income. The income which is being earned by you by doing some work for your clients. You don't need to create any legal entity for it just make it a business as a sole properietership.

zngit

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I think tax from signature campaign is hard to identify if how the total amount one person earned from the campaign. It is easy to declare this is all that I have earn from signature campaign nothing more, nothing less. Although tax can help to improve the economy but not now is the right time to apply it in bitcointalk.

Domenc

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Quote from: Nahl on March 19, 2018, 05:16:39 AM

i pay fee for every transactions on my local exchange but i think that was not tax and whatever way i have to choose to earn bitcoin i never pay tax from my bitcoin earning but i wasn't ever heard that there was people paying tax to their government from signature campaign income

Different laws for every country, you should see you finical and tax structure into more detail then looking for answers here. Local exchanges often tend to introduce fees but this is not the tax you will pay, mostly tax is calculated upon the income at the end of year. So, one should recheck about taxes in their own countries. Also, there are few countries which have ban crypto and few which made no tax on crypto, So where are your country laws can only help you to find ans to this question.

orions.belt19

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For taxes to apply to signature campaigns, it may fall under the category of income tax. If you were to declare that you have been gaining income through signature campaigns, you would then have to pay a portion of it (depending on what is prescribed by your country's laws). This would however depend on the amount of your earnings which is somewhat complicated because in fiat, the rate would constantly change - unless your country tax crypto earnings or holdings. The proof that you have been earning from signature campaigns would be the transaction records on the blockchain however the matter of licenses or registration of the business or service is another matter. If it were up to me, simply don't declare your bitcoin earnings. You won't be evading taxes if in your country, crypto or btc earnings is not taxable unless you would constantly exchange them to fiat.

Kronos21

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Quote from: iram1011 on March 19, 2018, 06:03:32 AM

Quote from: Bardman on March 17, 2018, 07:40:52 PM

Now first of all I live in spain and I'm wondering if someone has ever paid taxes with money acquired from signature campaigns here. I made a decent amount of money a year ago because campaigns were giving 0.03-0.04 per week. I wouldn't really know how to pay taxes if I need to, would this count like a job and how exactly would someone prove they got their bitcoins from signature campaign , seems quite difficult.

I have given income tax on my earnings through signature campaigns. Since, I have earned enough. So, that has brought me in tax bracket in my country. I have given advance tax. So, no one has asked the source yet in my country. But if asked, I have the records of signature campaigns and btc tx id to justify my income.

tx id can not confirm the legality of your income. How can you prove that this money paid you to sign? Bank documents required to have count of the payment. But in tx id there is no such graph. From the point of view of the law it is not proof. But the tax authorities are well aware that the turnover of cryptocurrencies is not regulated now and therefore will not require you to confirm. They will be limited only to accounting figures.

audaciousbeing

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Quote from: Bardman on March 17, 2018, 07:40:52 PM

Now first of all I live in spain and I'm wondering if someone has ever paid taxes with money acquired from signature campaigns here. I made a decent amount of money a year ago because campaigns were giving 0.03-0.04 per week. I wouldn't really know how to pay taxes if I need to, would this count like a job and how exactly would someone prove they got their bitcoins from signature campaign , seems quite difficult.

If you are to disclose your income then you are liable to pay tax. Its simple as a freelancer earning money from work done which can either be online or offline the fact is that you are working to generate income. In tax laws of countries where personal returns is allowed to filed with the relevant tax authorities such as US or other countries, you are by default compelled by law to disclose all your income whether known to government or not. The only way our is based on your country's technological ability or their consideration of bitcoin whether they would be able to track your income from 'freelancing' activities from abroad which is the kind of situation like this you can then decide and find ways to remit your taxes.

iram1011

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Quote from: Bardman on March 17, 2018, 07:40:52 PM

Now first of all I live in spain and I'm wondering if someone has ever paid taxes with money acquired from signature campaigns here. I made a decent amount of money a year ago because campaigns were giving 0.03-0.04 per week. I wouldn't really know how to pay taxes if I need to, would this count like a job and how exactly would someone prove they got their bitcoins from signature campaign , seems quite difficult.

I have given income tax on my earnings through signature campaigns. Since, I have earned enough. So, that has brought me in tax bracket in my country. I have given advance tax. So, no one has asked the source yet in my country. But if asked, I have the records of signature campaigns and btc tx id to justify my income.

Topic: Signature Campaigns taxes - page 14. (Read 26475 times)