Tax enforcement of Crypto in 5 Countries

Hedda Gabler

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Quote from: jaocoincrypto18 on July 24, 2018, 11:25:35 PM

Quote from: daviddaniels on July 11, 2018, 07:00:30 AM

Tax enforcement authorities from Australia, Canada, the Netherlands, the United Kingdom and the United States have have came together to form a Joint Chiefs of Global Tax Enforcement to tax the cryptocurrency. I think this will greatly decrease the prices of cryptos. Read More: https://shuftipro.com/blogs/international-tax-body-curb-cryptocurrency-based-tax-evasion/ What you suggest?

Maybe it will decrease but this is normal tax policies as everyone in the world are paying tax from fiat earnings so i think it shall be the same in Crypto currencies earnings too. This is the consequence if we want Bitcoin will be declared legal in a central country in which it will require every citizens to pay Bitcoin tax as income tax but this is no issue to me as long as the Bitcoin users will be fully protected specially from the scam investments.

What makes you think we will be protected at all?

I still haven't got my money back from the CoinsMarkets thugs who robbed everyone.

BeeRoach

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We need easy and low taxes, that way people won't be willing to avoid paying them and the goverments will earn more for taxation. High taxes will make people avoid them and flee to other countries.

Greenkarki

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These five countries are forced their people to pay tax and this is good news to everyone. Because collecting tax for crypto will leads the economic growth of the country. Once the tax collected means then people wont use it for illegal purpose. People are ready to invest bitcoin due to its huge profit. So the tax enforcement for cryptos will be very useful for the economic growth.

Oliveir

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If the government impose tax then we need to abide also but they should have also block chain to properly calculate the tax we will be paying... Since verbal way of saying what's the range of your income, other may lie about their money....

christysmile

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Quote from: daviddaniels on July 11, 2018, 07:00:30 AM

I think this will greatly decrease the prices of cryptos.

How so? If they decide to tax it then all people from those countries will dump their crypto and run to... fiat? Fiat is taxable as well. Gold? Can't hide it so easily. Houses in Somalia? Too risky...

These governments will never know that individuals from those countries have crypto until they say so. Or possibly if they trade on exchanges in those countries (technically no, but I wouldn't be surprised if the tax auditor came after you with records of all trades). Or bank activity. Any deposit into an account in any of those countries is reported instantly, no matter where it comes from.

Flyne d Coin Digger

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Quote from: palle11 on July 13, 2018, 04:08:31 PM

Quote from: daviddaniels on July 11, 2018, 07:00:30 AM

I think this will greatly decrease the prices of cryptos.

This few lines got my attention after reading your thread. I have to inform you that tax gives a product or service some legitimacy and the people who are made to pay the tax have some level of confidence in that. So, the move will even get more investors and price will improve better.

The tax payment won't have an affect on the crypto price I believe...
And if investor are willing to pay taxes based on what have they earned then government don't have a reason to ban them on some countries...

thomas_goal

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Yes, exactly. Only for those who are trying to hide millions of dollars away in crypto will have to worry because the governments just equipped themselves with the tools to go and find them. Granted, it might be a little bit harder to dig up crypto accounts, especially if they're cold, but now they're considered assets, so if they are found, they are punishable.

People who have a few hundred or a few thousand hiding away in undeclared crypto just aren't worth the time to uncover, yet. It's still too difficult for them to track the thing to go chasing after the little fish. But if regulators get involved, soon there will be a system in check similar to what they have in banks. Some automatic alert system that raises a red flag if someone moves X amount from A to B

orions.belt19

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Quote from: jaocoincrypto18 on July 24, 2018, 11:25:35 PM

Quote from: daviddaniels on July 11, 2018, 07:00:30 AM

Tax enforcement authorities from Australia, Canada, the Netherlands, the United Kingdom and the United States have have came together to form a Joint Chiefs of Global Tax Enforcement to tax the cryptocurrency. I think this will greatly decrease the prices of cryptos. Read More: https://shuftipro.com/blogs/international-tax-body-curb-cryptocurrency-based-tax-evasion/ What you suggest?

Maybe it will decrease but this is normal tax policies as everyone in the world are paying tax from fiat earnings so i think it shall be the same in Crypto currencies earnings too. This is the consequence if we want Bitcoin will be declared legal in a central country in which it will require every citizens to pay Bitcoin tax as income tax but this is no issue to me as long as the Bitcoin users will be fully protected specially from the scam investments.

I don't think that it should have an adverse effect on crypto. Many people hate taxes and would rather avoid it but it should not badly have an impact to the market. It's not surprising to have tax policies eventually, it's bound to happen anyway especially since there will be mass adoption by other countries. Since it will be also expected that people will just choose to evade these taxes, it's not a surprise that tax enforcement has been made. I don't think that this will negatively affect Bitcoin. This just spells some trouble for the tax evaders.

jaocoincrypto18

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Quote from: daviddaniels on July 11, 2018, 07:00:30 AM

Tax enforcement authorities from Australia, Canada, the Netherlands, the United Kingdom and the United States have have came together to form a Joint Chiefs of Global Tax Enforcement to tax the cryptocurrency. I think this will greatly decrease the prices of cryptos. Read More: https://shuftipro.com/blogs/international-tax-body-curb-cryptocurrency-based-tax-evasion/ What you suggest?

Maybe it will decrease but this is normal tax policies as everyone in the world are paying tax from fiat earnings so i think it shall be the same in Crypto currencies earnings too. This is the consequence if we want Bitcoin will be declared legal in a central country in which it will require every citizens to pay Bitcoin tax as income tax but this is no issue to me as long as the Bitcoin users will be fully protected specially from the scam investments.

USDOLLAR

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I must say All of these locations have already tax regimes in place. People need to recognize what is anticipated of them. You'd be extraordinarily silly, particularly if you're American, to be tax evading.

palle11

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Quote from: daviddaniels on July 11, 2018, 07:00:30 AM

I think this will greatly decrease the prices of cryptos.

This few lines got my attention after reading your thread. I have to inform you that tax gives a product or service some legitimacy and the people who are made to pay the tax have some level of confidence in that. So, the move will even get more investors and price will improve better.

ajochems

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Quote from: daviddaniels on July 11, 2018, 07:00:30 AM

Tax enforcement authorities from Australia, Canada, the Netherlands, the United Kingdom and the United States have have came together to form a Joint Chiefs of Global Tax Enforcement to tax the cryptocurrency. I think this will greatly decrease the prices of cryptos. Read More: https://shuftipro.com/blogs/international-tax-body-curb-cryptocurrency-based-tax-evasion/ What you suggest?

Actually this will give positive impact to bitcoin.The traders in this countries will inverse in bitcoin without any fear.Because bitcoin is legal tender in their country.This will surely increase the traders ,automatically the demand of bitcoin will increase.When the demand of asset is increased,the price will increase in short period.

jhongzjhong

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https://bmy.guide

These 5 developed countries are being very strict on collecting the tax to their people, forcing the public to pay tax just for their own good to contribute to their country with a small amount of they have paid. Luckily I'm not a part of this said OP's country but if I am one of their citizens I am not hesitating to pay a little amount that makes contributed to the economic growth of my country.
I don't have seen any negative side that may affect the price on crypto regarding this (IMO).

darkangel11

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Don't let others control your BTC -> self custody

Quote from: Boris228 on July 12, 2018, 05:53:16 AM

All of those places have tax regimes in place already. People should know what's expected of them. You'd have to be extremely stupid, especially if you're American, to be tax evading.

Why did you copy a part of another person's post and make it your own. Are you retarded? Plagiarism and spam are bannable.

Quote from: Tigorss on July 12, 2018, 07:26:35 AM

we do not have to worry about taxation in the 5 countries because the tax paid by the public to the State analogous as payment of insurance premiums. Payment of insurance premium is done because the State has a duty to protect the people and their property. The first difference is in insurance in case of accident will receive compensation, while the tax, the State will not give compensation if the people are experiencing disaster.

Are you trying to say that tax equals insurance because you are being protected by the state? Are you for real? Protected from whom? If a lightning strikes your home and it burns to ashes, the state won't do anything besides putting the flames down and saving your lives. The property is gone and if you didn't have a private insurrance you'll live in a cardboard box and the government will give you free soup.

ruthbabe

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Quote from: daviddaniels on July 11, 2018, 07:00:30 AM

Tax enforcement authorities from Australia, Canada, the Netherlands, the United Kingdom and the United States have have came together to form a Joint Chiefs of Global Tax Enforcement to tax the cryptocurrency. I think this will greatly decrease the prices of cryptos. Read More: https://shuftipro.com/blogs/international-tax-body-curb-cryptocurrency-based-tax-evasion/ What you suggest?

I don't think so. Crypto taxation in those 5 countries has been taking place for some time now, and there have been no reports whatsoever that are related to the pump and dump in the price of crypto since then. For tax purposes, cryptos have not treated by those countries as currency like the US dollar, instead, they're treated as property like real estate or gold, or a capital asset like stocks, bonds, and other investment properties, and thus it is subject to tax.

Tigorss

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we do not have to worry about taxation in the 5 countries because the tax paid by the public to the State analogous as payment of insurance premiums. Payment of insurance premium is done because the State has a duty to protect the people and their property. The first difference is in insurance in case of accident will receive compensation, while the tax, the State will not give compensation if the people are experiencing disaster.

daviddaniels

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Yeah but on the other hand, we have companies like Shufti Pro and Hooyu etc. who are working with full compliances of Fincen and even selling ICOs so in long term it will work for the common man as well.

Boris228

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All of those places have tax regimes in place already. People should know what's expected of them. You'd have to be extremely stupid, especially if you're American, to be tax evading.

Theb

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I am really thinking of these developed countries being concerned more on their tax collection rather then how it will affect the prices in a bad way. If their tax enforcement improve somehow then they will bust some tax evader which will really affect the prices in a bad way but the price decrease brought by it will only be temporary and as soon as the market adjust to the stricter enforcement I think the prices will normalize from that point on. Plus the more taxes the government collects the better the economy will be for that country.

gentlemand

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Welt Am Draht

Quote from: daviddaniels on July 11, 2018, 07:00:30 AM

I think this will greatly decrease the prices of cryptos.

Explain why.

All of those places have tax regimes in place already. People should know what's expected of them. You'd have to be extremely stupid, especially if you're American, to be tax evading.

The morons on here who regularly declare they don't have to pay tax because they're special deserve all they get.

Kemarit

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Quote from: daviddaniels on July 11, 2018, 07:00:30 AM

Tax enforcement authorities from Australia, Canada, the Netherlands, the United Kingdom and the United States have have came together to form a Joint Chiefs of Global Tax Enforcement to tax the cryptocurrency. I think this will greatly decrease the prices of cryptos. Read More: https://shuftipro.com/blogs/international-tax-body-curb-cryptocurrency-based-tax-evasion/ What you suggest?

I don't think that it will have a long term effect on the price because I don't see any negative impact except if you are one of their targets. Their aim is to really curb out the bad eggs amongst us who are hiding their assets on crypto and doesn't want to pay tax.

Quote

At their first meeting last week, the J5 brought together leading experts in tax and other financial crimes from each of the five member countries. Together they developed tactical plans and identified opportunities to pursue cyber criminals and enablers of transnational tax crime. The J5 will do this through the sharing of data and technology, conducting operational activity and taking advantage of collective capabilities.

On the contrary, it may really bring some positive from the cooperation of the 5 nation. If someone accuses crypto that it is being used by the criminals to hide their tainted money, then we should all tell them the J5 is closing on them. Grin

audaciousbeing

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Quote from: daviddaniels on July 11, 2018, 07:00:30 AM

Tax enforcement authorities from Australia, Canada, the Netherlands, the United Kingdom and the United States have have came together to form a Joint Chiefs of Global Tax Enforcement to tax the cryptocurrency. I think this will greatly decrease the prices of cryptos. Read More: https://shuftipro.com/blogs/international-tax-body-curb-cryptocurrency-based-tax-evasion/ What you suggest?

The J5 is really the conglomeration of powerful countries that could really make things happen considering the amount to technological infrastructures available to them individually and now combining forces is one big deal which could usher a new direction for other countries of the world to follow in "taming" the problem they have identified as it relates to crypto currency. However, I don't see any major effect this would have on price because the objective has been set for the group and what they set to achieve. They are not out to stop or ban the use of crypto but rather curb the excesses embedded therein and these issues to me are really needed to be dealt with if crypto would be go to be more accepted to the larger populace.

Harlot

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Quote from: daviddaniels on July 11, 2018, 07:00:30 AM

Tax enforcement authorities from Australia, Canada, the Netherlands, the United Kingdom and the United States have have came together to form a Joint Chiefs of Global Tax Enforcement to tax the cryptocurrency. I think this will greatly decrease the prices of cryptos. What you suggest?

That is with the assumption of a lot of whales are evading taxes when it comes to their cryptocurrecy profit. But when it comes to a stricter enforcement and better transparency on citizens that are paying their taxes properly then I don't think it will give a big hit on the price of cryptocurrencies. Remember that some exchanges and wallets are providing transactions of their users to goverments now, so far I haven't seen any big cases regarding tax evasion. Whales might be playing it safe when it comes to their holdings.

jseverson

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Seems like the group is now live, and there didn't seem to be any sharp drops that could be plausibly attributed to its forming.

But yeah, this seems scary. We know that the IRS has resources, and if they start sharing intelligence with other tax agencies, I'd be wary if I were skimping out on any tax liabilities. I'm guessing they'll be focusing on the larger fish though, and those are typically skilled in hiding their tracks. I guess we'll see soon enough.

Andrew S

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If they agree and impose the same taxes and regulation will be very good.

daviddaniels

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Tax enforcement authorities from Australia, Canada, the Netherlands, the United Kingdom and the United States have have came together to form a Joint Chiefs of Global Tax Enforcement to tax the cryptocurrency. I think this will greatly decrease the prices of cryptos. Read More: https://shuftipro.com/blogs/international-tax-body-curb-cryptocurrency-based-tax-evasion/ What you suggest?

Topic: Tax enforcement of Crypto in 5 Countries (Read 276 times)