Tax on Bitcoin - page 2. | Bitcointalksearch.org

arseaboy

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Quote from: malikusama on March 09, 2018, 09:43:03 AM

Quote from: navneetjais on March 03, 2018, 04:51:40 AM

Crypto regulation in may countries are awaited. I believe that crypto regulation should be global (one world one rule). However many countries has regulated crypto due to the huge pressure of investors and traders. Being an honest trader/investor we all are ready to pay tax but that should be legitimate.

It should be one rule for whole world because bitcoin and cryptos don't vary with respect to borders, and not dependent on specific state or country. But unfortunately our governments will restrict the implementation of a universal law or regulation for cryptos.
I agree if we are not doing anything wrong then we should not have to worry about the regulation of bitcoin and cryptos because already we are paying taxes.

When we are exchanging it to fiat for sure the local exchange needs to pay taxes in any country of jurisdictions, the government who caters bitcoin will need to implement tax in any business inside their country, we are already paying that, what is needed now is the regulation where people can do business using bitcoin and government will earn in each transactions that we will cater, still a long way discussions about taxing crypto currency.

bachanhlac

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The truth, tax when we do any transaction of Bitcoin is expensive. This is different a "definition of Bitcin" - a crypto currency, a currency without belong to any one, with o lower tax, almost to zero, bla, bla. But, In the near time, the tax of transaction is decreased about 10 time than 2 months ago. I think it is acceptable

reverseflash

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If the tax makes no more than 10% and to be applied only on a bitcoin conclusion in Fiat, then agrees, it can do the state good.

malikusama

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Quote from: navneetjais on March 03, 2018, 04:51:40 AM

Crypto regulation in may countries are awaited. I believe that crypto regulation should be global (one world one rule). However many countries has regulated crypto due to the huge pressure of investors and traders. Being an honest trader/investor we all are ready to pay tax but that should be legitimate.

It should be one rule for whole world because bitcoin and cryptos don't vary with respect to borders, and not dependent on specific state or country. But unfortunately our governments will restrict the implementation of a universal law or regulation for cryptos.
I agree if we are not doing anything wrong then we should not have to worry about the regulation of bitcoin and cryptos because already we are paying taxes.

alekseidanilov0803

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investing is a very good way to make money, it leads people to a prosperous existence

Renal

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How important is the global validity of crypto so that rules and requirements must be clear for the legitimate crypto crypt by economic and tax laws that must be paid by the user.

zwiggel

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I never heard of bitcoin tax. If bitcoin has a tax then perhaps bitcoin will not exist. No one wants to invest in bitcoin anymore. The bitcoin market will gradually pick up and disappear. I think if there is a bitcoin tax it must be at least 1%.

moneyangel

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W12 – Blockchain protocol

Quote from: navneetjais on March 03, 2018, 04:51:40 AM

Crypto regulation in may countries are awaited. I believe that crypto regulation should be global (one world one rule). However many countries has regulated crypto due to the huge pressure of investors and traders. Being an honest trader/investor we all are ready to pay tax but that should be legitimate.

Here in my country there's no plan to put tax on crypto earnings. It's a risk investment, the people are doing there best to gain profits how come the government will ask for a tax.

bitcoinajax455

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I don't agree paying taxes on bitcoin, because it seems daunting to people and investors selling off their investments. It looks like the government is straightforward for most investors, based on how much you bought bitcoin for, how much you sold it for, and what you make in income. However we connot disobey the government if they implement a tax on bitcoin.

krishnaverma

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Quote from: navneetjais on March 04, 2018, 12:15:09 PM

Current government in India is looking aggressive in recovery of taxes. Though bitcoin is not a legal tender in India but tax rules on crypto gain has been setup and effective from December 2017. If you earn even a single dollar from crypto investment you will have to pay tax, your income slab/age/gender will not matter in crypto tax rules.
There is still lot of confusion and uncertainty in current rules. Govt may propose crypto regulation bill by end of this year.

Can you give any link where government has made announcement regarding this ? I do not thin that we have a separate tax for bitcoin investments in India as per current rules. You just have to add the profit to your yearly income and then pay tax as per the income tax bracket you belong to. It is nothing different from mutual funds. In fact mutual fund profit was completely exempted from taxes in India.

navneetjais

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Quote from: lasry on March 06, 2018, 03:53:23 AM

If government disregard taxing on bitcoin many rich people may use bitcoin on tax evasion. It would be easy for them to evade tax by just converting all their assets into bitcoin. If this keeps on happening governments might fully ban cryptocurrencies.

Agree! even if govt stop taking interest on bitcoin, a lot of illegal activities will start occurring. if you are not in favor of tax then no need to approach any govt machinery if you stuck in any crypto scam or to report illegal activities.

navneetjais

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Quote from: lucy94 on March 06, 2018, 05:21:52 AM

There is no tax on bitcoin which is one of the great advantages it has.

where it is regularized there is tax.

playboy654

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It is not fair to implement tax on the decentralized technology but the governments want to make money out of it so it is better to have taxes less than 10%,so it can help the people and also the government.

lucy94

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There is no tax on bitcoin which is one of the great advantages it has.

lasry

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If government disregard taxing on bitcoin many rich people may use bitcoin on tax evasion. It would be easy for them to evade tax by just converting all their assets into bitcoin. If this keeps on happening governments might fully ban cryptocurrencies.

Derrick

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We should pay assesses on the cash we make as it is our ethical obligation and that is the way we can help people the advancement of our nation, yet the administration additionally needs to stop the defilement and that would then be useful for the improvement of the nation and furthermore then the saddled cash will be utilized for right purposes. In any case, if debasement still continues at that point there is no reason for giving expenses, yet government can fuck you up on the off chance that they discover that you haven't paid any duties.

navneetjais

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Quote from: JC btc on March 04, 2018, 12:19:59 PM

As much as possible, if your country is planning to imposed tax on bitcoin we are aiming to at least just around 1-5%, but it may consider as passive income so the government might literally go with 10% final tax, let us just hope that they will see how it benefit from other people so that they will just imposed little amount of tax.

Most of the countries are imposing huge tax in crypto to demotivate investors, because they believe decentralized economy structure could be dangerous for good governance.

JC btc

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As much as possible, if your country is planning to imposed tax on bitcoin we are aiming to at least just around 1-5%, but it may consider as passive income so the government might literally go with 10% final tax, let us just hope that they will see how it benefit from other people so that they will just imposed little amount of tax.

Nowherman

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I think the tax rates for bitcoin operations will be different in each country. Each government will introduce them based on the amount of taxation.

navneetjais

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Quote from: galkina on March 04, 2018, 01:17:11 AM

Quote from: navneetjais on March 03, 2018, 05:01:11 AM

in India it is 20% for long term (more then 3 years)
and 30% for short term investment (less then 3 years)

I do not think that there are separate rules for bitcoins in India:

1) To make rules for a particular investment option, government will first have to make it legal. Indian government has not made its opinion clear about bitcoins yet. RBI keeps advising people for not investing in bitcoins. Thus, government cannot introduce special tax for bitcoins.

2) Current situation is that you should pay tax on bitcoins as per your tax bracket. For instance, if the total income ( including bitcoin profit) is less than Rs 250000, you need not pay any tax at all.

Current government in India is looking aggressive in recovery of taxes. Though bitcoin is not a legal tender in India but tax rules on crypto gain has been setup and effective from December 2017. If you earn even a single dollar from crypto investment you will have to pay tax, your income slab/age/gender will not matter in crypto tax rules.
There is still lot of confusion and uncertainty in current rules. Govt may propose crypto regulation bill by end of this year.

Topic: Tax on Bitcoin - page 2. (Read 491 times)