Tax on Bitcoin - page 4. | Bitcointalksearch.org

Virtual miner

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Quote from: LFC_Bitcoin on March 03, 2018, 05:10:53 AM

Quote from: shulio on March 03, 2018, 04:54:28 AM

It should be %0. Why would I pay a tax for the risky investment I made and earn money? I am taking all the risks and must I share the profitwith the government? Of course not. It is contrary to the Bitcoin and crypto currency philosophy.

Agree, why the hell should I share big gains with the government when I eventually cash out. Why do they deserve a share of it? It should be like gambling (in the UK) where they take 0%.

I will speak to my accountant when the time comes to cash out any way & do my best to fiddle with figures, create bogus companies & send them into bankruptcy etc.

Absolutely right!!

Why would I want to pay any tax on an investment om which I am already putting on so much risks. Sharing my gains with the government even when all the risk is mine!?!

But the thing is these political people are not gonna pay heed to these things...all they want is curb money out of people by employing different means.

Taxation on Crypto currency would mean huge revenue to the government officials but that revenue won't be used for development purposes.

datodota002

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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.

your giverment will take tax from crypto traders because they already know people who be traders on crypto have alot mobey on the crypto and your goverment want it, people in gov always want to get money from people without make any effort, and if they can't do it they start banning make negative news about crypto and intimidate.

alisafidel58

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Even if we talk about this here about what tax should the government takes on us, even if ones person agree to the other person there will be no impact on it. Government are stubborn people and wont listen to suggestion in a forum because they have a firm stand against crypto currency. Your local government will seize the opportunity in taxing you (large percent) because they can and want to.

They see the great potential in taxing these kinds of "work" which involves great amount money that can easily be obtain just by doing nothing at all (compared to legal work that you can see daily).

Images21

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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.

Well, you cannot do that. I mean the one world one rule kind of policy. That is not a good thing. Who will rule the world? Who will be assigned to craft laws and policies that will have an effect to the whole wide world of diverse cultures, economic status, beliefs, etc. You cannot apply a single law to the entire world, especially about tax laws. There are rich countries as there are poor ones. Regarding tax, it should be less than 5%. After all, this is not a fixed income. There are times when the market is dumping real hard.

Manchumichael

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I voted for 30% because my country is planning to put 30% tax on all crypto users. but this is not fair my question is also why we pay tax?

Stock trading and Crypto trading both are almost same we will pay tax for Stock trading so they want us to pay tax for crypto trading also don't know what to say to this question.

JerryJam

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Some States are already considering the question of the taxation of cryptocurrencies. Some have already introduced certain rules. Others have proposed to declare the cryptocurrency. But the bulk does not have a clear policy.Cryptocurrency is not spelled out in the legislation. Therefore, the Declaration is not subject. In order to declare it, it is necessary to recognize it as property at the legislative level.Perhaps this can be done to complicate the transfer of funds received illegally.

christian07

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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.

actually here in my country even crypto not regulated but still they help crypto here to spread like we have authotized btc wallet here with our fiat wallet too this is so useful here like we can earn here and we can use this to do transaction all over the world so even it's regulated or not still it's so much conveniece here and for me it's already good by now so there's no need to regulate it

Chachacoin17

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Quote from: shulio on March 03, 2018, 04:54:28 AM

It should be %0. Why would I pay a tax for the risky investment I made and earn money? I am taking all the risks and must I share the profitwith the government? Of course not. It is contrary to the Bitcoin and crypto currency philosophy.

Yes, I agree on you. I guess many people too really dont like to implement Tax on Bitcoin because they want freedom on taxes thats why they join in this transaction. Bitcoin tax should be 0% because thats what many people wanted. I dont want to share my profit to the government, I give all my best in here and in the end I share my profit to the government? I wont do that. It is already in contrary that no taxes should be required in joining bitcoin.

Palmerson

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I am opposed to paying taxes for the use of bitcoin. Taxes should not be a contribution. This should be the contribution of each person to the development of the state. But they must be spent so that everyone can see the improvement of their lives. Every year we increase the capitalization of our country. Why rich people and politicians have the opportunity to hide their income in offshore and we have no right to do it. Bitcoin is a popular offshore.

Barbut

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Quote from: shulio on March 03, 2018, 04:54:28 AM

It should be %0. Why would I pay a tax for the risky investment I made and earn money? I am taking all the risks and must I share the profitwith the government? Of course not. It is contrary to the Bitcoin and crypto currency philosophy.

I agree, they don`t share risk with us, so why would we share profit with them? Very logical, but governments don`t care about it. Like they taxed everything they will find a way to tax cryptocurrencies. I didn`t vote cause I think it will be proportional, if you make profit up to 10.000$ it will be 10% if you make up to 100.000$ it will be 20%, for millions of dollars in profit it can be 30% or more, that is how they do it in many countries in recent decades.
I agree with you, tax is contrary to the bitcoin and cryptocurrency philosophy but it is what it is, who doesn`t wish to pay it can turn to coins that offer more privacy and to try to skip paying tax like that.

Flangler

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Problem is when you are trying to exchange bitcoin to Fiat because you have to pay taxes from getting rich it is 18%. Bitcoin was created to be independent from banks, taxes are ruining this idea. Taxes = personal data

coinwizard_

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Why is there no option for 0$ Grin

If it is considered legal tender in that country then it should be taxed accordingly. Otherwise it should only be taxed when converted into fiat currency and not for gains during it's wild fluctuations

LFC_Bitcoin

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Quote from: shulio on March 03, 2018, 04:54:28 AM

It should be %0. Why would I pay a tax for the risky investment I made and earn money? I am taking all the risks and must I share the profitwith the government? Of course not. It is contrary to the Bitcoin and crypto currency philosophy.

Agree, why the hell should I share big gains with the government when I eventually cash out. Why do they deserve a share of it? It should be like gambling (in the UK) where they take 0%.

I will speak to my accountant when the time comes to cash out any way & do my best to fiddle with figures, create bogus companies & send them into bankruptcy etc.

bobinder

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if we see globally, many countries has legalised crypto currency, i think it should be globally leagalised and tax should be same format in all countries.

karloscimot

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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.

I also agree if the world crypto tax imposed by the government, especially in my country Indonesia. but do not let the tax burden to one party. as the tax is too large so that the Indonesian bitcoiners become complaining and burdened with the tax.

silent17

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I think, upon trading, we should not pay any tax for that because as we trade sometimes the price goes down, so if that happen, we will lost some money but still pay tax? That will be unfair to us, I think the proper way in puting a tax to us is when to convert it to fiat because thats the time that the bitcoin will have a value from where we can spend it.

navneetjais

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

liangweicha

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I think the bitcoin tax should be in 10%, so no matter when we are make money or lose money, 10% is not a particularly high number, so is the scope of the majority of people can accept.

shulio

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It should be %0. Why would I pay a tax for the risky investment I made and earn money? I am taking all the risks and must I share the profitwith the government? Of course not. It is contrary to the Bitcoin and crypto currency philosophy.

navneetjais

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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.

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