Tax on crypto currency should be like this

carlisle1

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Campaign Management?"Hhampuz" is the Man

Quote from: dogtana on May 05, 2018, 08:35:20 AM

It should be 5-10% on difference between input and output in fiat. It should be exempted from any tax if you don't earn more than 10,000.00 USD from crypto per year.

Why? Because this is technology important for the future of mankind, and it relies a lot on investors that don't get market protection from extreme volatility. And smart country won't kill crypto investors with bad taxation. Reply if you agree.

If you really trust taxation that would be great for all of us,then theres must be no exemptions because taxes in crypto would ne a best answer for the economic development of every country in this world..

Quote from: zininaks on May 07, 2018, 08:20:27 AM

Taxation is a necessary framework for cryptocurrencies and ICO, but the usual in the traditional financial environment and tools can not be used for such an innovative and unprecedented sphere as blockchain and cryptocurrency.

Not really,we have no choice but to accept that fact because we only have to choose between two things,we will pay taxes or we will face bannings

zininaks

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Taxation is a necessary framework for cryptocurrencies and ICO, but the usual in the traditional financial environment and tools can not be used for such an innovative and unprecedented sphere as blockchain and cryptocurrency.

[ProTrader]

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I don't mind about taxes, if they want to implement it so be it. You cannot stop the government from what they want to do with the taxation. Just follow the law and hire an account if needed so you won't have a problem in the future.

shandi albert

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FXPay.io

With the taxes that are too large will cause the decline of bitcoin or altcoin prices, If in transactions selling / buying or bitcoin investments there are benefits, then it is taxable income. And maybe here there must be a limit of income to be taxable.

cepot9

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Cryptocurrency addict | Invest at your own risk.

very unfortunate there is a tax because it can hamper the development and spread of crypto in the community, especially for me who is not sure to get money in crypto and only save a little if the tax will be exhausted. it's not time to apply taxes to individuals but to a company it seems possible

Svelto

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I do agree that lower crypto tax will encourage more investors in crypto. That is if the country see the importance in crypto. Lower crypto tax can help to reduce the number of people evading tax.

andrey111

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The authorities do not know how to tame the crypto currency and decided to crush taxes. What did the authorities do for the crypto currency? If the authorities in every way help the development of the crypto currency on a legislative basis, then I agree to pay taxes. Otherwise, I will avoid taxes in every possible way.

smoolae

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Quote from: dogtana on May 05, 2018, 12:50:43 PM

Quote from: smoolae on May 05, 2018, 12:23:30 PM

Here where I live it's easy. Not a single tax before you turn your crypto into fiat money. Now when you want to withdraw the fiat from an exchange to your bank account you have to pay 20% from anything above 500 euros (500 and below is tax-free).

So when taking out 10k, it looks like this:

(10 000 - 500)*0.2=1900 (EUR go for taxes)

20% is too much and that is ridiculos they tax anything above 500.

I do agree with you.

dogtana

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Quote from: smoolae on May 05, 2018, 12:23:30 PM

Here where I live it's easy. Not a single tax before you turn your crypto into fiat money. Now when you want to withdraw the fiat from an exchange to your bank account you have to pay 20% from anything above 500 euros (500 and below is tax-free).

So when taking out 10k, it looks like this:

(10 000 - 500)*0.2=1900 (EUR go for taxes)

20% is too much and that is ridiculos they tax anything above 500.

Neymar10

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Activity: 588

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Quote from: dogtana on May 05, 2018, 08:35:20 AM

It should be 5-10% on difference between input and output in fiat. It should be exempted from any tax if you don't earn more than 10,000.00 USD from crypto per year.

Why? Because this is technology important for the future of mankind, and it relies a lot on investors that don't get market protection from extreme volatility. And smart country won't kill crypto investors with bad taxation. Reply if you agree.

I totally agree with you. While everything in this market is not regulated, I believe that it is necessary to cancel the tax at all

smoolae

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Activity: 602

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Here where I live it's easy. Not a single tax before you turn your crypto into fiat money. Now when you want to withdraw the fiat from an exchange to your bank account you have to pay 20% from anything above 500 euros (500 and below is tax-free).

So when taking out 10k, it looks like this:

(10 000 - 500)*0.2=1900 (EUR go for taxes)

caisa88

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Activity: 406

Merit: 100

I agree with you both on the taxation part, and on the fact that for winnings under 10.000$ you should'nt have to pay anu tax. To be honest i would be willing to pay up to 15% tax if my country decide to make a law for taxing crypto winnings.

reflector

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Quote from: dogtana on May 05, 2018, 08:35:20 AM

It should be 5-10% on difference between input and output in fiat. It should be exempted from any tax if you don't earn more than 10,000.00 USD from crypto per year.

Why? Because this is technology important for the future of mankind, and it relies a lot on investors that don't get market protection from extreme volatility. And smart country won't kill crypto investors with bad taxation. Reply if you agree.

I see people here in my country paying 15 percentage as the taxation on working any crypto currency format works. I see traders, miners and others paying the same tax in here. I hope you guys will ask me the country where I am from.
I am Asian and most of the asian countries having the same amount of taxation. If they running the works over free zone area. You no need to pay the taxation at al.

dogtana

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Yes, because you see, soon everywhere it will be taxed so it should be mild. And not tax every trade but final profit in fiat.

xuan87

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I really agree with the low tax, I think cryptos are a very useful currencies in the future and crypto also can help people from poverty, so the government should give a lenient regulation to crypto and I agree crypto tax is treat the same with the usual tax, don't charge more tax when people used crypto and I agree with able to pay tax with crypto, it will help the country and the crypto to grow together

FrueGreads

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I think it should be taxed as a currency, so basically if you trade it, you would need to tax your profits during the year. I do agree that if your profit is lower than $10k a year, then you shouldn't have to pay taxes over those gains. When you use crypto to pay for goods, then your shouldn't pay any taxes. You are already paying taxes for the goods your are buying, it would kill the usage of crypto as a currency, if on top of that you would have to pay taxes for the sell itself (assuming people are still converting crypto to fiat).

Also, you should be able to pay your taxes with crypto, just like you can with fiat. I understand this might be harder than this, because what I just said makes sense for bitcoin, because it's suppose to act as currency. As for other alts, that have different objectives, things might get harder.

dogtana

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Quote from: Danstan on May 05, 2018, 08:45:07 AM

hmmmmm can you make it: All income on crypto below 15,000 USD in a year should be exempted on value-added tax, and anything caught lying on their income and be proven to be doing so will be exempted on this law and be charged for 5% after his or second offense. Better right? since many would deny that their income is exceeding to this one..haha

ok, exemption up to 15,000.00 USD per year. Bank accounts don't lie.

smyslov

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Quote from: fileo on May 05, 2018, 08:41:50 AM

Tax was not implemented worldwide. If you are in free from crypto tax I think you should not bother yourself about tax. However if your country legalized crypto then you should follow the terms and rules to be eligible crypto good members in terms of tax. It depends on the government given terms through tax.

I agree I am more lenient on small tax provided that they accept cryptocurrency is a legal online tender like they do here in our country, it makes the adoption much easier if they let people freely trade cryptocurrency, but I don't like them intruding in people's financial capability on trading cryptocurrency.

Danstan

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hmmmmm can you make it: All income on crypto below 15,000 USD in a year should be exempted on value-added tax, and anything caught lying on their income and be proven to be doing so will be exempted on this law and be charged for 5% after his or second offense. Better right? since many would deny that their income is exceeding to this one..haha

fileo

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Tax was not implemented worldwide. If you are in free from crypto tax I think you should not bother yourself about tax. However if your country legalized crypto then you should follow the terms and rules to be eligible crypto good members in terms of tax. It depends on the government given terms through tax.

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