Tax on the crypto currency! What do you think? - page 12.

Fatanut

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Quote from: renc77 on August 10, 2018, 07:54:00 PM

I think taxes help individuals about the improvement and development of a particular place or institution. It makes the society more capable of innovation with the help of the government.

However, crypto currency can stand and will develop without the help of any leaders or elite like the government. It is an independent digital currency where people can use to avoid taxes and other criminalities. I think the government are trying to control crypto for their objectives.

While all of that is true, bitcoin users definitely cannot avoid taxes. Sure we can whenever we transact to other bitcoin users but can you really use bitcoin to buy your necessities? For the most of us, we can't and some can but they simply don't. We are always exchanging our bitcoins into fiat so we can use it in real life and it has a taxation going on.

Exchanges have to pay taxes. Some don't realize that they are paying taxes whenever they exchange their bitcoin into fiat because the exchange rate has already been adjusted so we automatically pay the taxes. You can only know about this once you've done your own research. They don't include it right when you're exchanging.

Now, I wonder what would happen to our ecosystem when the government adjusts that tax to a ridiculous amount. It seems like it's the only way for the government to have control of cryptocurrency.

Etn1se

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Most likely taxes on crypto currency will be, but it will happen only when at least 40% of the world's population will use the crypto currency.

poptok1

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Bobby Fischer was right

Quote from: Masongrae on August 10, 2018, 11:49:24 AM

The problem i see is the fact that no country controls cryptocurrency. I don’t have problems being taxed if its proper and mandated by the gov’t. I believe that in the exchangers or remitances there are taxes that are being payed already. If its an obligation to really pay taxes, i don’t have problem because it is way for crypto to help the economy of the country.

That's why most exchanges are registered in tax-paradises. So much about helping economy...
Let's be frank, all the extra money from crypto related taxes will and are wasted. If you feel obligated to give your stuff to be wasted on issues created by the very people that claim to solve those problems, be my guest. Do not impose this madness on others though.
IMO there is only one regulation that make sense to me, I have written about it here, feel free to express your opinions there.

johnalyn

member

Activity: 314

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I agree of putting some taxes in any currency that we recieved but for now I don't want to make it happened because of it's not stable value in the market. And it won't help currencies that are on the stage of losing their value on the market.

Ubiaitthoi801

newbie

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Taxes on cryptocurrency should not be imposed at this time, which greatly affects future ICOs.

Caitsith

newbie

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Currently, no tax should be applied to cryptocurrency because this may affect the development of cryptocurrency.

nsmdgw

newbie

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Profit tax and capital increase tax would be most appropriate for the cryptocurrency, which would help to improve the legitimacy of cryptocurrency.

tanyeza123

newbie

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Quote from: harastvo on June 23, 2018, 09:47:15 AM

There are several tax options today, and all of them can be applied to crypto-currencies, depending on how the latter are defined in the state. Most often, the following taxes are introduced:

Value Added Tax (VAT). It can be levied by trade operations made with the help of crypto currency as a means of payment, as well as currency exchange. Basically - the exchange of crypto currency for fiat money, but in theory VAT can be levied on the exchange of crypto currency between each other. It operates mainly in those countries where crypto-currencies are recognized as a payment instrument, for example, in Japan. When buying goods and services for cryptocurrensies, VAT will also have to be paid to the residents of the UK, but they can exchange the crypto-currencies for fiat without paying VAT.
Tax on goods and services. A kind of analogue of VAT for those countries that have recognized crypto-currencies are not a means of payment, but a commodity. Acts on the same principle as VAT. Only in the case of VAT, the taxpayer is in fact a buyer, and in the case of a tax on goods and services, a supplier of goods and services, in this case a holder of a crypto currency. He has been working in Singapore for several years. At the beginning of this year, a similar system was adopted by Israel with respect to the mining, which was equated with the production of goods.
Personal income tax. Personal incomes in crypto-currencies are taxed, for example, the salary paid by the employer in bitcoins. Implemented, for example, in the US.
Profits tax. They are subject to any companies that make a profit. Also, they are subject to profits earned as a result of trading on the exchange and the performance of other currency transactions. In the cryptosphere, this system is used specifically to tax the crypto traders and various crypto-currency organizations (from the exchange of crypto-currencies to the pools for mining). Mining may also be subject to profit tax. In the US, for example, take into account the profit from crypto-activity in the tax declaration will have to be traders and miners, and all people who somehow earn on crypto-currencies as a result of speculation. The same tax is levied on all crypto-currency transactions made by legal entities in Australia and Japan.
Capital gains tax. They are subject to income of individuals and legal entities obtained as a result of investing in shares, bonds, securities, valuable assets and so on. In the cryptosphere, it starts acting as soon as the crypto-currencies are equated to valuable assets. Not only investors fall in, but all holders are also crypto currency. This system is implemented in the US, where it matters how long the holders of crypto currency keep them and in what quantity. He also works in Australia, Brazil, Canada and in many EU countries - Bulgaria, Finland, Germany, Spain and others.
Property tax. For the cryptosphere, it becomes important when the crypto-currencies are recognized as property, a valuable asset that is owned. As soon as such an amendment is made, the holder of the crypto currency is required to notify the tax service of all transactions concluded with this asset. Such an amendment was introduced in the US tax legislation, where the crypto-currencies in this case are presented as a valuable asset, and in Australia, where they are recognized as property.

What do you think about the taxation of cryptocurrencies? Which model fits best?

It's obviously not possible to control cryptocurrency flows and therefore tax them accordingly, but they can easily track every single dollar/fiat/whatever currency that's collaborating with an exchange, then see how much fiat you spent in a single currency.

When you want to cash out to buy real state or something, you will need records of all of your trades and crypto accounting, so try to keep track of that. I have lost some of my history in trading due dead exchanges and now I'm worried about that. This has happened to a lot of people and I wonder what they did about it.

ryzaadit

legendary

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The government already got some tax from user exchange, example my local exchange indodax iam sure the government getting some tax from cryptocurrency market from Indodax.

Lisadavis87

newbie

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I think if governments want to regulate cryptocurrencies then they should tax of cryptocurrencies which is inevitable and paying tax is the only way cryptocurrencies are allowed to trade in any country.

BigBos

sr. member

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Quote from: coingrowth on August 11, 2018, 12:42:14 AM

Still, we don't have much clarity about the Taxes from the government but how far they will start collecting the taxes we have to wait and see. One thing i can say paying taxes on trading assest is always good because so that government will start legalizing the crypto currency in their concerned countries.

well, maybe there will be a good side if the tax is applied from crypto users. it's just that, we don't know how many assets they have so we don't know how much it costs to pay taxes. besides, I think it's still very difficult to implement it for now.

coingrowth

member

Activity: 416

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Still, we don't have much clarity about the Taxes from the government but how far they will start collecting the taxes we have to wait and see. One thing i can say paying taxes on trading assest is always good because so that government will start legalizing the crypto currency in their concerned countries.

maydna

hero member

Activity: 2912

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Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: bilyboy on August 10, 2018, 11:24:10 AM

I think Tax is Important for some countries .because with tax , government can build more infrastructure and can help The poor by providing funding. Tax is one of State revenue sources . If we are good people then we must pay taxes. I agree if bitcoin investor pay tax

and if bitcoin user can pay the tax, it is a big chance for bitcoin to get accepted in that country and many people will know about bitcoin and they will join into bitcoin and this will help bitcoin itself to exist and give the benefits to the people. but one thing that I hope if the tax is applied, I hope that the tax is not too big because the government will think that the income of every bitcoin user is big so they add a bigger tax for us. so let we see what will happen in the future.

aeternus

sr. member

Activity: 686

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Quote from: Coffee135 on June 23, 2018, 12:32:59 PM

I don't think about taxes. I have an opportunity not to pay them and I won't do it. The government should make the tax but not to extort him. Do you see government support for all participants in the cryptocurrency market? What to pay tax for? I hope that someday I will have the opportunity not to use Fiat and I will not interfere with the government at all.

If there is something the government hates is precisely that, you just want to be left alone but they do not want you to be left alone, they want you to comply and to be a slave to them, this is why they hate opposition that much even in the smallest of subjects and in this particular topic which is of the utmost importance for them you cannot expect them to simply give up trying to tax bitcoin.

renc77

newbie

Activity: 78

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I think taxes help individuals about the improvement and development of a particular place or institution. It makes the society more capable of innovation with the help of the government.

However, crypto currency can stand and will develop without the help of any leaders or elite like the government. It is an independent digital currency where people can use to avoid taxes and other criminalities. I think the government are trying to control crypto for their objectives.

SunJAB

member

Activity: 406

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WPP ENERGY - BACKED ASSET GREEN ENERGY TOKEN

Quote from: adzino on August 10, 2018, 11:02:54 AM

In the US, the since bitcoin and other crypto currency does not have any legal tender status that is, it is not considered as a legal currency in any jurisdiction, the Internal Revenue Service considers all crypto currencies as a property owned and is subject to taxation based on that consideration. Thus people holding and trading crypto currencies are to pay capital gains and income tax.

That should not be too hard for the profits they make. It is also a necessity of the country they need to do, but the important thing is to be accurate. Not to take advantage of that too high taxes, really not good when there are those who take advantage of this.

Masongrae

member

Activity: 223

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The problem i see is the fact that no country controls cryptocurrency. I don’t have problems being taxed if its proper and mandated by the gov’t. I believe that in the exchangers or remitances there are taxes that are being payed already. If its an obligation to really pay taxes, i don’t have problem because it is way for crypto to help the economy of the country.

Mr.grin

legendary

Activity: 1218

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Quote from: ShineftChaos on August 10, 2018, 11:18:00 AM

Quote from: Bakery cream15 on August 09, 2018, 11:55:17 AM

Tax is good. So how possible will it be to impose tax on cryptocurrency users considering the fact that , there's nothing like link between onchain and off chain addresses of crypto owners? Cheesy

Tax is only good for people who are capable of earning a huge amount of salary but for those who did not have a decent income, tax is a pain in the ass and that is the reason why people are working to earn cryptocurrency.

well, the tax for cryptocurrency is quite good, especially if it is developed to expand cryptocurrency development. I think that is also a support from the government. but, I think it's still so difficult to develop this.

bilyboy

full member

Activity: 364

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Quote from: harastvo on June 23, 2018, 09:47:15 AM

There are several tax options today, and all of them can be applied to crypto-currencies, depending on how the latter are defined in the state. Most often, the following taxes are introduced:

Value Added Tax (VAT). It can be levied by trade operations made with the help of crypto currency as a means of payment, as well as currency exchange. Basically - the exchange of crypto currency for fiat money, but in theory VAT can be levied on the exchange of crypto currency between each other. It operates mainly in those countries where crypto-currencies are recognized as a payment instrument, for example, in Japan. When buying goods and services for cryptocurrensies, VAT will also have to be paid to the residents of the UK, but they can exchange the crypto-currencies for fiat without paying VAT.
Tax on goods and services. A kind of analogue of VAT for those countries that have recognized crypto-currencies are not a means of payment, but a commodity. Acts on the same principle as VAT. Only in the case of VAT, the taxpayer is in fact a buyer, and in the case of a tax on goods and services, a supplier of goods and services, in this case a holder of a crypto currency. He has been working in Singapore for several years. At the beginning of this year, a similar system was adopted by Israel with respect to the mining, which was equated with the production of goods.
Personal income tax. Personal incomes in crypto-currencies are taxed, for example, the salary paid by the employer in bitcoins. Implemented, for example, in the US.
Profits tax. They are subject to any companies that make a profit. Also, they are subject to profits earned as a result of trading on the exchange and the performance of other currency transactions. In the cryptosphere, this system is used specifically to tax the crypto traders and various crypto-currency organizations (from the exchange of crypto-currencies to the pools for mining). Mining may also be subject to profit tax. In the US, for example, take into account the profit from crypto-activity in the tax declaration will have to be traders and miners, and all people who somehow earn on crypto-currencies as a result of speculation. The same tax is levied on all crypto-currency transactions made by legal entities in Australia and Japan.
Capital gains tax. They are subject to income of individuals and legal entities obtained as a result of investing in shares, bonds, securities, valuable assets and so on. In the cryptosphere, it starts acting as soon as the crypto-currencies are equated to valuable assets. Not only investors fall in, but all holders are also crypto currency. This system is implemented in the US, where it matters how long the holders of crypto currency keep them and in what quantity. He also works in Australia, Brazil, Canada and in many EU countries - Bulgaria, Finland, Germany, Spain and others.
Property tax. For the cryptosphere, it becomes important when the crypto-currencies are recognized as property, a valuable asset that is owned. As soon as such an amendment is made, the holder of the crypto currency is required to notify the tax service of all transactions concluded with this asset. Such an amendment was introduced in the US tax legislation, where the crypto-currencies in this case are presented as a valuable asset, and in Australia, where they are recognized as property.

What do you think about the taxation of cryptocurrencies? Which model fits best?

I think Tax is Important for some countries .because with tax , government can build more infrastructure and can help The poor by providing funding. Tax is one of State revenue sources . If we are good people then we must pay taxes. I agree if bitcoin investor pay tax

ShineftChaos

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I LOVE ADABS

Quote from: Bakery cream15 on August 09, 2018, 11:55:17 AM

Tax is good. So how possible will it be to impose tax on cryptocurrency users considering the fact that , there's nothing like link between onchain and off chain addresses of crypto owners? Cheesy

Tax is only good for people who are capable of earning a huge amount of salary but for those who did not have a decent income, tax is a pain in the ass and that is the reason why people are working to earn cryptocurrency.

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