Topic: Tax on the crypto currency! What do you think? - page 16. (Read 3481 times)
I don't have issue if the government decides to tax the exchanges or the ICO companies. It is a form of business too.
For me i think those taxe models are good to me. As long as the government wont make it big. Taxes help our country economy if you help your country you help your family friend and you. Because all of the taxes will return to us. So why not taxe
I really doubt why people won't understand that, knowing taxes will give help into the community improvement and additional income in our government. But we can't deny also, some authorities doing abusive way of collecting taxes from the people which could make them angry and don't wanting it happen in crypto. If governments all over the world can simply be lenient with the whole taxation system, it would bring about growth not just in the crypto world but also in the general economy. Some developed countries are in preparation of removing taxation on individual's income as they are making more money from other sources like golf countries. In that case becomes a success then it might open new things for cryptos too.
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:
Cryptocurrency is not fiat and Blockchain is not Bank, you guys should try to understand the difference between these things, they are not the same and governments shouldn’t charge tax on people for making use of Bitcoin/cryptocurrency. - 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.
And by the way, you shouldn’t be here making decision for them, If the government was supposed to charge tax on Bitcoin users then they would have done it for the past years without you talking about it. Those of you talking about tax will be the same ones complaining if there happen to be such.
Taxation implies control. And this is not natural for a crypto currency. States, as always, want to tax everything.
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.
I think in general idea, people who love cryptocurrencies love cryptos because of their original characteristics. Putting tax i think will displease most of the users.
I also agree if bitcoin makes rules about taxation as long as the price is not too expensive. if bitcoin issues tax regulation then people with bitcoin can be held responsible for all the bitcoins they have.
I think if we agree to pay the tax for the cryptocurrency then maybe this is our chance to make cryptocurrency can accept by the government because we don't have a problem to pay that tax. the government will think that they can get the benefits from cryptocurrency user and they can make new regulations for controlling the cryptocurrency. besides that, the government can give some explanation to the public that they can join in the cryptocurrency with safe without worry about anything.
I think that very soon governments of countries that regulate and legalize crypto currency will adopt the appropriate laws that will provide for taxation on income from crypto currencies.
Time will come the governments will implement taxes on all the Bitcoin users in a country,I agree with that if they make Bitcoin a legal source of income and the government will spread it to their people and teach them how to earn using Bitcoin,and the taxes that they collect will be used to help people who in need.
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:
There is nothing like tax on Bitcoin cause nobody can charge tax to Bitcoin users, unless maybe the fees we are being charged for transactions are being given to the government as tax, lol… they are not, fees we pay are for the miners, so there is no tax that is being paid by Bitcoin and they are not supposed to pay any tax cause Bitcoin does not belong to a particular country or government, it’s open to anyone and any country. - 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.
With the tax in the currency crypto this may make us uncomfortable because of the new regulations that require us to pay taxes. Maybe it will be useful to control whoever holds the crypto currency.
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?
I think the Government should make taxes but not blackmail them. Do you see government support for all participants in the cryptocurrency market? Why pay taxes? I hope one day I will have the opportunity to not use Fiat and I will not disturb the government at all. And I have a chance not to pay them and I will not do it.
I think the use of tax on cryptocurrency is only valid if a country legalizes the use of cryptocurrency and implements taxes on crypto users.
Taxing cryptocurrencies means that the cryptocurrency is legal!
With the regulation of cryptocurrencies in countries around the world, cryptocurrencies become legitimate investment assets will gradually become a reality!
As an asset, collecting taxes is a necessary act!
- Actually, I do not like tax issues on cryptocurrency because it touches on a lot of personal things and that made me feel very uncomfortable, first of all, it's personal income, I bet that a lot of people here never want others to see their income, high income will have high taxes, suddenly lost a great deal of income while in the past, that was not happening. And next the government does not guarantee anything and we need to pay taxes for them, it is not reasonable, all is not fair to the user, benefits only belong to the government With the regulation of cryptocurrencies in countries around the world, cryptocurrencies become legitimate investment assets will gradually become a reality!
As an asset, collecting taxes is a necessary act!
Well there are already tax being taken away from the use of cryptocurrency but is not felt because we will just count on cryptocurrency transaction and we can see only transaction fee on it. Unfortunately those transaction fee are being used to pay for the government regulations that will help promote cryptocurrency. However, there are still indirect tax being taken from us and that is during the payment for local exchange before you can decide on what crypto you will going to invest.
this is a big issue ,most people including me worried about the privacy of each bitcoin holder if they are going to be taxed, meaning all their trading or just any transactions involving bitcoin would be obliged to be submitted ,and i dont how wpuld the government implement this law.
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:
As your specific comment on the taxes. I think Value Added Tax (VAT) and Tax on goods and services are the two most appropriate taxes for electronic money. Crytocurrencys as I think is a transaction item and there are a lot of people who profit from it. Therefore, personal income tax with crytocurrencys is reasonable - 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.
Taxing cryptocurrencies means that the cryptocurrency is legal!
With the regulation of cryptocurrencies in countries around the world, cryptocurrencies become legitimate investment assets will gradually become a reality!
As an asset, collecting taxes is a necessary act!
With the regulation of cryptocurrencies in countries around the world, cryptocurrencies become legitimate investment assets will gradually become a reality!
As an asset, collecting taxes is a necessary act!
I think that very soon governments of countries that regulate and legalize crypto currency will adopt the appropriate laws that will provide for taxation on income from crypto currencies.
I don't think Tax on the cryptocurrency is a good idea for me, maybe it's a good idea for the government. I have to pay enough tax from my salary, cryptocurrency is another income for me to offset that amount
For me i think those taxe models are good to me. As long as the government wont make it big. Taxes help our country economy if you help your country you help your family friend and you. Because all of the taxes will return to us. So why not taxe
Yes. You are correct. For a fact that countries that have high tax also have high quality of living. At the end of the day your taxes going to the goverment help contribute to a better life for you, families, children...
We need to pay taxes cause that`s the money that should be used for all of the people that lives in one country. The money we pay fund many services,
our tax help to support police, health care, firefighters, building roads and many other things. Paying tax should be beneficial for the entire nation, from tax
money and how government use it depends country growth.
I pay tax, for me that`s not a problem. I would pay tax for my Bitcoins, but there isn`t law about it in my country.
It is out of mind and they should change this system because we earn Bitcoin with our own fiat currency which is already taxed so again tax on Bitcoin is irrelevant.
Jump to: