Topic: Tax on the crypto currency! What do you think? - page 17. (Read 3481 times)
I think whether we like it or not we have to pay taxes and we can't deny that because not all transactions we made are cryptocurrency related or accepted by merchants all over the world. Taxes are included most especially to countries that regulates local cryptocurrency exchanges. Not all the time we have to spend crypto alone we need to spend fiat for our daily needs that is why we pay taxes everytime we convert crypto into fiat money.
We can see what will be the future of cryptocurrency if tax will be approved. We know what are the effects of tax, especially if our profits is too low. We cannot get the whole income, there will be always a percentage for tax. Is not like our income, a little profit for small investment can cause a big problem for us.
This is a game that is being played in a very charismatic way. People don’t even know where their money is going. They think, this might be used for their own betterment but the reality is a little bit different. Politicians are implementing and implying so many taxes on general public and when they get that, majority of the portion is just going to the pockets of these suck politicians.
If the countries take control of the crypto currency and deal with it, they will, of course, levy a tax. The profit tax is most suitable. In the end, the difference between your money invested in the project and your money received from the project is profit.
Average taxes on crypto currencies are indeed a good thing in my opinion because taxes proves that it is accepted by government and is going towards mass adoption. Also. There are capital gain taxes in stocks as well. In future when security tokens come into play taxes would play a huge role in development of cryptos.
I think e-government should also pay taxes to the state because after all, it is their property they use bad money to buy so if they own bitcoin or altcoin then they have to pay taxes on the crypto currency
The government rather cares more about its own interest and tax collection on the money you earn with Bitcoin can sum up to billions which is what the government would love to have their hands on. But this is something majority of the crypto users do not like and are of the view that it should not be taxed because it is not easy to deal in Bitcoin with the market values and let alone other factors that affect the prices the government taxation will make it worse for them.
I don't think and I don't agree that there should be Tax in cryptocurrency because it is not and can't be controlled by the government in any way possible and it is not necessary to add Tax since everytime we deposit/withdraw, there is already fees in every transaction hence if we add tax, then the lesser money we can get because it can add up to the fees that takes away a part of our money.
In my own opinion, cryptocurrency should not be taxable because investors are already paying for transaction fee's which can compensate for the tax.
but unfortunately, we cannot do this because we still live in a country that applies a tax for many things and the government still want to take benefits from what they see. so I think the government can easily to add some tax to the cryptocurrency and we cannot deny it and we can only obey the rule for our safety. I only hope that the tax is not too big so we can still take that money as our profit and we don't have to break any regulations.
Taxes will greatly help the country's economy if all the crypto assets that everyone owns apply to pay taxes on each transaction or send tokens and coins. eg 1% or 2% of total assets owned.
Are you out of your mind a 1% to 2% tax on each transaction that you make? What if you want to send your coins to another address? Are you going to pay 2% on taxes every time you do this? This is why satoshi based the fee on the size of the transaction and not the value of the transaction so we could avoid such a high transaction fee, which by the way is what the banks already charge anyway, so you just want bitcoin to be like banks.
I hope they will not impose tax on cryptocurrency. Though it will be a good source of government income, but the thing is you really can't keep track of the history and the identity of users. This is why it is very difficult to do so..
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.
we will perceive what will be the fate of digital currency if expense will be approved. We realize what are the results of assessment, especially if our benefits is basically too low. We can't get the entire wage, there may be constantly a percent for impose. isn't generally similar to our benefits, a touch benefit for little speculation can reason a monstrous issue for us.
Tax is important for country but when tax rate is too high in various country thats why people cant save money but bitcoin has no charge.
I think that the most reasonable will be the introduction of income tax, but at the same time it should not be too large for all people to willingly pay taxes and this does not cause them disgust.
I think it is hard to impose taxes on cryptocurrencies as it is of course, decentralized. It is also hard to take tabs on how much a person is earninng/spending with crypto as there are different wallets, which are again not controlled by the government. Imposing taxes on crypto somehow makes it centralized, which defeats the purpose of it.
If paying tax is the only bargain than the Ban of Bitcoin in my country, then I shall pay tax. And the appropriate is profit tax. I think tax on bitcoin gas to be studied very well before making such implementation. At least we have complied our obligation as citizen and we also have earned from our crypto.
we will see what will be the destiny of cryptocurrency if tax will be authorised. We know what are the outcomes of tax, particularly if our profits is simply too low. We cannot get the complete income, there might be continually a percent for tax. isn't always like our profits, a touch profit for small investment can purpose a massive hassle for us.
If tax payments are inevitably going to be a bit of a mess, it's also good because if we have to pay taxes it means that the crypto currency like bitcoin has been accepted by all countries and become a global currency. That is a very good thing.
I don't think and I don't agree that there should be Tax in cryptocurrency because it is not and can't be controlled by the government in any way possible and it is not necessary to add Tax since everytime we deposit/withdraw, there is already fees in every transaction hence if we add tax, then the lesser money we can get because it can add up to the fees that takes away a part of our money.
Governments are not going to care about such things they are going to want to get paid, every industry pays a huge amount of taxes with the exception of the banking industry that pays very low taxes because they have the laws in their favor, but governments have a problem, if they make bitcoin illegal they obtain nothing out of it and now they need to spend money to send people to jail but if they regulate it they have no way to force people to pay.
I don't think and I don't agree that there should be Tax in cryptocurrency because it is not and can't be controlled by the government in any way possible and it is not necessary to add Tax since everytime we deposit/withdraw, there is already fees in every transaction hence if we add tax, then the lesser money we can get because it can add up to the fees that takes away a part of our money.
Better than forbidden. The tax law that will please both sides can be a good decision. I do not think investors will oppose it.
If you are thinking about legalizing crypto currency, taxes are inevitable!
The question is only in the number and in percentage, of the volume of the cryptocurrency.
In the report of the European Government I propose to introduce a tax in the form of an identical investment in the financial sector.
But this the first mistake people make, bitcoin is legal, what we are lacking is a defined regulation and a set of laws to pay our taxes, when I tried to inquire about how to do that in my country they did not even knew what bitcoin was, however what are the governments going to do with those that refuse to pay their taxes? Because thanks to the nature of bitcoin they cannot force them to pay. The question is only in the number and in percentage, of the volume of the cryptocurrency.
In the report of the European Government I propose to introduce a tax in the form of an identical investment in the financial sector.
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?
At least, if the government is taxing the space, it shows they are benefiting from it as well and whatever they are benefiting hugely from, they sure are not going to want to discard it for anything.Tax usually helps the development of countries, which is if used in a good way anyway and not just distributed and siphoned into pockets of politicians as we see in most cases of some countries while the masses still end up suffering a lot. The thing though is that is simple tax laws can be placed for the benefit of all, at least for peace and development; I see nothing bad in having it.
Yes, you are right, as what you have said taxes are good if and only if the government will use it in a good way. I am hoping that if ever bitcoin will be regulated and added tax on the taxes that will be collected will be use for the sake of poor people.
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