Tax on the crypto currency! What do you think? - page 20.

futile-resistance

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Quote from: thecoder2017 on June 29, 2018, 04:29:22 AM

Its the responsibility of people to pay their taxes to the government once they have a job and earn a big income but it depends on how much is your salary every month theycan compute it through percentage tax and when the government obliged us to pay i think they will make first a law regarding cryptocurrency on hiw to implement tax on them.

Yes, it’s part of the people’s responsibility to pay tax to their government, but that’s only if you have a job. The government can’t be charging you tax when they haven’t given you a job.

As for cryptocurrency, they have no right, in fact they should have no single interest in whatsoever that has to do with cryptocurrencies unless they only want to tackle the bad eggs. So we are not supposed to be paying tax by making use of Bitcoin or any other cryptocurrency.

RudeeTam

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It's the capital gains tax for me. I mean just the words "income result from investments" really says it all regarding the cryptocurrency world. Taxing our crypto income is inevitable and will happen at some point if not already. Therefor it is best to prepare for it by accepting it.

MMS2017

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I think if the tax comes on the crypto then it will change the scenario like now people like this because of the tax free way and if tax imposed then the demand will be affected.

millionaireshs

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Quote from: harastvo on June 23, 2018, 08:47:15 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?

All people throughout the world are subject to pay taxes not totally directly to government but once we have to buy something at groceries store and any convenience store we are including to the said taxes because all your items to pay has an additional taxes it depends where you located but try to see your official receipt there is vat included there, so taxes for us is not a new story, its okay if there taxes deductible when we have to transact in every transaction of bitcoin but I know that if the government will conduct of the said taxes it is only directly to our wallet provider not exactly directly to us.

rohitkaira

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I dont think governments should tax crypto because governments are not providing any kind of support or guarantee to the crypto investors, whereas in other industries or markets governments provide support in the form of regulations, administration or guarantees to investor to protect their investments. I am also wondering if you loose your investments in non crypto markets you can use that loss to offset your loss by making tax claim in your tax returns but i think you wont be able to offset your loss in crypto investments, i believe this is not fair.

market field

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If the investors are entitled to tax benefits, I am willing to pay taxes. We need these organizations to control the market because now I see too many fraudulent ICO projects.

Acsirp

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Quote from: Dread Pirate Roberts on July 05, 2018, 05:42:46 PM

Quote from: sheenshane on June 23, 2018, 11:59:20 AM

Precisely, what to pay tax for even government did support bitcoin as a currency to use. Some reason why some countries are quite on cryptocurrency because they know that this is not controllable with someone else and having a forcing to tax those who have earned in bitcoin. Well, to make this long story short luckily in my country did not implement a tax on crypto we pay tax when we buy goods using our money from bitcoin.

this. we pay taxes for the place we do make transactions for jobs and payments.
but in bitcoin all through online and there are no local companies in the country.
so should not pay taxes. if we not any part of goverment of country of it .

That should look like , when you are on place that are under the government regulation of tax, if you pay those goods with taxes then you might as well pay those taxes through your payments with bitcoin, but back to your investment and other payments in the internet it will be same as usual with mo taxes impose into it.

Dread Pirate Roberts

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Quote from: sheenshane on June 23, 2018, 11:59:20 AM

Precisely, what to pay tax for even government did support bitcoin as a currency to use. Some reason why some countries are quite on cryptocurrency because they know that this is not controllable with someone else and having a forcing to tax those who have earned in bitcoin. Well, to make this long story short luckily in my country did not implement a tax on crypto we pay tax when we buy goods using our money from bitcoin.

this. we pay taxes for the place we do make transactions for jobs and payments.
but in bitcoin all through online and there are no local companies in the country.
so should not pay taxes. if we not any part of goverment of country of it .

Siren

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All of those you mentioned is applicable to cryptocurrency taxation and eversince i am totally agreed on this point because every profiteering requires obligation to give part to governments as a people of the said country

Whatever applies to us i am willing to comply count me in to the paying individual regarding this

Ailmand

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Quote from: pereira4 on June 23, 2018, 11:39:31 AM

Quote from: embargo on June 23, 2018, 11:16:00 AM

I think it is not realistic to be deaf in the country for every citizen, how much he owns crypto-currencies. Yes, and still recover the tax from it. To be able to collect taxes, the state should control the system itself, where the crypto currency is actually used - and this is not realistic for a single country. Scales are too huge.

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 im worried about that. This has happened to a lot of people and I wonder what they did about it.

I think that there is always that possibility of cryptocurrency transactions being imposed upon with taxes. It's a way for a government to control it, and they have all the power to actually do that . Cryptocurrency transactions are some of the most profitable transactions present today, and a government, which is always in search of business to help them gain more revenue, would surely not pass upon the opportunity to control cryptocurrencies, and one of those ways is through the imposition of taxes.

shield132

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Quote from: verziagra on July 04, 2018, 10:40:34 PM

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.

Wait wait, are you ok? Tax is needed for economy but it's ok on wages, business profits and etc, what you write is out of sense, tax on every transaction? This make people very, very poor and all the money will be in goverment, do you see any idea here? People try to integratw bitcoin paymends and do much to attract people to use bitcoin and now.you say 1-2% tax on every transaction? Very unlogical.

darkphoenix2610

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Quote from: South Park on July 05, 2018, 03:26:01 PM

Quote from: verziagra on July 04, 2018, 10:40:34 PM

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.

Exactly, if that mentality happens, bitcoin will be like banks, that every transactions made will have a corresponding fee, every one will be oppose on that some will not think of that way, satoshi is lessening the fee for every transaction in bitcoin, it is also considered as a good example of surpassing the bank in that state, some might say that Bitcoin is a good banking system.

South Park

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Quote from: verziagra on July 04, 2018, 10:40:34 PM

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.

ordeath

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Quote from: harastvo on June 23, 2018, 08:47:15 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?

My country they have not issued the law which would put on their taxes my cryptocurrency income, but when they would do and if they would make it affordable and Wise I think I would not be against it.

SirLancelot

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Quote from: harastvo on June 23, 2018, 08:47:15 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?

Okay, so how is the tax going to work, will only one government be charging all taxes or what? In my country I don’t think the government is ready to charge any kind of tax on bitcoin users and I also don’t think anyone here is ready to pay tax.

So if you’re government charge you tax for making use of bitcoin in carrying out transactions and making investments, then that’s yours to worry about, it’s not affecting others in anyway. And by the way the government shouldn’t be charging tax on bitcoin cause they have nothing to do with it. Maybe you’re a government worker. 🤔

Crystal24

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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?

celakkenyang

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Is the tax imposed on every crypto asset will incriminate user crypto? I think crypto users will be reduced because they have to pay a very expensive display. the value of crypto in each year has increased. this will affect the cost for each year.

onebtcforlife

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Quote from: verziagra on July 04, 2018, 10:40:34 PM

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.

Before that, they need to release the tax guidelines for the people who are trading crypto's but it depends on their country rules and regulation because some countries might charge high % compared to other countries.

pinoyden

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Quote from: verziagra on July 04, 2018, 10:40:34 PM

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.

no. because cryptos arent hold by any countries , so if we are charged by a tax for using a crypto. who do you think will collect those tax? governments? no not either because as i said earlier , cryptos arent hold by any organizations. that is the main reason why tax isnt implemented on crytocurrencies which is a good thing for its users because we can enjoy a full value of what we pay or recieved.

tax isnt always a good idea beacause there are some corrupt officials , that only pockets the tax that they collect from the public.

verziagra

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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.

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