Tax on the crypto currency! What do you think? - page 28.

Findingnemo

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Quote from: South Park on June 23, 2018, 07:33:59 PM

Technically you should already be paying taxes to whatever income you are making in cryptocurrencies but it seems governments want to make paying your taxes a very complicated matter, this instead of being an incentive is going to create the attitude among those that invest in cryptocurrencies to not bother to do it and only try to fix things up if the taxman comes knocking at your door.

The very much important thing for cryptocurrency to make them as stable and standard so we can do something for the future generations and well so our future life will be grateful late paying taxes also in the case that way we say pay taxes for all kind of things from Government

South Park

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Technically you should already be paying taxes to whatever income you are making in cryptocurrencies but it seems governments want to make paying your taxes a very complicated matter, this instead of being an incentive is going to create the attitude among those that invest in cryptocurrencies to not bother to do it and only try to fix things up if the taxman comes knocking at your door.

zakariajaki

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read the article from your writing is very interesting, but my opinion as a layman to the tax problem I think the government is too exaggerated with the rules addressed to crypto, it is not that easy the government can make the tax policy must be detailed and thorough, I can not contend further against tax issued by the government before any standard rules are adopted and passed globally or by country, but my opinion is very simple if crypto is restricted by government tax, then what does the crypto user get from that tax, security, comfort or facility?
hopefully useful and successful for us all

kive2k

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I think that there is still no and there can not be any tools for regulating and paying taxes for crypto-currencies. It's still early to talk about this, it takes more time.

trecore4

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What I think ? I think its perfect way to legalise the crypto currencies itself and government can also benefit from the taxes that are conveyed through this procedure.
However, taxation is the first step towards making the crypto currencies as legal tender of that particular country and counties if it is big one.

I would say taxes should be applied everywhere for this so that we can sue the crypto currencies the normal way as if we are using the fiat currencies in the first place. So its more or less good thing to have in place.

glowing10

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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.

Well do you think government when comes to know that you have not paid the taxes on your earning from crypto will be spared? Don't you think government in some countries are becoming stricter for the use of this currencies and they are doing a detail investigations and checking if taxes are paid or not?

Kronos21

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Quote from: sheenshane on June 23, 2018, 12:59:20 PM

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

Do you see government support for all participants in the cryptocurrency market? What to pay tax for?

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.

I think you're mistaken. The fact that you pay taxes when you purchase goods, the government is not enough. They want to take away part of the income from people at any stage of Fiat turnover. Once you change your bitcoin to Fiat most governments will consider this your income and require payment of income tax. This requirement is postponed to the beginning of next year. You may still have a nasty conversation with the tax authorities of your country.

sheenshane

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

Do you see government support for all participants in the cryptocurrency market? What to pay tax for?

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.

pereira4

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Quote from: embargo on June 23, 2018, 12:16:00 PM

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.

Coffee135

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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.

embargo

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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.

harastvo

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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?

Topic: Tax on the crypto currency! What do you think? - page 28. (Read 3481 times)