Topic: Tax on the crypto currency! What do you think? - page 4. (Read 3506 times)
This should not be possible. Perhaps cryptocurrencies are divided on two levels. Coordinated coins and private coins will coexist in the future. Future competition will be more intense, but it also shows that the future of cryptocurrencies is recognized.
I think we have enough taxes. We pay taxes on everything. While in the cryptocurrency market no taxes, it is in great demand, but I think that taxes will be, when the government accepts cryptocurrency as a payment method for the goods.
As good slaves we must obey government regulations, even though what the government has given us is not what we expect. Cryptocurrency has a decentralized system, so neither party will dare to influence the system in it. Actually I like what you say at the beginning of the sentence, everything is set up with taxes and the cryptocurrency should be able to avoid taxes, I would prefer that. I do not expect every government in this world to accept cryptocurrency in return for receiving taxes, because basically we don't need the government to use bitcoin and without the government, bitcoin will still worth.
I think that would be normal if we were protected by the government or the SEC. All traders here really need a safe market to invest more comfortably. They do not have to worry about whether their investments are hacked or not or whether the trading platform is attacked. Investors are talking about this a lot. So I will not hesitate to pay taxes if I am protected.
I think its a good option but they have a big changes on the system itself because all profile has hidden and maybe too many big investment there in crypto pull out their investment if that happened.
im not favor to put tax in crypto because surely only government officials are the ones can get benefits and possible it will cause corruption. Its good idea of having tax but only if its going in a good hands or if it goes automatically in charity, so that tax in crypto is really worth it. Also I think it better to have not a tax crypto because possible government have access to control it.
I think its a good option but they have a big changes on the system itself because all profile has hidden and maybe too many big investment there in crypto pull out their investment if that happened.
If that's the last thing that would help us to succeed on mass adoption then we should let them. I know that a lot of politicians will justify that there's a lot of money in crypto that can help the economy much more but we all know that deep inside, they just see a lot of opportunity in it where they can cash in a lot for their personal interest.
I think governments should apply a certain tax on cryptocurrency. This will not only help the cryptocurrency be more widely available but will also create long-term market stability. When tax is applied to cryptocurrency it means that the government will sponsor the market, traders will be less risky.
traders become confidence if they put their money into cryptocurrency market.no more fud or news about cryptomarket banning that could make investors panic.
VAT can be charged normally on the goods or services been purchased using cryptocurrency. For instance, if the VAT charge in your jurisdiction is 5%, and you bought an item worth 0.05 BTC, then you can be charged 0.0025 BTC which is the 5% of the item you bought.
The whole point of cryptocurrency is to maximize the reduction of fees for transactions or even their absence.
I think governments should apply a certain tax on cryptocurrency. This will not only help the cryptocurrency be more widely available but will also create long-term market stability. When tax is applied to cryptocurrency it means that the government will sponsor the market, traders will be less risky.
I have no problem as long as the tax imposed is still reasonable, in the sense that the government must consider the risks for the BTC holder as well
if the government is able to provide legal protection, then I agree if cryptocurrency users are taxed annually
I am sure that this decision, if true, will become a very good marketing weapon to introduce cryptocurrency officially
if the government is able to provide legal protection, then I agree if cryptocurrency users are taxed annually
I am sure that this decision, if true, will become a very good marketing weapon to introduce cryptocurrency officially
I think we have enough taxes. We pay taxes on everything. While in the cryptocurrency market no taxes, it is in great demand, but I think that taxes will be, when the government accepts cryptocurrency as a payment method for the goods.
main issue to make government accepts cryptocurrency was taxes.they get much benefits and feed back from this market, so they should have to legalize this market.
I think we have enough taxes. We pay taxes on everything. While in the cryptocurrency market no taxes, it is in great demand, but I think that taxes will be, when the government accepts cryptocurrency as a payment method for the goods.
The tax system can be effected in areas/regions/countries where things are functioning effectively. Most areas in Africa where data compilation has been flawed time and time again will find it impossible to derive tax from cryptocurrency earnings. Some real homework will need to be done to set things in order before proper taxing can be effected.
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:
If you put taxes on cryptocurrency then where is the free spirit of it? It should belong to everyone in the blockchain so why should there be a need for taxes? that is why there is fiat coins. - 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.
This is one of the big ideas, and this is a great idea. But you should know that it is difficult to tax on individuals who participate in Cryptocurrency because most of these investors are anonymous. Taxing through exchanges is a good way, but the amount of tax collected will be low.
In majority of countries tax is not payed on Bitcoin itself but only on transactions. And I think this is fair and don't have anything against such policy. This is also something that belongs to regulation.
But it's always very interesting to see how people are not willing to pay taxes but they want to use all benefits and protection from their governments.
Is it actually paid on bitcoin transactions or on changing the bitcoins into the fiat? As far as I know and what I have been doing up to now is paying taxes only after selling the bitcoins and as I don't have any buying receipts of it I just pay the taxes from the whole amount.But it's always very interesting to see how people are not willing to pay taxes but they want to use all benefits and protection from their governments.
Edit: Also I guess it really depends on the country that you live in. Apparently in some of them you don't even need to pay capital gains if they're not big.
i think if we has get tax at our transaction it ill okey for our future crypto.
we must appreciate for this annauncement
Personally, I have a different opinion. I believe that the tax should be required. When a cryptocurrency is legalized, people will believe in it and capital will be injected, which is very much lacking now. we must appreciate for this annauncement
Why even pay tax? What kind of help does government banks are doing us all they do is authorized to use the system in the country but they do not have any involvement about improving it or making any type of service or feature so why do we even pay tex to them. Cryptocurrency does not have any relation with banks so why they are so eager on protesting against cryptocurrency. We cannot stop a person from dealing with cryptocurrencies all they can do a stock exchange a company for making the deal easier or comfortable. But remember from 2010 to 2015. People mainly go for transactions which do not officially involve any kind of exchange or all the stuff which people rapidly used today.
in my opinion this is a good effort because with the tax, the government will be more open to crypto. although in the end every crypto transaction is cut pajka, but at least we get a guarantee of legal protection for every crypto we have.
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