Topic: Tax on the crypto currency! What do you think? - page 7. (Read 3506 times)
It seems to me that it is impossible to impose a tax on the crypto currency and completely control its state, no matter how much they want it.
I do not understand how to levy a tax on cryptocurrency transactions.
If you trade on a licensed exchange, the tax will be charged automatically.
And if you trade on a decentralized or unlicensed exchange, then it is impossible to collect taxes.
Most people will not pay what is unreasonable to collect.
If you trade on a licensed exchange, the tax will be charged automatically.
And if you trade on a decentralized or unlicensed exchange, then it is impossible to collect taxes.
Most people will not pay what is unreasonable to collect.
This two subjects represent polar opposites from a cultural/worldview perspective. In the eyes of many people tax law symbolizes excessive regulations imposed by a central government agency. This is in contrast to cryptocurrencies and the associated blockchain technology, which is not under the thumb of a central power apparatus. The complexity of these two spheres increases if one attempts to integrate cryptocurrencies into the world of the tax code.
Detection of cryptocurrency investments is difficult–to–impossible for government tax collectors. Although investments that stay in the digital world may go unnoticed for a few more months, the rising value will ring the alarm for tax agencies. Banks that receive large transactions will ask questions and report suspicious activity. Instead, investors are expected to honestly declare cryptocurrency income and wealth to authorities each year.
Detection of cryptocurrency investments is difficult–to–impossible for government tax collectors. Although investments that stay in the digital world may go unnoticed for a few more months, the rising value will ring the alarm for tax agencies. Banks that receive large transactions will ask questions and report suspicious activity. Instead, investors are expected to honestly declare cryptocurrency income and wealth to authorities each year.
Taxation in the digital economy has become a complex phenomenon, especially if it has been related to the calculation of profits in trade and investment in Bitcoin. Taxation on the benefits of Bitcoin varies greatly. Some countries treat Bitcoin as a currency, while some other countries like the US and Australia regard it as an asset or commodity.
I like bitcoin because there is no any tax on it and if taxes imposed on it for now then the people will oppose it and people like it because through this people can safe their money and there will be no tax and no other obligations so people love it to buy now and hold it and i want to trade my Ethereum for bitcoin now because the price is going up and i want to start a new business with this money so i am waiting for that opportunity.
it seems that only a few countries have implemented it and the tax for the existence of cryptocurrency like bitcoin does not have to exist and should not be there because the purpose of creating bitcoin is to create a digital currency that can never be controlled by anyone including its founder.
I don't think that VAT is a good idea for crypto currency. The reason is that crypto is difficult sphere and crypto asset can grow by 100% today and fall to 0 tomorrow. How can authorities count profit? What if you deposited funds prior to legislation? Crypto has too much fees like depositing, withdrawal, trading and transfer fee, in general it is like up to 10% on a whole amount. If we add taxes, then how crypto investors will earn in this case? I am definitely against crypto taxes.
If they put a tax on cryptocurrency. We can't do anything but to obey or pay it. As long as they will make cryprtocurrency safer. And the tax that we pay will use for the well being of those people who are in needs.
basically for cryptocurrency itself has many types, and we don't know how to pay, and for what it's done. Well, I think it's very difficult to make rules like that, moreover that each person has a different country, and different rules regarding this.
If they put a tax on cryptocurrency. We can't do anything but to obey or pay it. As long as they will make cryprtocurrency safer. And the tax that we pay will use for the well being of those people who are in needs.
basically for cryptocurrency itself has many types, and we don't know how to pay, and for what it's done. Well, I think it's very difficult to make rules like that, moreover that each person has a different country, and different rules regarding this.
taxing cryptocurrency may not be a totally bad idea from the government. It will give people more confidence in having cryptocurrency related businesses as it will be protected as well by the government.
If they put a tax on cryptocurrency. We can't do anything but to obey or pay it. As long as they will make cryprtocurrency safer. And the tax that we pay will use for the well being of those people who are in needs.
But I do not think the government can increase our security in the crypto when crypto is a world where control is completely absent, it is an independent world and it blocks the control, governments do not really want us good, they just want to benefit from us. So, if they try to impose taxes on the crypto, I will object, unless they do something useful and ensure the future development of crypto, otherwise, they should not think the tax issue, which only leads to meaningless struggles 
If they put a tax on cryptocurrency. We can't do anything but to obey or pay it. As long as they will make cryprtocurrency safer. And the tax that we pay will use for the well being of those people who are in needs.
The cryptocurrency taxation may be the first step towards legalizing cryptocurrencies!
The meaning of taxation is supported by the government, and the government needs to protect the cryptocurrency in accordance with the law!
The meaning of taxation is supported by the government, and the government needs to protect the cryptocurrency in accordance with the law!
Since two of most the important distinguishing features of Crypto currency are Anonymity and Decentralization, while Tax on the other hand needs to be imposed, regulated, monitored and centralized by an authority, these are two diverse phenomenon and doesn't complement each other. Taxes on crypto currency will bring about the crypto space losing the two afforementioned features which are its core intended and initial goals.
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.
Normally I am anti taxation agent. like in my country I do not know what our government is doing with the taxes that is being collected from the masses, they are in charge of the central bank. The money can be mint at anytime if they like. My country is so corrupt to the extent that the people in power mint the money and hide them in tanks in their houses. They should leave the poor masses with taxation. It will be difficult to tax all cryptocurrency transaction.
In my own opinion, those cryptocurrency investors are already paying a decent amount of transaction fees in order to send coins to other wallets so tax is not necessary.
Normally I am anti taxation agent. like in my country I do not know what our government is doing with the taxes that is being collected from the masses, they are in charge of the central bank. The money can be mint at anytime if they like. My country is so corrupt to the extent that the people in power mint the money and hide them in tanks in their houses. They should leave the poor masses with taxation. It will be difficult to tax all cryptocurrency transaction.
In my own opinion, those cryptocurrency investors are already paying a decent amount of transaction fees in order to send coins to other wallets so tax is not necessary.
Transaction fees is not a tax and earned by government. Government need income to run their service and i think its acceptable if crypto transaction having taxes. Many taxes that government can collect and i think government should regulate cryptocurrency if government want to earn taxes from crypto transaction
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:
I think will need a separate tax for cryptocurrency to match its features, with each activity of the individual account. Because cryptocurrency is being recognized by many countries and will become a valuable asset in the future, user anonymity will be one of the hardest for people to recognize it - 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.
Normally I am anti taxation agent. like in my country I do not know what our government is doing with the taxes that is being collected from the masses, they are in charge of the central bank. The money can be mint at anytime if they like. My country is so corrupt to the extent that the people in power mint the money and hide them in tanks in their houses. They should leave the poor masses with taxation. It will be difficult to tax all cryptocurrency transaction.
In my own opinion, those cryptocurrency investors are already paying a decent amount of transaction fees in order to send coins to other wallets so tax is not necessary.
I really hope that it will happen, people who have Bitcoin will be taxed, if it's applied then Bitcoin is automatically recognized by the state legally and it's very good for the price of Bitcoin 
Although it will be an extremely difficult task (to tax the cryptocurrencies), it can be done. I guess that some people avoid paying these taxes but I would better do it not to have the problems with the law.
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