Taxation of 30% on gains from Bitcoin investment?

bryant.coleman

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Quote from: bitterguy28 on December 08, 2020, 12:40:06 AM

Indian Government has too many issue about crypto,from regulating to banning and now here again pushing the Bitociner to divert to other currencies.
but it is obvious that since they are seeking for 30% taxation then they already knew how much money can accumulate allowing crypto in their economy.
but 30% is a BS decision if they will implement that and will affect also to bitcoin community.

30% is the normal income tax in India and therefore we can't term it as unfair. But if they regulate the cryptocurrency and make it 100% legal, then it will be a big boost for the sector in India. Because cryptocurrency users face a lot of issues, due to the unclear legal status. Being a regular visitor to India, I have faced issues multiple times, while attempting to trade in cryptocurrency.

bitterguy28

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Quote from: Wysi on December 06, 2020, 07:28:22 AM

If the source is true then Indian investors have to find an alternative or just switch to DEX as Indian government might impose tax of 30% on gaina from Bitcoin investment. I don't think this will work and even if there is a tax bracket it should be much lesser because Bitcoin and crypto are not like any other business as people might end up losing their capital in crypto investment. I think government shouldn't be rushing to tax on crypto without understanding the concept of crypto as taxing on gains would be like a planned extortion.

Indian Government has too many issue about crypto,from regulating to banning and now here again pushing the Bitociner to divert to other currencies.

but it is obvious that since they are seeking for 30% taxation then they already knew how much money can accumulate allowing crypto in their economy.

but 30% is a BS decision if they will implement that and will affect also to bitcoin community.

Sithara007

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The biggest challenge facing Indian cryptocurrency users is not the high taxes, but the lack of clear legal status for cryptocurrency. No one has any issue in paying the taxes (even if they are as high as 30%). What bothers us is the harassment from the authorities, when we want to trade or invest in cryptocurrency. If the government decides to tax profits from cryptocurrency, then I will welcome that measure.

Lorence.xD

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Quote from: cryptoboss2020 on December 07, 2020, 10:40:41 PM

look like goverment need money and try to squeeze people out of money.
its all fine to support your goverment but the goverment never tells you how they are going to use the tax money.

Tax money is used to build roads, schools, bridges and other infrastructures, fund relief operations, make the circulation of money more diverse, pay government employees. There should be a public records for government expenditures look it up. I do not agree with the taxation of bitcoin especially the 30% but we all shouldn't demonize tax because in a way, we benefitted from it one way or another, it is also hypocritical of us to hate taxes because we already are paying one no matter what.

cryptoboss2020

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look like goverment need money and try to squeeze people out of money.
its all fine to support your goverment but the goverment never tells you how they are going to use the tax money.

AakZaki

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Quote from: Twinkledoe on December 06, 2020, 04:19:47 PM

30% is big for small crypto users, for sure. Seems it is hard to implement if they will not tie up with their local crypto exchanges.
~snip~

If you have 1 Bitcoin profit in asset, the tax is 0.3 Bitcoin, you can say this is extortion by the state. If this applies then it is possible that the crypto industry India will die. So I think they (tax collectors) must really understand about this. They must consider the tax targets and further developments. Crypto is just about to grow already but it's already running into a huge tax wall. In the end it could just be a FUD to panic crypto players in India.

MCobian

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Imposing a 30% tax on Bitcoin investments is a bad decision, it will only make the cryptocurrency community
in India avoid taxes. I hope the Indian government changes its decision and lowers the tax on Bitcoin investment,
my advice is the 5% tax makes more sense to apply. I think the Indian government only wants to recover the
economy in India quickly by expecting a tax of 30% from Bitcoin investment.

cdtc

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30% on gains from bitcoin is just too much, I think that there should be not tax at all.
Governments now days want to tax everything, there is only more and more bureaucracy and there should be less.
Soon we will pay a tax for emitting CO2 too.

Stedsm

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Chill, our government will be able to find out BTC transactions, but not the Dash or XMR ones. And what if we use mixers to hide our coins? People of India are called "jugadu", they can handle anything coming over them. Let's see how it goes with the crypto community, our government is already having a two-edged sword hanging on their heads as they messed up with the Sikh community who are currently the highest in number in terms of farming.

Daniel91

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Quote from: Wysi on December 06, 2020, 07:28:22 AM

If the source is true then Indian investors have to find an alternative or just switch to DEX as Indian government might impose tax of 30% on gaina from Bitcoin investment. I don't think this will work and even if there is a tax bracket it should be much lesser because Bitcoin and crypto are not like any other business as people might end up losing their capital in crypto investment. I think government shouldn't be rushing to tax on crypto without understanding the concept of crypto as taxing on gains would be like a planned extortion.

Taxation of 30 % on gains from btc investment?
It's to much really.
If this information is correct, then the crypto tax we pay in my country, Croatia, of only 12%, is really very low.
When I think that even those 12% seemed like a lot to me Grin

aesma

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Quote from: cryptoboss2020 on December 07, 2020, 10:39:47 AM

Quote from: Wysi on December 06, 2020, 07:28:22 AM

If the source is true then Indian investors have to find an alternative or just switch to DEX as Indian government might impose tax of 30% on gaina from Bitcoin investment. I don't think this will work and even if there is a tax bracket it should be much lesser because Bitcoin and crypto are not like any other business as people might end up losing their capital in crypto investment. I think government shouldn't be rushing to tax on crypto without understanding the concept of crypto as taxing on gains would be like a planned extortion.

Lol 30% its risky the cryptocurrency are like gamle and its highly volatility*
Nobody in his right mind dont pay 30% this is insane

Capital gains are taxed. No gain, not tax. Depending on how you are supposed to report your gains you might even have the ability to use losses from a year to reduce the gains from another year.

Wysi

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Quote from: Strongkored on December 06, 2020, 11:17:54 PM

This tax is quite high and will definitely make crypto investors feel aggrieved by this regulation, this could be done by the Indian government because seeing the potential tax they will receive is very high from the crypto world, with this situation it might be slow down crypto adaptation because people will be reluctant to pay high taxes.

Yes, had it been a reasonable amount of tax it would be fine but 30% is way too much and this will definitely put the investors at vulnerable situation and slow down the adaptability rate of bitcoin in India. If India successfully imposes tax on Bitcoin then other countries will follow the same and cause huge damage to Bitcoin.

This will be a huge loss for centralized exchanges as people will stop using centralized exchange as KYC is the only way to track Bitcoin investment which government would use to track the users.

Spack17

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It looks like Indian government doesn't really know what it is doing. I think that a taxation of 30% is very unfair and ridiculous. It is a big load on Bitcoin investors. If you want to make a regulation for Bitcoin, it should be balanced so that people will be happy about it too.

CODE200

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Quote from: cryptoboss2020 on December 07, 2020, 10:39:47 AM

Quote from: Wysi on December 06, 2020, 07:28:22 AM

If the source is true then Indian investors have to find an alternative or just switch to DEX as Indian government might impose tax of 30% on gaina from Bitcoin investment. I don't think this will work and even if there is a tax bracket it should be much lesser because Bitcoin and crypto are not like any other business as people might end up losing their capital in crypto investment. I think government shouldn't be rushing to tax on crypto without understanding the concept of crypto as taxing on gains would be like a planned extortion.

Lol 30% its risky the cryptocurrency are like gamle and its highly volatility*
Nobody in his right mind dont pay 30% this is insane

Would be better if you will arrange your idea to be more comprehended.
Taxation on the profit from Bitcoin investment has nothing to do with risks. It can only be either a burden or something fair enough for an investor. This has also nothing to do with gambling and its volatility, at its broadest sense.

Sad to say but this technology has no other option but to comply with regulation if we will seek global acceptance. De centralization would be a factor to the occurrence of this acceptance from different countries. Indeed many of us sees the advantages of being decentralized but that's just how things works not only in this technology.

cryptoboss2020

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Quote from: Wysi on December 06, 2020, 07:28:22 AM

If the source is true then Indian investors have to find an alternative or just switch to DEX as Indian government might impose tax of 30% on gaina from Bitcoin investment. I don't think this will work and even if there is a tax bracket it should be much lesser because Bitcoin and crypto are not like any other business as people might end up losing their capital in crypto investment. I think government shouldn't be rushing to tax on crypto without understanding the concept of crypto as taxing on gains would be like a planned extortion.

Lol 30% its risky the cryptocurrency are like gamle and its highly volatility*
Nobody in his right mind dont pay 30% this is insane

Light

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I am against a tax on Bitcoins per se - given the principle that Bitcoin was meant to be a currency not an investment asset. I would consider one requirement of this that Bitcoin have fairly stable pricing over the short term (which obviously it does not). As such, given that it is primarily viewed and used as a speculative investment asset, it is appropriate for it to be taxed similarly to other capital gains. As to the particulars, whether it's specifically 30%, the fairness of that IMO is dependent how the tax dollars are spent where you live.

lifeforcepools

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Taxation of 30% is robbery. The crypto tax should not exceed 12%.

BuNga_cute

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In my opinion, it is extortion if the Indian government imposes a tax of 30% on the profit Bitcoin investment. Because the 30%
tax is very burdensome to investors, the government should immediately reduce the tax imposed on investors. Otherwise investors
from India will move their Bitcoin to avoid taxes. It will cost the Indian government a loss of tax revenue.

jseverson

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Quote from: ranochigo on December 06, 2020, 08:30:49 AM

Taxation on capital gains is fairly common. Places without those taxes usually attracts billionaires so that their wealth will be taxed less significantly. Attempting to prove the extent of your capital gains would be an administrative nightmare, in terms of determining how much to tax so I don't expect most countries to start taxing cryptos yet. It's not that unfair to impose a high tax on capital gains though, IMO.

I would normally agree, but capital gains are usually only taxed at 15-20% in India. That explains this part of the news:

Quote from: https://www.coindesk.com/india-plans-to-tax-income-from-bitcoin-investments-report

Some experts are anticipating a 30% tax on cryptocurrency gains, and many are advising their clients to file bitcoin returns as capital gains, which are associated with stocks, according to the article.

...but then again would it really be that simple to circumvent that? Only time will tell, and we don't even know if it's going to happen to begin with, but taxing crypto more just for the sake of it leaves a bad taste in my mouth. At the end of the day though, I don't think India's tax agency is anywhere near as potent as the IRS, so smaller players may be able to get away with cheating on their tax returns lol.

Yamifoud

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I'm not sure how this been so applaudable. This is certainly not a fair decision if this going to be true, 30% tax is very huge and I can't imaginer if these investors could still make money from their investment coz it only be eaten up by fees and tax. They are just milking Bitcoin investors for this situation and this could have a negative response from the community. This is to think that these leaders never give importance to the investors but always think for their own.

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