Topic: Taxes and regulations - page 7. (Read 2216 times)
Taxes for farmers are unavoidable in almost all countries, and I think that many people bring contradictions to the government, but many investors and private businesses do not generate revenue. So many people have to pay taxes to the government.
It is fine as long as it is not an abusive regulation and overtaxes it means that they acknowledged and legalized the crypto asset with some restrictions to avoid theft and fraud, it is better than to ban the usage and trading of this assets and currency, anyway, they can't tax wallets that you own private keys as long as you are not using a local exchange or cashing out you are just paying for the miners fee for the transfers.
Yes most of the countries consider cryptos as assets so that they could be taxed and not willing to recognise then as currencies as they might not be helpful to them for taxing.I would say that even if that even if they consider it as asset for taxing,even that would be far better from totally banning it or declaring it illegal.Even by this way,bitcoin would get an entry point for getting used widely.
It's normal, Governments always wants to get its share. Government as an entity isn't much interested in anything else.
Now, how they spend this depends on:
1. Whether they collect money only to provide for themselves, as in my country, or:
2. They collect the money to provide for the benefit of the society, which should be the purpose of the Government.
In the latter case, I hold nothing against them taxing anything.
About your question - Bitcoin shouldn't be considered a property. But that is only my opinion.
But bitcoin is not a property it is just a currency so we need to consider it as a currency if we change the property of bitcoin for someone's benefit then bitcoin may not last long as it could be.Even if it consider it as a currency still governments will get benefit but still it is hard to categorize and hard to regulate so its still the governments and politicians need to make decisions in this case. Now, how they spend this depends on:
1. Whether they collect money only to provide for themselves, as in my country, or:
2. They collect the money to provide for the benefit of the society, which should be the purpose of the Government.
In the latter case, I hold nothing against them taxing anything.
About your question - Bitcoin shouldn't be considered a property. But that is only my opinion.
I think it's true that crypto should be taxed because income from this crypto is big. If money in my opinion is private, maybe only certain countries are taxed. Usually taxed are high officials or civil servants.
Today I was on a conference in Vilnius and went on a lecture about cryptocurrencies. I would like to share some aspects which I did't see so clear before. As we know, among those states which want to regulate cryptos, there are those which consider them as property and others as means of payment. The first approach is usually seen when there are tax companies around, because money is not taxed, but possession is. So when a state days they consider cryptos as property, it means they are getting taxed, while this is not the case with means of payment.
What do you think of this?
What do you think of this?
I am not sure if it is really about property vs means of payment. Think about fiat: When you hold a currency in your bank account and you receive interest payments you will have to tax your profit. This is at least the situation in my country. Also from a legal perspective you first have to own cryptos before you can use them as a means of payment, thus becoming the proprietor of the coin. So the two are not mutually exclusive.
It's normal, Governments always wants to get its share. Government as an entity isn't much interested in anything else.
Now, how they spend this depends on:
1. Whether they collect money only to provide for themselves, as in my country, or:
2. They collect the money to provide for the benefit of the society, which should be the purpose of the Government.
In the latter case, I hold nothing against them taxing anything.
About your question - Bitcoin shouldn't be considered a property. But that is only my opinion.
Now, how they spend this depends on:
1. Whether they collect money only to provide for themselves, as in my country, or:
2. They collect the money to provide for the benefit of the society, which should be the purpose of the Government.
In the latter case, I hold nothing against them taxing anything.
About your question - Bitcoin shouldn't be considered a property. But that is only my opinion.
The government only sees cryptocurrency as a source of income. They judge if all forms of income should be taxed like working in a company and others. But to keep in mind we should be aware of such thoughts, I and probably many people (users of cryptocurrency) just make cryptocurrency as a source of income, and few of them only use as a payment system. Actually it does not depend on the government alone, but we as users should be aware if cryptocurrency used as a source of income we must try honestly and pay taxes.
Today I was on a conference in Vilnius and went on a lecture about cryptocurrencies. I would like to share some aspects which I did't see so clear before. As we know, among those states which want to regulate cryptos, there are those which consider them as property and others as means of payment. The first approach is usually seen when there are tax companies around, because money is not taxed, but possession is. So when a state days they consider cryptos as property, it means they are getting taxed, while this is not the case with means of payment.
What do you think of this?
'Though money is not a property, it can is earn through our personal effort and every earning we make is subjected to pay on the government if it is under the authority of government, but since btc is decentralized, taxes is not applicable so whether it is called a property or money that doesn't matter. What do you think of this?
Cryptocurrency is still so young that is why there remains to be a big debate on how to view or treat it from the prospective of the taxman. Of course, the government though reluctant to recognize cryptocurrency they are very much interested to have a slice of the tie by imposing taxes. Eventually, Bitcoin will be treated more as a currency or money more than an asset as adoption will slowly be creeping to the general population...though the road to get there can be rough and there can be some confusion sometimes.
Taxes is what government wants from all the things that derives profits. As government require money to bring new schemes and to maintain and develop all the projects they also want new revenue source of income and crypto currency could be one of them provided they accept them.
Cryptocurrency is still so young that is why there remains to be a big debate on how to view or treat it from the prospective of the taxman. Of course, the government though reluctant to recognize cryptocurrency they are very much interested to have a slice of the tie by imposing taxes. Eventually, Bitcoin will be treated more as a currency or money more than an asset as adoption will slowly be creeping to the general population...though the road to get there can be rough and there can be some confusion sometimes.
Today I was on a conference in Vilnius and went on a lecture about cryptocurrencies. I would like to share some aspects which I did't see so clear before. As we know, among those states which want to regulate cryptos, there are those which consider them as property and others as means of payment. The first approach is usually seen when there are tax companies around, because money is not taxed, but possession is. So when a state days they consider cryptos as property, it means they are getting taxed, while this is not the case with means of payment.
What do you think of this?
I think the government has done it right, because Crypto is making a lot of money for many people, not just a payment method.What do you think of this?
Many became billionaires thanks to the development of Crypto such as Vitalik Buterin (founder of ETH) and Changpeng Zhao (founder of Binance). So I see Crypto as a new market and bring a lot of profit to everyone. So the imposition of taxes is correct.
Yeah property, just like we store gold for a long time and that is considered that in bitcoin is a great property that must have a taxation.
Today I was on a conference in Vilnius and went on a lecture about cryptocurrencies. I would like to share some aspects which I did't see so clear before. As we know, among those states which want to regulate cryptos, there are those which consider them as property and others as means of payment. The first approach is usually seen when there are tax companies around, because money is not taxed, but possession is. So when a state days they consider cryptos as property, it means they are getting taxed, while this is not the case with means of payment.
What do you think of this?
I think the government has done it right, because Crypto is making a lot of money for many people, not just a payment method.What do you think of this?
Many became billionaires thanks to the development of Crypto such as Vitalik Buterin (founder of ETH) and Changpeng Zhao (founder of Binance). So I see Crypto as a new market and bring a lot of profit to everyone. So the imposition of taxes is correct.
Today I was on a conference in Vilnius and went on a lecture about cryptocurrencies. I would like to share some aspects which I did't see so clear before. As we know, among those states which want to regulate cryptos, there are those which consider them as property and others as means of payment. The first approach is usually seen when there are tax companies around, because money is not taxed, but possession is. So when a state days they consider cryptos as property, it means they are getting taxed, while this is not the case with means of payment.
What do you think of this?
Actually i have no issue about taxation or neven been,because i believe that this is my obligation being a human that earns in this side,so i dont really care on how and what i will be paying tax whats important is why would i pay..What do you think of this?
And if we will only check our government bylaws you'll find that paying taxes is our obligation everytime we earn enough amounts to be obliged
The government has the right to ask what is due to them as it is clear in the government code that every citizen's of the country should pay taxes. But here in crypto we need regulations to move forward and gain the mass adoption.
Just to calrify, its not the property or asset that is taxed, but the gains made through these assets are taxed. This is termed as capital gains. Capital is the property that we own or basically our assets and the gains made by use of such capital is the amount that we earn aa profit.
Even the money that we deposit in banks can be taxed, but not directly. The interest that the banks provide is added and this interest is taken as capital gain, now there are different tax slabs as to how much tax is to be implied on what gains. Accordingly either our gains/profit is relieved of tax if its below any existing tax slab, and if it falls under a certain slab then it is taxed.
Similarly, bitcoin is seen as an asset because it has a apprecative and depreciative nature i.e. it changes its value with time, actually more frequent than other assets. Thus the gains that we make through simply holding bitcoins comes under our capital gains.
But all of this is calculated only when we try to convert our bitcoins in local currency. Because that is when the actual money comes into play and so does the taxation system.
Even the money that we deposit in banks can be taxed, but not directly. The interest that the banks provide is added and this interest is taken as capital gain, now there are different tax slabs as to how much tax is to be implied on what gains. Accordingly either our gains/profit is relieved of tax if its below any existing tax slab, and if it falls under a certain slab then it is taxed.
Similarly, bitcoin is seen as an asset because it has a apprecative and depreciative nature i.e. it changes its value with time, actually more frequent than other assets. Thus the gains that we make through simply holding bitcoins comes under our capital gains.
But all of this is calculated only when we try to convert our bitcoins in local currency. Because that is when the actual money comes into play and so does the taxation system.
Today I was on a conference in Vilnius and went on a lecture about cryptocurrencies. I would like to share some aspects which I did't see so clear before. As we know, among those states which want to regulate cryptos, there are those which consider them as property and others as means of payment. The first approach is usually seen when there are tax companies around, because money is not taxed, but possession is. So when a state days they consider cryptos as property, it means they are getting taxed, while this is not the case with means of payment.
What do you think of this?
I think about cryptocurrency is a digital investment tool not as an investment tool in the form of property. Digital investment is not taxed as is the case with a taxable property. Bitcoin can not be used as a means of payment due to its volatile nature What do you think of this?
Well it depends on how the government look at crypto, crypto was meant as currency but in reality more people are using it as assets, so when the government state crypto as asset it is not a wrong judgement, but I believe it should be treated as currency because the main purpose of crypto being created was as currency, for me taxing crypto is not a problem but the government should go easy on the tax percentage
I think taxes are outdated because the authorities are no more using our taxes for the intended purpose.They are stealing our taxes to enrich themselves so I honestly do not support taxes now because of our leaders actions.
Finally someone thinking like me. I am not against taxation, but not in the way we as tax payers only serve as cash cows for the government. I am seriously done with that -- the worst part is that people aren't subject to tax once, but their entire life when it concerns the same amount of money. It's pure theft when you are being taxed every year over the same amount of money. It's a system where if you don't do anything to up your fiat wealth, the constantly returning taxes will empty your bank account within a few decades, and that process speeds up significantly when you also calculate how much value your fiat wealth is losing year after year. In all the years that we as brave citizens paid out due taxes, has anything within your state or country actually improved? I only see everything go backwards instead of forwards....
Today I was on a conference in Vilnius and went on a lecture about cryptocurrencies. I would like to share some aspects which I did't see so clear before. As we know, among those states which want to regulate cryptos, there are those which consider them as property and others as means of payment. The first approach is usually seen when there are tax companies around, because money is not taxed, but possession is. So when a state days they consider cryptos as property, it means they are getting taxed, while this is not the case with means of payment.
What do you think of this?
It is a currency so taxes would be charged depending upon where you live in. However, the taxes are charged in US and Canada are on capital gains that you get from bitcoin/cryptos. So you have to pay a tax only when you cash out. You don't get taxed on your holdings. What do you think of this?
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