There are so many ways to avoid to pay to much taxes. I store most of my profits on hardware or paper wallets. And if I cash out to fiat I use one of my 8 prepaid creditcards and cash out at an ATM.
To be honest I trade for over 3 years fulltime. So I do not have any other job. Since those 3 years I pay very little taxes. I only declare a small amount of my profits and the rest I collect cash through atm withdrawals and money disappears in one of my safe deposits.
Government, banks and tax departments earned enough on my back in the 15 years I had my own construction business.
Topic: Taxes on BTC trading profits? Do you like it? (Read 335 times)
It's all about symbios when government legalize something , they have right to put tax on it as long as for people to people ( their own good )
My country still difficult to maintain tax because it's often to get corrupt.
I fell that government service getting advance after we paid tax regularly so it's neccesary !
My country still difficult to maintain tax because it's often to get corrupt.
I fell that government service getting advance after we paid tax regularly so it's neccesary !
The laws will be there, in some countries already exist (in reality it would be enough to apply the taxes that already exist on the trading of Fiat VALUTE); however, this is not a normal market, the anonymity of BTC will ensure that many taxes will not be paid and it will be very difficult to find tax evaders.
It says that UK government might let investors pay taxes when they make profits by selling BTC
Reference
https://www.reddit.com/r/jex/comments/a7txm5/its_said_that_uk_investors_will_pay_capital_gains/
Maybe good? For if government charges taxes on it, it will be a sign that government better accept it.
Maybe not good? For taxes will reduce the profits gained by investors.
What's your opionion on this? Is this a good new or bad news?
In my opinion, it is bad. Our current market is going down and if the government taxes, we cannot get the profits we want.Reference
https://www.reddit.com/r/jex/comments/a7txm5/its_said_that_uk_investors_will_pay_capital_gains/
Maybe good? For if government charges taxes on it, it will be a sign that government better accept it.
Maybe not good? For taxes will reduce the profits gained by investors.
What's your opionion on this? Is this a good new or bad news?
They cannot penetrate our market so they want to get tax from the crypto market without protecting us. that will only be detrimental to us.
yes i like this.tax is fair bcz when you make profit that will bring you real money so govt should get tax.and this tax will make trader careful about trading too.you know crypto is volatile so when a person make loss then he should get rebate his loss.
I think this tax is still not good, I'm sure traders have not thought about the tax if they have seen a fairly high loss rate and 90% I'm sure traders will prefer loss rather than the tax. "Better to gain part of it than lose all of it"
In my ciuntry bitcoin is treated in the same way as other investments
and is subject to "capital gains tax" of 30%.
Taxes are necessary to make sure a country is able to run and provide
services but nobody likes paying too much.
and is subject to "capital gains tax" of 30%.
Taxes are necessary to make sure a country is able to run and provide
services but nobody likes paying too much.
It says that UK government might let investors pay taxes when they make profits by selling BTC
Reference
https://www.reddit.com/r/jex/comments/a7txm5/its_said_that_uk_investors_will_pay_capital_gains/
Maybe good? For if government charges taxes on it, it will be a sign that government better accept it.
Maybe not good? For taxes will reduce the profits gained by investors.
What's your opionion on this? Is this a good new or bad news?
Reference
https://www.reddit.com/r/jex/comments/a7txm5/its_said_that_uk_investors_will_pay_capital_gains/
Maybe good? For if government charges taxes on it, it will be a sign that government better accept it.
Maybe not good? For taxes will reduce the profits gained by investors.
What's your opionion on this? Is this a good new or bad news?
It is very important whether income taxes are paid on the exchange of BTC for Fiat or on other cryptocurrencies also. If you have to pay tax on exchanging altcoins, then in my opinion this is very bad. Only from profit it is not so bad, but it also depends how high they are.
I will like, as long it can make crypto price up again, maybe put a little amount of my profit in tax is not bad too because tax will be used to build country to be better. If it can make bitcoin price up a lot, people will support it.
In any case, sooner or later we expect some kind of regulation of the crypto-currency market and if already now some countries will begin to impose taxes on profits from trading crypto-currency then this will only benefit.
The most important thing that these taxes were not huge discouraging desire to trade in this market.
The most important thing that these taxes were not huge discouraging desire to trade in this market.
yes i like this.tax is fair bcz when you make profit that will bring you real money so govt should get tax.and this tax will make trader careful about trading too.you know crypto is volatile so when a person make loss then he should get rebate his loss.
It says that UK government might let investors pay taxes when they make profits by selling BTC
Reference
https://www.reddit.com/r/jex/comments/a7txm5/its_said_that_uk_investors_will_pay_capital_gains/
Maybe good? For if government charges taxes on it, it will be a sign that government better accept it.
Maybe not good? For taxes will reduce the profits gained by investors.
What's your opionion on this? Is this a good new or bad news?
Reference
https://www.reddit.com/r/jex/comments/a7txm5/its_said_that_uk_investors_will_pay_capital_gains/
Maybe good? For if government charges taxes on it, it will be a sign that government better accept it.
Maybe not good? For taxes will reduce the profits gained by investors.
What's your opionion on this? Is this a good new or bad news?
Of course I like it, As long as all tax funds are used for the good of the state and help the development of the country's economy, there will be no problems, but we can also provide monthly and yearly as long as it looks positive and there is no use of tax money from the government, such as corruption or something !!
because with the tax they run, of course it will be free to do, provided the taxpayer is implemented.
What does this even mean? Believe me, I have tried to make sense of it, but there's none to be made.
I agree to pay a tax on profits from bitcoin if the state insures my losses against the fall of the course of bitcoin.
Do you think the state will take this step?
Do you think the state will take this step?
This is the only fair way, but governments rarely go along with it. They'd prefer you to share your income and to ignore you when you're on the loss.
I agree that 10% income tax is fair as it allows for private investors to prosper and at the same time make sure they contribute, without having second thoughts. It ensures that taxes don't become a burden and that people won't try to evade. The higher the taxation the more people will evade, leave the country, use offshore banking, shell companies.
I have no idea why some governments decide to push taxes over 40% when the statistics are showing that when you break a certain level, increasing taxes will not bring any more money to the budget. It will only make people pack up and move out.
I agree to pay a tax on profits from bitcoin if the state insures my losses against the fall of the course of bitcoin.
Do you think the state will take this step?
Do you think the state will take this step?
Paying taxes in profit is good as it will make as legal trading but what about loss made in trading will it also be counted in income tax as when they want the tax on profit then they also should be giving tax rebate in loss. Just like what we are doing in equity trading.
Even if the Tax is imposed in BTC trading, how are you going to calculate the profit, as their are so many exchanges where we are going to trade and what we trade are some altcoins which we get by bounty tasks. So how will the profit will be calculated. It will be really complicate to calculate tax on trading and that too only if you are making profit.
Even if the Tax is imposed in BTC trading, how are you going to calculate the profit, as their are so many exchanges where we are going to trade and what we trade are some altcoins which we get by bounty tasks. So how will the profit will be calculated. It will be really complicate to calculate tax on trading and that too only if you are making profit.
Paying taxes is correct which is used in all developed countries, but I do not think that the bitcoin transaction will be easy to track as the bitcoin network is inherently anonymous.
why not? if they want a cut on profit, they should also take part to cover the losses, right? 
I'm not a big fan of taxes in general but I understand the benefits they provide. Just often times people go through their whole lives paying far more in taxes than they will ever get out. Crypto's were already taxable in the UK, this is just new clarification on the laws.
you can not find a single person in the whole world that likes paying taxes but majority of people are paying their taxes because that is the law and you don't do it because of your personal likings.
i don't see anything wrong with paying taxes on your profits that you gain from bitcoin although in some countries the percentages are outrageous and needs to be fixed.
i don't see anything wrong with paying taxes on your profits that you gain from bitcoin although in some countries the percentages are outrageous and needs to be fixed.
yup all depends on how much tax is charged for transactions on the crypto market and what the government is offering to the crypto industry. if the tax charged is still below the average income of crypto users in that country, I don't think that is a problem, and the government must be able to guarantee that the taxes they charge can legitimize crypto users in that country.
I agree as long as this rule is applied fairly, there are categories and criteria for people who have to pay taxes with the size of the assets they have. meaning that people who pay taxes are those who are worthy of certain limits. Don't be too afraid this is part of obedience as a citizen and the Government will regulate it carefully and fairly.
Jump to: