Which Country has the Highest Crypto Tax Rate and Which does not?

Bureau

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Quote from: pakhitheboss on February 01, 2024, 05:06:11 AM

Budget presented in Parliament today and the only thing I was interested in hearing was the reduction of capital gain tax or the reduction in TDS. Sadly, nothing mentioned by the FM whereas they gave a big boost to salaried class. Those who are earning upto 7 lac per year won't incur any tax and further they reduced the percentage of tax for anyone earning upto 12 lac a year. All these for getting re-elected in the upcoming national election.

Unfortunately, there is no difference on the tax slab unless a user subscribes to 87A. What I do not understand is why the FM said that there won't be any tax on live news. There is something that I missed as there is no change in the tax policy for salaried individuals. To an extent, there is nothing new she introduced as this was an interim budget as after the election there would be a complete budget which will be in 2025. I feel we should hear something on tax for our sectors and I still feel nothing would happen at that time.

kentrolla

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Quote from: pakhitheboss on February 01, 2024, 05:06:11 AM

Budget presented in Parliament today and the only thing I was interested in hearing was the reduction of capital gain tax or the reduction in TDS. Sadly, nothing mentioned by the FM whereas they gave a big boost to salaried class. Those who are earning upto 7 lac per year won't incur any tax and further they reduced the percentage of tax for anyone earning upto 12 lac a year. All these for getting re-elected in the upcoming national election.

Yes and even those goodness we see I mean the tax benefits for earning people is also temporary as they will surely increase it in the upcoming years once they are into their third term but what irritates me is the fact that Indian exchanges are still supporting government as they want to stay active and they are happy that government has removed the foreign exchanges just because people will be forced to use their exchange and the maker/taker fee is way to high in Indian exchanges compared to any foreign exchange, moreover they don't care about users as they just wants to make profits out of misery of users and their helplessness.

Some of them are openly celebrating the government's move on banning foreign exchanges and at the same time planning to exit Indian market as even they know people cannot afford to pay 1% TDS and 30% tax forever. Just hate the dirty politics of this government as they are so sadistic that they don't want their people to earn or have decent standard of living as they are too focused on their cronies.

Bitcoin Smith

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Quote from: Bureau on January 31, 2024, 10:27:50 PM

I was going through the per capita income of Indians according to the state. Goa has the highest per capita income for 2021 which was above 4 lac and Bihar is the lowest which was 43k. A big deficit in earning capabilities between the two states, but the tax slab is the same for every Indian living in these two states. This is why you would find more Biharis working outside their home state as their earning are not sufficient in their home to survive every month.

Per capita income is just bullshit to me, because it is just an average value that represent the reality especially in our country where the financial gap between rich and poor is too wide than anywhere. Goa has the highest per capita just because the number of population is small.

In India, we can see every extreme, one can survive a day even with 100 rupees with 3 complete meals and also one can spend as much as they want with no limit and this is applicable to every state but the ruling government play and their policy towards employment creating plays important role in elevating the standard of life of the working class but sadly the system favors the rich people and the higher population makes the competition difficulty which let the one who is hiring the employees to exploit their hard work for very little salary.

pakhitheboss

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Budget presented in Parliament today and the only thing I was interested in hearing was the reduction of capital gain tax or the reduction in TDS. Sadly, nothing mentioned by the FM whereas they gave a big boost to salaried class. Those who are earning upto 7 lac per year won't incur any tax and further they reduced the percentage of tax for anyone earning upto 12 lac a year. All these for getting re-elected in the upcoming national election.

cafter

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they are treating our profit/earning as free money, dumb governments.
withdraw in small amounts when necessary to save these huge taxes.

Bureau

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Quote from: Bitcoin Smith on January 31, 2024, 12:36:46 PM

High tax rate is not really a problem as long as government is spending the collected tax for the development of citizens but as Indian I know most of the tax collected not spent properly and moreover politicians loot more than half just in the form of commission alone on multiple levels.

In a country like ours, the commission system and rampant bribing are most common. Nothing gets approved unless there is a commission set for the babus and a bribe is paid to a local politician. In such a country where a noncorrupt officer cannot survive in the system without being corrupt high taxes do not help in the development of the nation. I was going through the per capita income of Indians according to the state. Goa has the highest per capita income for 2021 which was above 4 lac and Bihar is the lowest which was 43k. A big deficit in earning capabilities between the two states, but the tax slab is the same for every Indian living in these two states. This is why you would find more Biharis working outside their home state as their earning are not sufficient in their home to survive every month.

Cryptocurrencies gave that opportunity, but as usual, the government of India took it away by implementing an atrocious tax. According to my understanding, the steps that the government has now taken will only encourage the youth to go into illegal ways to access international exchanges. The government will only end up losing more revenue than it achieved in the previous financial year.

Bitcoin Smith

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I am finding varied tax rate on every article I read from the internet, so I don't really know what are the actual tax rates in those countries but I know crypto tax in Japan and Canada are high but it is not limited to crypto currency alone, almost they have 50% tax rate which varies based on many criteria. And the one country is not available in the picture is US, they have huge crypto tax rate too just like what we have here and more articles mentioned US have tax rate of 30 to 37% on cryptos.

High tax rate is not really a problem as long as government is spending the collected tax for the development of citizens but as Indian I know most of the tax collected not spent properly and moreover politicians loot more than half just in the form of commission alone on multiple levels.

pakhitheboss

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Quote from: kentrolla on January 30, 2024, 01:02:21 PM

Yes this just shows how different countries and their government are trying to loot the people out their profits as it just frustrates me even to think who gave them rights to take huge chunk out of our profit for which we spend sleepless nights and hours working on trading strategy to earn that, these sort of extortion are the reason why Bitcoin was created to remove any barrier or 3rd party for P2P transfers.

We cannot think of migrating to any other nation unless we are ultra rich with Crypto and it becomes our main source of income. UAE would be the most preferred choice as compared to cost of living in other nations.

You are right this is how government justify looting from people in the name of development. They do it with full legal resource and we are obliged to pay them otherwise we have to face consequences. Bitcoin creation was meant to bring financial freedom and empower everyone holding Bitcoin with decentralized financial ecosystem. Which now has become more of a commodity that has good value and now the government want to have a piece of it.

Quote from: Bureau on January 30, 2024, 11:27:24 PM

In India apart from the capital gain tax which is 30% we also pay TDS of 1% on every transaction we make. Considering the TDS we are still paying more as tax on crypto than any other country that has been listed on the OP. As such Indians have been paying the highest tax for the last 10 years on everything it is not just tax on your earnings tax in the form of GDP and others are the highest in the world. Before the present government came into power we were not paying taxes like we do now.

Agreed that apart from capital gain tax we also pay 1% TDS. But the tax only comes into action when you are making profit through trading. The tax only applies on the profit you earn and not on the whole amount. There are loop holes in our taxing policy and if you have understood it properly you would know what I am referring to.

Bureau

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In India apart from the capital gain tax which is 30% we also pay TDS of 1% on every transaction we make. Considering the TDS we are still paying more as tax on crypto than any other country that has been listed on the OP. As such Indians have been paying the highest tax for the last 10 years on everything it is not just tax on your earnings tax in the form of GDP and others are the highest in the world. Before the present government came into power we were not paying taxes like we do now.

kentrolla

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Yes this just shows how different countries and their government are trying to loot the people out their profits as it just frustrates me even to think who gave them rights to take huge chunk out of our profit for which we spend sleepless nights and hours working on trading strategy to earn that, these sort of extortion are the reason why Bitcoin was created to remove any barrier or 3rd party for P2P transfers.

We cannot think of migrating to any other nation unless we are ultra rich with Crypto and it becomes our main source of income. UAE would be the most preferred choice as compared to cost of living in other nations.

TheUltraElite

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So anyway, I applied as a merit source :)

I am not moving anywhere. Grin

Moving to a different country just because of crypto taxation is a logical one if the main source of income and livelihood is crypto and nothing else. For enthusiasts, this is not a good idea.

Also this should give us a sigh of relief that we are not the only ones suffering from a humungous 30% taxation.

Spain has the highest taxation on crypto - 47%
Found this here - Crypto Tax Free Countries for 2024

pakhitheboss

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Found this image being circulated on social media and I was amazed as to how much some countries have crypto tax. All of them are more than what we are paying in our country and some are beyond our imagination. There is another list where countries do not charge a single rate as tax. So, which country are you planning to shift to after watching the image below?

Iceland and Japan are two countries that do not have a lot of population. That might be the reason why the tax rate is so high in these two countries. After looking at those rates I think we are still better than those living in these countries.

Topic: Which Country has the Highest Crypto Tax Rate and Which does not? (Read 152 times)