Topic: Will Bitcoin transations be taxed in all countries in the future? - page 2. (Read 318 times)
January 07, 2018, 12:47:23 PM
The IRS finally announced its treatment of bitcoin regarding taxation. In the eyes of the IRS, bitcoin is treated as a piece of property, and rules surrounding taxation would be the same as those applied to stocks and barter transactions. Regarding transactions, if a person receives bitcoin as a form of payment for a good or service, they are to record that as income in terms of the USD value at that given time.
January 07, 2018, 07:50:58 AM
Bitcoin transactions can not be taxed by the governments as it is a decentralized currency. On other hand, if you are generating income through the bitcoins then as per the local law you are entitled to pay the tax. Any kind of government tax will provide little legal status to the bitcoins, which is a good thing for the bitcoin community.
January 07, 2018, 05:03:01 AM
If Bitcoin gets as big as we hope it will, then taxation is an inevitability -- not necessarily for every single transaction though. I know some people see Bitcoin as anti-government because it is decentralized and could be anonymous, but the fact of the matter is, it's already being done and there's no way to keep them out.
Taxing is good but it is impossible to track every transaction and impose tax on them. That's not practical. Instead the taxing authority can impose tax on your yearly or quarterly crypto income. If you are an investor of crypto, then capital gains tax can be implemented and if you are just earning through providing various services, then tax can be imposed on your total income. If central bank starts imposing tax and regulation on crypto income, it will being a huge positive change in the market because then crypto will be termed as a legal tender. So I welcome this step taken by ECB and I hope they will be providing a proper framework to us for using crypto in near future.
Completely true. All regulatory eyes will be on exchanges at some point. They will be able to provide information that points to your income, and they are capable of seeing every single one of your transactions. They're basically the only way in or out of the crypto world, and they'll play an even more massive role in the future than they do now.
It is said that Bitcoin should be regulated and even taxed, according to a European Central Bank (ECB) governing council member.
Will Bitcoin transactions be taxed in all countries in the future?
Will Bitcoin transactions be taxed in all countries in the future?
Taxing is good but it is impossible to track every transaction and impose tax on them. That's not practical. Instead the taxing authority can impose tax on your yearly or quarterly crypto income. If you are an investor of crypto, then capital gains tax can be implemented and if you are just earning through providing various services, then tax can be imposed on your total income. If central bank starts imposing tax and regulation on crypto income, it will being a huge positive change in the market because then crypto will be termed as a legal tender. So I welcome this step taken by ECB and I hope they will be providing a proper framework to us for using crypto in near future.
Completely true. All regulatory eyes will be on exchanges at some point. They will be able to provide information that points to your income, and they are capable of seeing every single one of your transactions. They're basically the only way in or out of the crypto world, and they'll play an even more massive role in the future than they do now.
January 05, 2018, 11:29:13 PM
I agree with this, and this may actually be plausible. Perhaps the government should come up with an accrediting or licensing system for exchanges and local wallets so as they may impose taxes. They may not tax the transactions itself, but they may tax the users or service providers.
The best option that the government can do is regulate the exchanges and wallet provider. Then the tax will be deducted per transaction accordingly to specific calculations that is in the law. So the one will declare it is the owner of those sites and the personal information of those account is safe from government documentation. No to individual harassment and it will lessen the corruption.
That’s what I think is the better solution to both the state/country and the bitcoin community. We all know how the some government officials work with corruption in my mind without contact to individuals they can’t blackmail or make use the law for money. If the law permits the Central Banks will be the one to regulate this exchanges and giving lincences equally to all players. We can’t escape taxation as a way to help our country economically improve.
January 05, 2018, 11:12:05 PM
Bitcoin transaction no, it's not possible to tax the transactions and if it was possible, the miners would be taxed. In the opposite, the capital gains are surely going to be taxed in most countries in Tier 1 and Tier 2. You bought 1 BTC at $1000 and sold it at $15,000, it's a $14,000 profit and you will be taxed based on the $14,000.
I guess the OP here is really referring to what you are saying -- tax on capital gains and maybe also income tax depending on the country where a person is based at. Taxation can be a very complicated matter and this is one of the subjects I disliked in college though I realized now that it could have been useful had I concentrated more on its study.
Yes, there is a possibility that in the coming years almost all countries will be demanding and implementing taxes on cryptocurrency traders, investors and enthusiasts based on their transactions made and the gains realized. I said almost because we have to crash out countries which chose to ban Bitcoin and cryptocurrency.
We should not be worrying on this because traditional investment tools like stocks, forex, derivatives, etc are also taxed and the government will not be lenient enough o exclude cryptocurrency much more so that many governments are looking at this industry with raised eyebrows.
January 05, 2018, 03:45:38 PM
It is said that Bitcoin should be regulated and even taxed, according to a European Central Bank (ECB) governing council member.
Will Bitcoin transactions be taxed in all countries in the future?
Will Bitcoin transactions be taxed in all countries in the future?
Maybe, but if you said all transactions I thing it hard. It will some transactions could be taxed.
I know if bitcoins taxed, can help that country for income. My hope is bitcoins can legalized in some country.
January 05, 2018, 10:07:04 AM
Taxing Bitcoin transactions is not quite possible for governments . They cannot have the hold of all the wallets and their transactions . The only thing they can get hold of is the local exchanges of bitcoin . That is because the amount withdraw from the local exchanges of bitcoin can be taxed and identified by the government . The dream of taxing all the transactions will not be easy to attain for anyone .
legendary
Activity: 1358
Merit: 1565
The first decentralized crypto betting platform
January 05, 2018, 07:39:15 AM
I my country there is one case when you have to pay tax for having bitcoin even if you haven’t done any transaction with it: if you bought bitcoin some time ago and the current value exceeds 700.000€, you need to pay net worth tax. I’m sure some countries will copy this in the future. The creativity of politicians to rip people off using taxes is limitless.
January 05, 2018, 07:18:18 AM
I agree with this, and this may actually be plausible. Perhaps the government should come up with an accrediting or licensing system for exchanges and local wallets so as they may impose taxes. They may not tax the transactions itself, but they may tax the users or service providers.
This could also work for income taxes and impose it upon those who earn income through cryptos such as the traders or miners. Although most jurisdictions do not have established legal frameworks for cryptocurrency, if taxes were to be imposed then income tax may be considered.
Taxing is good but it is impossible to track every transaction and impose tax on them. That's not practical. Instead the taxing authority can impose tax on your yearly or quarterly crypto income. If you are an investor of crypto, then capital gains tax can be implemented and if you are just earning through providing various services, then tax can be imposed on your total income. If central bank starts imposing tax and regulation on crypto income, it will being a huge positive change in the market because then crypto will be termed as a legal tender. So I welcome this step taken by ECB and I hope they will be providing a proper framework to us for using crypto in near future.
The best option that the government can do is regulate the exchanges and wallet provider. Then the tax will be deducted per transaction accordingly to specific calculations that is in the law. So the one will declare it is the owner of those sites and the personal information of those account is safe from government documentation. No to individual harassment and it will lessen the corruption.
This could also work for income taxes and impose it upon those who earn income through cryptos such as the traders or miners. Although most jurisdictions do not have established legal frameworks for cryptocurrency, if taxes were to be imposed then income tax may be considered.
Taxing is good but it is impossible to track every transaction and impose tax on them. That's not practical. Instead the taxing authority can impose tax on your yearly or quarterly crypto income. If you are an investor of crypto, then capital gains tax can be implemented and if you are just earning through providing various services, then tax can be imposed on your total income. If central bank starts imposing tax and regulation on crypto income, it will being a huge positive change in the market because then crypto will be termed as a legal tender. So I welcome this step taken by ECB and I hope they will be providing a proper framework to us for using crypto in near future.
January 05, 2018, 07:13:27 AM
It is said that Bitcoin should be regulated and even taxed, according to a European Central Bank (ECB) governing council member.
Will Bitcoin transactions be taxed in all countries in the future?
Will Bitcoin transactions be taxed in all countries in the future?
We will be there that every country that is supporting bitcoin will tax bitcoin.
They will get tax as if we are earning from it and they will sue us with tax evasion if there's a law that they made that covers bitcoin earners.
And on this thing, we must all accept it coming.
January 05, 2018, 05:42:52 AM
The best option that the government can do is regulate the exchanges and wallet provider. Then the tax will be deducted per transaction accordingly to specific calculations that is in the law. So the one will declare it is the owner of those sites and the personal information of those account is safe from government documentation. No to individual harassment and it will lessen the corruption.
January 05, 2018, 05:22:53 AM
It is said that Bitcoin should be regulated and even taxed, according to a European Central Bank (ECB) governing council member.
Will Bitcoin transactions be taxed in all countries in the future?
Will Bitcoin transactions be taxed in all countries in the future?
Taxing is good but it is impossible to track every transaction and impose tax on them. That's not practical. Instead the taxing authority can impose tax on your yearly or quarterly crypto income. If you are an investor of crypto, then capital gains tax can be implemented and if you are just earning through providing various services, then tax can be imposed on your total income. If central bank starts imposing tax and regulation on crypto income, it will being a huge positive change in the market because then crypto will be termed as a legal tender. So I welcome this step taken by ECB and I hope they will be providing a proper framework to us for using crypto in near future.
January 04, 2018, 06:36:58 PM
It is said that Bitcoin should be regulated and even taxed, according to a European Central Bank (ECB) governing council member.
Will Bitcoin transactions be taxed in all countries in the future?
Will Bitcoin transactions be taxed in all countries in the future?
I don't think bitcoin transactions can be tax because if it is then the authorities should target the miners because they are the one who are processing the transactions but even so some miners are untraceable so it would be hard. If the authorities wanted to tax the bitcoin users then they can go the platforms the users are using because these platforms have records of the people who transacted with them and they possess the names of those people and can track their funds but only to a certain extent. There are already people paying tax because they have capital gains and when converted to fiat only but if there is no conversion then there would be no tax.
January 03, 2018, 10:18:38 PM
It is said that Bitcoin should be regulated and even taxed, according to a European Central Bank (ECB) governing council member.
Will Bitcoin transactions be taxed in all countries in the future?
Will Bitcoin transactions be taxed in all countries in the future?
I don't think bitcoin transactions can be tax because if it is then the authorities should target the miners because they are the one who are processing the transactions but even so some miners are untraceable so it would be hard. If the authorities wanted to tax the bitcoin users then they can go the platforms the users are using because these platforms have records of the people who transacted with them and they possess the names of those people and can track their funds but only to a certain extent. There are already people paying tax because they have capital gains and when converted to fiat only but if there is no conversion then there would be no tax.
January 03, 2018, 04:28:38 PM
Bitcoin transaction no, it's not possible to tax the transactions and if it was possible, the miners would be taxed.
In the opposite, the capital gains are surely going to be taxed in most countries in Tier 1 and Tier 2. You bought 1 BTC at $1000 and sold it at $15,000, it's a $14,000 profit and you will be taxed based on the $14,000
If we do talk Directly making tax then it is only possible on suing those miners who do push transactions but thinking off this thing wont really be easily be implemented but still possible though but would really be a long process for sure. Expected for Tier 1&2 countries will be the first to lead up such action on putting up taxation into bitcoin but saying on legalizing it would really be very impossible. In the opposite, the capital gains are surely going to be taxed in most countries in Tier 1 and Tier 2. You bought 1 BTC at $1000 and sold it at $15,000, it's a $14,000 profit and you will be taxed based on the $14,000
January 03, 2018, 03:20:14 PM
Bitcoin transaction no, it's not possible to tax the transactions and if it was possible, the miners would be taxed.
In the opposite, the capital gains are surely going to be taxed in most countries in Tier 1 and Tier 2. You bought 1 BTC at $1000 and sold it at $15,000, it's a $14,000 profit and you will be taxed based on the $14,000
In the opposite, the capital gains are surely going to be taxed in most countries in Tier 1 and Tier 2. You bought 1 BTC at $1000 and sold it at $15,000, it's a $14,000 profit and you will be taxed based on the $14,000
January 03, 2018, 03:05:20 PM
It is said that Bitcoin should be regulated and even taxed, according to a European Central Bank (ECB) governing council member.
Will Bitcoin transactions be taxed in all countries in the future?
Will Bitcoin transactions be taxed in all countries in the future?
Jump to: