Topic: Will Bitcoin transations be taxed in all countries in the future? (Read 330 times)
As far as i know, bitcoin is a decentralized digital coin, and no government can control it. so it means no one can ask bitcoin a tax.
January 12, 2018, 10:31:24 PM
Before a country requires the user bitcoin payments tax, first they should legalize bitcoin in the country and of course it will also be good news that more and more countries legalize bitcoin si more and more users in bitcoin.
But to give tax for bitcoin transations I think this will be difficult because it is very impossible to track every transations.
But to give tax for bitcoin transations I think this will be difficult because it is very impossible to track every transations.
January 12, 2018, 09:03:01 AM
Well we have no certainty about the future but in my own opinion Governments in all countries in the future has no possibility to impose tax in every transactions that is being done in bitcoin. First of all bitcoin transaction is anonymous that is why government will be hard for them to trace the transactions. In fact bitcoin is considered as assets or a source of income governments would no longer put tax on it.
January 11, 2018, 04:16:22 PM
Will Bitcoin transactions be taxed in all countries in the future?
I guess so if regulations has come up to this idea and transactions are also covered whether it will be inside or outside the country's jurisdiction, it's up to the government.And as there are countries that already banned bitcoin and if you are found to have some transactions with it or deal with someone, you'll definitely go to jail.
When other countries started to prohibit the use of bitcoin, some did followed but mostly didn't.
But when it comes to taxation, this is one of the kind and an exception and for sure others will follow when they have seen it's a good source of income.
And they keep on reminding their citizens that bitcoin can be used that way but if you'll try to understand the logic behind it. Since before fiat is being used through that concern and they can't even give a single solution on stopping those illegal activities.
Anyway, no matter what happens bitcoin will be taxed if a country starts supporting it.
January 11, 2018, 08:33:27 AM
If indeed in all countries will levy taxes from bitcoin transactions, no problem,
as long as the rules are clear, and bitcoin status in all countries legal
as long as the rules are clear, and bitcoin status in all countries legal
January 10, 2018, 10:44:37 AM
I don't think it will ever be possible for bitcoin transactions to be taxed in all countries, even in the future. Bitcoin transactions are done anonymously that's why it will be very difficult to trace those transactions. If ever they are going to place a tax on bitcoin, it should be on the miners or the bitcoin exchanges. Plus, third world countries (where my country belongs to) isn't even fully aware of what bitcoin is that's why it will be impossible for our government to place a tax on it. Also, a lot of people get away with not paying taxes in our country so this one seems to be far fetched from where I live.
January 09, 2018, 10:34:54 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?
Tax collection? ...
We thought this might happen, but a European Central Bank (ECB) governing council member can not do it alone. It just means that ECB have to collaborate with other countries, so tax collection can be realized. Because if the ECB do it alone, then this will affect the exchange sites that are in their country. Certainly, European Exchange sites will be abandoned by their customers (both, buyers or sellers), as their customers carry out their transactions on overseas sites.
January 09, 2018, 07:00:00 PM
Of course BTC transactions could be taxed. In plenty of countries, properties, cars or gold transactions are taxed so it could happen to BTC too. The good thing is that there are many countries on this planet. If there's too much tax somewhere, you can always move elsewhere.
January 09, 2018, 03:04:42 PM
Will Bitcoin transactions be taxed in all countries in the future?
I guess so if regulations has come up to this idea and transactions are also covered whether it will be inside or outside the country's jurisdiction, it's up to the government.And as there are countries that already banned bitcoin and if you are found to have some transactions with it or deal with someone, you'll definitely go to jail.
When other countries started to prohibit the use of bitcoin, some did followed but mostly didn't.
But when it comes to taxation, this is one of the kind and an exception and for sure others will follow when they have seen it's a good source of income.
January 09, 2018, 02:56:44 PM
I doubt taxation of bitcoin and crypto currencies in general will be over the world. I think countries with weak economy will give to crypto currencies a green line and announce their territory as tax free place for crypto to take attention and to attract users, investors and other people to make them spend money inside of the exactly country. BTW Belarus recently announced that they plan to become such tax free zone and ICO welcome place. In the world there are more than 200 different countries and I guess it is going to be few countries like that kind.
January 09, 2018, 10:37:05 AM
Will Bitcoin transactions be taxed in all countries in the future?
I guess so if regulations has come up to this idea and transactions are also covered whether it will be inside or outside the country's jurisdiction, it's up to the government.And as there are countries that already banned bitcoin and if you are found to have some transactions with it or deal with someone, you'll definitely go to jail.
When other countries started to prohibit the use of bitcoin, some did followed but mostly didn't.
But when it comes to taxation, this is one of the kind and an exception and for sure others will follow when they have seen it's a good source of income.
January 09, 2018, 04:42:28 AM
Taxation cryptocurrency tax will not change the situation on the currency market. If taxes are high then the users will not to pay them. If taxes are low the state earns a lot of money. I think that for the state, higher priority is the preservation of the banking system.Therefore, it is more likely that the state will create the conditions for the destruction of cryptocurrency.
January 08, 2018, 08:33:17 PM
It looks like the tax applied is more precise for the incomes, not for the transactions I guess.
And I think nope, it's not would be applied for the all countries. Of course certainly there's the country that hasn't regulating Bitcoin or other crypto currencies, which's the government is not interested at all or still thinks that Bitcoin or crypto currencies will be harmful to the country.
And in the future for the countries that hasn't regulating Bitcoin or crypto currencies, it can be said to be a country that's left behind from the other countries I guess.
And I think nope, it's not would be applied for the all countries. Of course certainly there's the country that hasn't regulating Bitcoin or other crypto currencies, which's the government is not interested at all or still thinks that Bitcoin or crypto currencies will be harmful to the country.
And in the future for the countries that hasn't regulating Bitcoin or crypto currencies, it can be said to be a country that's left behind from the other countries I guess.
January 08, 2018, 05:32:15 PM
Eventually this is what will happen if we all want to use our bitcoin without the fear of getting arrested or prosecuted because as times goes on, the intensity of regulations will be high and the with government forces at her disposal, it might make it difficult to stay without violating the regulation which comes with a stiff penalty but the way out of this is for government to be able to ensure that taxes are being paid and with that, the individual paying the tax is known which covers the KYCs and more money in the pocket of government and its functionaries which is a better scenario that the other option.
January 08, 2018, 04:50:57 PM
Will Bitcoin transactions be taxed in all countries in the future?
I guess so if regulations has come up to this idea and transactions are also covered whether it will be inside or outside the country's jurisdiction, it's up to the government.And as there are countries that already banned bitcoin and if you are found to have some transactions with it or deal with someone, you'll definitely go to jail.
January 08, 2018, 10:37:33 AM
Will Bitcoin transactions be taxed in all countries in the future?
I guess so if regulations has come up to this idea and transactions are also covered whether it will be inside or outside the country's jurisdiction, it's up to the government.And as there are countries that already banned bitcoin and if you are found to have some transactions with it or deal with someone, you'll definitely go to jail.
January 08, 2018, 09:28:21 AM
I think the future will be taxed on crytocurrency transactions, not Bitcoin. Bitcoin is currently the highest value cryptocurrency so people only mention Bitcoin. Because taxing on such cryptocurrency transactions proves that it has been fully recognized.
January 08, 2018, 08:19:00 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?
It highly depends on the country that you are staying together with its implemented laws about taxes. From what I know in the Philippines, mining bitcoin is categorized under our current laws as 'other income' thus making it taxable by the government. But if you earn bitcoin primarily from investments, trading, gambling, or even payments at campaign signatures, I do not think that the government has control over it. Due to bitcoin's decentralized nature, it may be very difficult for them to regulate these transactions especially with anonymity being a factor.
But who knows maybe in the future, they might produce a device that may track-down transactions per individual making those taxable.
January 07, 2018, 09:47:33 PM
If the government declared that bitcoin is officially our world currency and all of us are regularly use it as our mode of payment, thats the time that it can be maybe a subject for taxation. If the all the government and banks will declare that it is also a proof of income , then it is taxable.
January 07, 2018, 03:52:14 PM
Bitcoin should be regulated
January 07, 2018, 11:47:23 AM
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, 06:50:58 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, 04:03:01 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, 10:29:13 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, 10:12:05 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, 02:45:38 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, 09:07:04 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 .
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January 05, 2018, 06:39:15 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, 06:18:18 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, 06:13:27 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, 04:42:52 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, 04:22:53 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, 05:36:58 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, 09:18:38 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, 03:28:38 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, 02:20:14 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, 02:05:20 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?
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