|
Title: Request : Software developers to create software to manage taxes for Bitcoin Post by: Kakmakr on December 28, 2017, 06:50:30 AM Ok, I know the tax on Bitcoin differ from country to country, but that can be built into this software to include the different ways that Bitcoin is taxed.
The program should make provision to include raw trading data and then calculate the Capital Gain taxes, based on the parameters you configured. It asked you a bunch of questions, for example : ~ Is Bitcoin defined as a currency in your country. <Then VAT come into play> ~ Is Bitcoin defined as a commodity in your country. <Then Capital Gain come into play> ~ What percentage of Capital Gain taxes, do you pay in your country. ~ What percentage of tax relief do you get? <Let's say the first $20 000 is not taxed.> After you completed these questions, you should just add the raw data and the program or the website will do the rest. Title: Re: Request : Software developers to create software to manage taxes for Bitcoin Post by: Zaizoun on December 28, 2017, 03:11:01 PM Ok, I know the tax on Bitcoin differ from country to country, but that can be built into this software to include the different ways that Bitcoin is taxed. What's your budget for this program ?.The program should make provision to include raw trading data and then calculate the Capital Gain taxes, based on the parameters you configured. It asked you a bunch of questions, for example : ~ Is Bitcoin defined as a currency in your country. <Then VAT come into play> ~ Is Bitcoin defined as a commodity in your country. <Then Capital Gain come into play> ~ What percentage of Capital Gain taxes, do you pay in your country. ~ What percentage of tax relief do you get? <Let's say the first $20 000 is not taxed.> After you completed these questions, you should just add the raw data and the program or the website will do the rest. Title: Re: Request : Software developers to create software to manage taxes for Bitcoin Post by: Kakmakr on December 29, 2017, 05:12:11 AM Ok, I know the tax on Bitcoin differ from country to country, but that can be built into this software to include the different ways that Bitcoin is taxed. What's your budget for this program ?.The program should make provision to include raw trading data and then calculate the Capital Gain taxes, based on the parameters you configured. It asked you a bunch of questions, for example : ~ Is Bitcoin defined as a currency in your country. <Then VAT come into play> ~ Is Bitcoin defined as a commodity in your country. <Then Capital Gain come into play> ~ What percentage of Capital Gain taxes, do you pay in your country. ~ What percentage of tax relief do you get? <Let's say the first $20 000 is not taxed.> After you completed these questions, you should just add the raw data and the program or the website will do the rest. I have no budget. I posted this to give people an idea for a program that is needed by the Bitcoin community. You can develop this or host a website with these features and get people to pay per use or generate income from Ads on the site. If you are very generous, then you could do this as Freeware and get people to pay for the Upgrades or Premium packages. Title: Re: Request : Software developers to create software to manage taxes for Bitcoin Post by: wisdomabioye on December 29, 2017, 06:58:04 AM A really nice idea. I'm currently looking into some API that might help in achieving this. thanks.
Title: Re: Request : Software developers to create software to manage taxes for Bitcoin Post by: audaciousbeing on December 29, 2017, 08:44:25 AM Ok, I know the tax on Bitcoin differ from country to country, but that can be built into this software to include the different ways that Bitcoin is taxed. The program should make provision to include raw trading data and then calculate the Capital Gain taxes, based on the parameters you configured. It asked you a bunch of questions, for example : ~ Is Bitcoin defined as a currency in your country. <Then VAT come into play> Would like to provide more clarification on this because VAT is Value Added Tax which is on goods production which moves from one level to another as a result of value being added to it before it gets to the final consumer ( over here, its not applicable on services). Again, if bitcoin is regarded as currency in a host country, tax does not apply because it means you are selling your currency for what exactly? I don't see someone selling $100 bill for $95 so VAT or any form of tax does not apply. Ok, I know the tax on Bitcoin differ from country to country, but that can be built into this software to include the different ways that Bitcoin is taxed. The program should make provision to include raw trading data and then calculate the Capital Gain taxes, based on the parameters you configured. It asked you a bunch of questions, for example : ~ Is Bitcoin defined as a currency in your country. <Then VAT come into play> ~ Is Bitcoin defined as a commodity in your country. <Then Capital Gain come into play> ~ What percentage of Capital Gain taxes, do you pay in your country. Treated as a commodity means you will be paying income tax and not capital gains tax because capital gains tax will only be applicable on assets. In all I have just explain how its applicable in my jurisdiction which is not universal but a developer with collaboration from someone with expertise in tax or law can put something up but everything will be within the confines of the law. |