Ending Corporate Tax Evasion – Impact On Bitcoin Companies?

[edward222]

Credit to: Tax Evasion News : Ending Corporate Tax Evasion – Impact On Bitcoin Companies?

Bitcoin companies have been facing a lot of scrutiny in recent years in terms of taxation and potential tax evasion. Despite dealing in a digital currency that is far more transparent than any fiat currency ever will be, These decisions – to be approved at the G20 meeting in Lima later today – may very well influence Bitcoin companies once again.

While it is understandable that government and tax authorities want to prevent tax evasion by Bitcoin companies, these startups are facing an uphill legal battle already. Regulation and legislation requires companies to get specific licenses – depending on which countries or regions they operate in. If they are even scrutinized even further in terms of tax evasion, there will be no money or time left to further develop Bitcoin and blockchain technology. However, none of these companies should even attempt to commit tax evasion either.

Your thoughts guys?

[BADecker]

People are not supposed to be income taxed. Only the corporations are supposed to be, and the States for Federal income tax purposes. The people would be indirectly taxed through the corporations passing on the tax in the costs of products and services that the people purchased.

Too bad the people don't know how to volunteer out. If a lot of them did, and used the method, the IRS would come crashing down.

[techboy2]

Using bitcoins and evading tax need not be related one way or the other.

[isvicre]

People will end up trying for evading tax eventually. And I also believe it is not even related at all.
But it may not be good publicity.

[Harry Hood]

Using bitcoins and evading tax need not be related one way or the other.

Agreed.

To corporate tax evasion may eliminate incorrect stereotypes that bitcoin is used to avoid paying taxes on income.

[panju1]

Using bitcoins and evading tax need not be related one way or the other.

Bitcoin can be a great tool to detect tax evasion.
The blockchain provides a ready record.

[vero]

aims to end tax shelters and require companies to pay taxes in the countries where they earn profits, it will doesnt impan on bitcoin companies