Da fuck! What country are you in?!?? Never saw capital gains taxed so fucking high. That percentage is ridiculous even for regular salary income FFS!
50% income tax, give or take depending. 25% sales tax. Hidden taxes on everytyhing, not sure how much but not less than 50%. In total, 80-90% taxation.
Which is why there is no fucking way I will get off with ONLY 20% when they get around to bitcoin. States always want More.
Denmark, by the way.
Jesus, I have just checked and it is true Denmark has outrageous taxes! Not as much as you say, regarding CAPITAL GAINS (which is what you should be taxed for your Bitcoin profits), but still ridiculously high. Sorry is all I can say about that situation.
Denmark has one of the highest tax rates in the world, which is often mentioned as one of the biggest objections against the Danish welfare model. The average annual income in Denmark is about 39,000 euros (nearly $43,000) and as such, the average Dane pays a total amount of 45 percent in income taxes.
Personal Income Tax Rate in Denmark averaged 60.45 percent from 1995 until 2018, reaching an all time high of 65.90 percent in 1997 and a record low of 55.40 percent in 2010.
Denmark. Share dividends and realized capital gains on shares are charged 27% to individuals of gains up to DKK 48,300 (2013-level, adjusted annually), and at 42% of gains above that. Carryforward of realized losses on shares is allowed.
Bitcoins are not a real currency
The National Tax Board has established that, in a taxation context, bitcoins cannot be equated with 'real' currencies such as the euro, dollars and kroner. Therefore, bitcoins are not covered by the rules in the Danish Capital Gains Tax Act.
Tax on profits, deduction of losses
If you are among those who jumped on the bandwagon and invested in one or more bitcoins, you must report any profits as personal income. Similarly, you can deduct a loss as a deduction. In round numbers, the tax on profits is approx. 53%, while the losses are deducted by about 28%, as the deduction that can be achieved is only a tax allowance.
If you invested in bitcoins as a company, profits and losses are taxed as regular corporate income.
If you have profits or losses from the cryptocurrency, we recommend that you report the amount under comments in your tax return, until a legal practice has been announced by the Danish Customs and Tax Administration (SKAT).
If you are unsure, it is important to find out what to do with your profit or loss. Among other things, you can find out by requesting a binding answer from SKAT, which costs DKK 400. Here, you can have your legal position clarified.
Absolutely ridiculous. Now I understand why you seem to be so pissed most of the time
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