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Author Topic: How to TAX Bitcoin. An easy way !  (Read 3973 times)
Rahar02
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June 17, 2017, 08:22:07 PM
 #21

In my country, I have to fill a form every year for the tax department, including my year end bank statement and the salary bill.
Together with some major bills for insurance and healthcare, that's all they get.

So I can hide cash under the bed, or have an overseas account, or have some Gold bars, etc. The goverment has to thrust me quite a bit.
They can check some transfers, but if you like to hide it, you can do it.

So the actual way of getting the real numbers is quite bad.

In Bitcoin
If the Tax department makes it a rule by law, that you have to report every BTC address you own, or every wallet you own ...

All problems solved, because then the Department has also the addresses of the petrol station and the deli you spend money.
In no time the system knows which tax counts here and can claim the respective amount from both sides.

Sure it is still possible to hide Bitcoins, but then it is illegal.


...or did I miss something?

Nice strategy to avoid taxes, but I think there are more ways to invest money into several commodities or stocks to make it doubled.
Gold bars is a good one than just store fiat money which always losses its value due to inflation.

In Bitcoin
If the tax department make a rule to get tax from bitcoin, they cannot get from people who don't want to report their addresses. Govs can't track it because it's anonymous feature of a wallet which we do not need to register the id.
The best way they could get taxes is from local exchanges that located in the country, such as coinbase in USA.

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June 17, 2017, 08:28:58 PM
 #22

In my country, I have to fill a form every year for the tax department, including my year end bank statement and the salary bill.
Together with some major bills for insurance and healthcare, that's all they get.

So I can hide cash under the bed, or have an overseas account, or have some Gold bars, etc. The goverment has to thrust me quite a bit.
They can check some transfers, but if you like to hide it, you can do it.

So the actual way of getting the real numbers is quite bad.

In Bitcoin
If the Tax department makes it a rule by law, that you have to report every BTC address you own, or every wallet you own ...

All problems solved, because then the Department has also the addresses of the petrol station and the deli you spend money.
In no time the system knows which tax counts here and can claim the respective amount from both sides.

Sure it is still possible to hide Bitcoins, but then it is illegal.


...or did I miss something?

There are two concerns about implementing it. Firstly, bitcoin has to be accepted by the governments as a currency, which most unlikely they will do. Secondly, the governments will tax on the currency of that country, and the volatile price of bitcoins literally going up and down almost every minute, it will be hard to fix a widely acceptable exchange rate to express its value in flat at the time of tax assessments.
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June 17, 2017, 08:33:04 PM
 #23

This is not that easy. Tracking people or groups using or making profit from bitcoin is not a simple task, there are multiple vectors. But surely possible.
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June 17, 2017, 08:39:06 PM
 #24

It's easier to just tax exchanges. If you cash out, you get taxed - if you hold, nothing happens.
It's nightly impossible to keep a record of every single bitcoin wallet, moreover with single-use wallets and paper wallets.
If you get paid on bitcoins, the tax should be collected on the payout.
The government won't be checking your bank account to get your taxes, it will just tax your transactions and products. It kinda doesn't matter what currency you are using.
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June 17, 2017, 09:12:07 PM
 #25

LOl. I will never ever give the government my address and the number of my bitcoin. It will totally this destroy the anonymous and make me become a joke on the internet. No one will give the government those information


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June 17, 2017, 09:53:43 PM
 #26

In my country, I have to fill a form every year for the tax department, including my year end bank statement and the salary bill.
Together with some major bills for insurance and healthcare, that's all they get.

So I can hide cash under the bed, or have an overseas account, or have some Gold bars, etc. The goverment has to thrust me quite a bit.
They can check some transfers, but if you like to hide it, you can do it.

So the actual way of getting the real numbers is quite bad.

In Bitcoin
If the Tax department makes it a rule by law, that you have to report every BTC address you own, or every wallet you own ...

All problems solved, because then the Department has also the addresses of the petrol station and the deli you spend money.
In no time the system knows which tax counts here and can claim the respective amount from both sides.

Sure it is still possible to hide Bitcoins, but then it is illegal.


...or did I miss something?
Bitcoin could only have a chance to tax it if BTC will become centralize, were every they can create laws for it. But as long as bitcoin is decentralized it will never be happen that bitcoin could have tax or it will be hard for the government to tax it.

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June 17, 2017, 11:18:08 PM
 #27

I think people tend to forget taxes only make sense if the state manages tax revenues efficiently and effectively.

When a government spends $6.5 trillion taxpayer bucks on a war in the middle east which increases the number of terrorists in the world and helps ISIS grow from a small organization to a worldwide power.

That type of inefficient and ineffective state spending represents a destruction of wealth and prosperity for the people of a nation.


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June 17, 2017, 11:23:26 PM
 #28

In my mind there is a way with which someone can put tax on bitcoin and that is if the state start their own wallet and allow everyone to use that then they will take the tax from that users. But I do not think that it will be favorable.


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June 17, 2017, 11:33:06 PM
 #29

Bitcoin is not taxable and it should stay like that. If they try to make bitcoin taxable, blockchain community will find a way to elliminate the method they (tax takers) track people to tax them.
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June 17, 2017, 11:33:44 PM
 #30

In my country, I have to fill a form every year for the tax department, including my year end bank statement and the salary bill.
Together with some major bills for insurance and healthcare, that's all they get.

So I can hide cash under the bed, or have an overseas account, or have some Gold bars, etc. The goverment has to thrust me quite a bit.
They can check some transfers, but if you like to hide it, you can do it.

So the actual way of getting the real numbers is quite bad.

In Bitcoin
If the Tax department makes it a rule by law, that you have to report every BTC address you own, or every wallet you own ...

All problems solved, because then the Department has also the addresses of the petrol station and the deli you spend money.
In no time the system knows which tax counts here and can claim the respective amount from both sides.

Sure it is still possible to hide Bitcoins, but then it is illegal.


...or did I miss something?

It is still possible. Do you really expect people to submit their bitcoin addresses so that the government can track them down? Let's just say that they don't do the "right thing" and they don't submit anything to the government. What will ahppen to them? Nothing, most likely. Because no way is the government going to check on every single household just to get a few mBTC worth of tax.

Also, your model is flawed because people constantly use multiple bitcoin addresses. In fact a lot of wallets do this automatically which means that submitting your bitcoin address does not do anything at all. Your receiving address will change over time, automatically.

There are forms out there for taxing bitcoin that you supposedly must fill out, but nobody does and the government doesn't seem to care at all because crypto is a small market compared to stocks and stuff, and it's not worth the time and money to track everyone down.

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June 17, 2017, 11:43:47 PM
 #31

What kind of massive supercomputer would be needed to constantly watch everyone's menial spending? Just charge sales tax. It's 100% easier. If people are ripping off the govt then they'll just increase the sales tax.
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June 18, 2017, 02:57:23 AM
 #32

While in my country the government takes all the taxes and something extra on top by including bull shit excuses in our power bill utility, gas, water and whatever we buy pretty much has tax included by 9% of the value of the purchase we pay tax on whatever we buy and sell.
When it comes to Bitcoin there is the possibility to use a mixer in order to hide your Bitcoins and there is no other way to avoid taxation in Bitcoin.

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June 18, 2017, 12:54:34 PM
 #33

Good luck implementing this. Even if this legislation pass, what is stopping people from making additional addresses and just register one with the government? The only way they can really make it hard for people to enjoy their mone is if they heavily regulate exchanges, making it harder for people to just cash out, since transactions would be tracked.

Still, I'm sure people would find ways to get around this. My country accepts bitcoins as legal payment and our exchanges are required to get their customers' personal information but that's just it. They are not taxed here, probably because of how volatile it is. Many here still consider going into bitcoins as taking a risk.
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June 18, 2017, 02:37:19 PM
 #34

As my country currently doesn't recognize bitcoin as a currency i don't pay any tax on it  Smiley
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June 18, 2017, 04:31:26 PM
 #35

Under this scenario, I might choose not to use my Bitcoin for local transactions and will only use it online where I know that the government could not track it down. In my view, the government should not stop anybody from having a Bitcoin and should not tax anybody just for having one but when there can be transactions especially on a registered merchants then probably we have no choice but to pay some form of tax....but the government has to first recognize Bitcoin as cash or at least as an asset and lay down some framework for all residents to follow.

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June 18, 2017, 04:37:14 PM
 #36

Bitcoin already have a taxation : it's the VAT.
simple.

in my country, it's 20% of the price.  Roll Eyes
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June 18, 2017, 08:40:47 PM
 #37

In my country, I have to fill a form every year for the tax department, including my year end bank statement and the salary bill.
Together with some major bills for insurance and healthcare, that's all they get.

So I can hide cash under the bed, or have an overseas account, or have some Gold bars, etc. The goverment has to thrust me quite a bit.
They can check some transfers, but if you like to hide it, you can do it.

So the actual way of getting the real numbers is quite bad.

In Bitcoin
If the Tax department makes it a rule by law, that you have to report every BTC address you own, or every wallet you own ...

All problems solved, because then the Department has also the addresses of the petrol station and the deli you spend money.
In no time the system knows which tax counts here and can claim the respective amount from both sides.

Sure it is still possible to hide Bitcoins, but then it is illegal.


...or did I miss something?

I really would want to know the country you are residing because what it means to me is that the government of your country AHS equally recognise bitcoin as a currency and that is why it can be allowed to be disclosed when filling the returns to the revenue agencies, over here its not like that so we still have something to hide under. At the same time it will be outrightly illegal not to disclose because that would amount to tax evasion which is criminal in nature that could earn one a prison sentence.

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June 19, 2017, 01:53:03 AM
 #38

As I know the taxes is take by government from the people's income/salary/profit. Just because you have 10 btc in your wallet, it doesn't mean you have to pay tax of its amount. I think it's too complex to tax bitcoin. The simplest​ way they can do is to receive reports from the exchanges about our transactions.

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Gastotade
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June 19, 2017, 03:18:09 AM
 #39

As I know the taxes is take by government from the people's income/salary/profit. Just because you have 10 btc in your wallet, it doesn't mean you have to pay tax of its amount. I think it's too complex to tax bitcoin. The simplest​ way they can do is to receive reports from the exchanges about our transactions.

Tax requires some proofs so do as receipt ,so it may only taxes the transactions we made ,like what you sad on exchanges,companies,sites or some store of ever had. It will be hard to hovernment to put tax on btc since its decentralized and hard to control.

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June 19, 2017, 03:45:13 AM
 #40

I don't want to give the details of my Bitcoin wallets or Bitcoin holdings to the government. Doing so increases the risk of the information ending up in the wrong hands, and the chances are high that your coins may be stolen by some hacker. IMO, Bitcoins must be taxed only if they are being converted to fiat.

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