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Alexander87
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November 01, 2017, 02:22:04 PM
 #1

How do you think it is possible and necessary to introduce a tax on mining?
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November 01, 2017, 02:44:28 PM
 #2

Utterly pointless thread... Many similar threads on this already exist dealing with taxes such as https://bitcointalk.org/index.php?topic=2312999.0 The taxes already exist - its called income tax  Roll Eyes

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November 01, 2017, 03:30:27 PM
 #3

Well tax in actual mining is not happening here in our country,but for me its better to put taxes on all that generates profit .coz the government must have part on all means of income related issues.no wrong about that as long as the tax is reasonable and carry of the miner it self

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November 01, 2017, 03:51:35 PM
 #4

You are already paying elecricity cost and the hardwares price with all its fees. Isn't enough as a Taxation process!! ??
Mining is like using kitchen machines so why should pay taxes for it !!
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November 01, 2017, 03:58:35 PM
 #5

^^ So I take it you want Free Money? No cost to buy machines, no cost to run and no taxes to be paid for what you earn? Riiiight.... Must be a very pretty sky in the world you live in Wink

We are paying taxes on income - not the act of mining. re your example of 'kitchen machines' is terrible one. A mixer, microwave, oven, etc do not earn income when cooking for family and friends at home. Put them to work in a home-based business or a bakery where you get income from the equipment and guess what? You pay taxes on the money they generate...

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How a miner mfgr SHOULD operate: HaggsFIN trip to Canaan My info useful? Donations welcome! 1Fuzzyk398kDWVjuC5qPX5v6CjSkvbgAbd
-Support Sidehacks miner development. Donations to:   1BURGERAXHH6Yi6LRybRJK7ybEm5m5HwTr
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November 01, 2017, 03:58:43 PM
 #6

this is income taxes and depend on each Gov.
Some countries Gov can't control online income so people pay nothing taxes here.
But in other countries you have to declair about it to avoid fined


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November 02, 2017, 06:59:37 AM
 #7

Basic understanding is that tax should be on the income generated from the activity and not on the activity itself. If it come into existence how taxing authority is going to calculate tax on mining activity is a big question. A minor already pays for everything, for electricity, internet connection, mining machinery etc. Addition to that he is paying taxes on the premises used for mining. Income generated from such mining activity is also taxable in all countries. So this is completely impractical concept.














 

 

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sunny1356
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November 02, 2017, 09:37:46 AM
 #8

How do you think it is possible and necessary to introduce a tax on mining?

Another possibility is that the government will consider mined Bitcoins ‘intangible personal property’. As a rule, however, financial instruments are excluded from this particular category. The question is, are bitcoins a financial instrument, or rather, will the taxing authority consider them a financial instrument? We will have to wait and see if bitcoins become popular enough for a position to be taken on that.
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November 02, 2017, 10:18:39 AM
 #9

Hmm, mining tax? Thanks but no thanks. We're already burden with all kind of taxes in daily life, from the income tax to government service tax etc...

If there's still a tax for mining cryptocurrency - I'm OUT of this industry for good  Grin
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November 02, 2017, 11:06:33 AM
 #10

If you pay tax you need to get something back from it.
But I think that crypto world is not ready for tax system yet. All that is only start first you make a tax for income then you make rules how to mine and how many gadgets you can have.
I agree with the answers that were written before you already pay tax for electricity, buying mining hardware, using the internet.
I don't know how about others but for me, tax for income is crucial because it's already too high 21% in my country.
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November 05, 2017, 09:00:11 AM
 #11

There is no need to introduce tax on mining because it is already existing. In my country, since there is no specific tax for Bitcoin, the mining earning is taxed by personal income. This is filed and paid every year. Since Bitcoin is an anonymous transaction, it is hard for the government to trace the your earnings. So it is easy to evade this tax. This means that it is your choice to file and pay for it. Just proceed to the office in charge of collection and file for it by giving your TIN address and pay it in a registered bank or bayad center.

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November 05, 2017, 03:23:41 PM
 #12

Well, mate if you do understand mining the core concept itself to it is really tax because for every transaction that they have for mining tax is really possible and no doubt that is the main reason why mining is a profitable business especially for those who has fast hashrates on mining. Actually, if it based on logic sense mining isn't really a tax to consider for since the blockchain community isn't that improving, well, on the fork only but I don't think that's a good one to consider helpful since I think nothing changed in my own thought.



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November 06, 2017, 10:51:14 AM
 #13

What sense to introduce a separate tax on mining? Lol. The miners sell their coins for Fiat and in this case they should pay standard income tax. If they don't sell the coins then they have to pay tax?I do not understand why people are interested in how to pay taxes. I understand if you were interested in the question how not to pay taxes. Maybe I do not understand something in this world.

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November 06, 2017, 01:40:40 PM
 #14

Mining is any activity of extracting or undermining, mining tax can therefore be a means of discouraging investors in such area unless the government in such countries will proffer a reasonable condition why such tax be fixed.

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November 06, 2017, 04:13:28 PM
 #15

It is taxable right now through income tax. If it doesn't make sense let us look at a real example, Real mining companies that mine gold, nickel, and other minerals do pay income tax, yes what they get is not money but when they sell their supply the tax you will get is the equivalent of the income you will earn from those minerals. Similar to Mining Cryptocurrency if you are not taxed by what you are doing you will be unjustly enrich which is not right based on your constitution, also if it isn't taxable then all people will be Mining Cryptos by now.

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CryptoBry
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November 07, 2017, 04:30:30 AM
 #16

How do you think it is possible and necessary to introduce a tax on mining?


The government through its revenue raising agency can easily implement the tax system for people or organization making money on cryptocurrency mining. I think the government would be treating it more like an income tax unless there is a separate regulatory framework which specifically defined the parameters for cryptocurrency mining. Government as we know is always looking for different ways to get a cut of the people's income and this is just natural since the government is spending heavily on the many programs running the governmental system and making project for the people (of course, not to mention the percentage that can went to corruption).

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November 10, 2017, 05:16:46 PM
 #17

It's as ridiculous as getting a tax on people trading. Mininers pay electricity fees regularly. The tax application must be over electricity.



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November 10, 2017, 07:10:40 PM
 #18

electric taxes is enough may be government use this as weapon against bitcoin
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November 11, 2017, 02:24:55 PM
 #19

It is taxable right now through income tax. If it doesn't make sense let us look at a real example, Real mining companies that mine gold, nickel, and other minerals do pay income tax, yes what they get is not money but when they sell their supply the tax you will get is the equivalent of the income you will earn from those minerals. Similar to Mining Cryptocurrency if you are not taxed by what you are doing you will be unjustly enrich which is not right based on your constitution, also if it isn't taxable then all people will be Mining Cryptos by now.
Companies that extract minerals pay not only income tax. They pay the licence for the right to engage in this activity. Perhaps OP meant this formula. I don't understand why people are interested in this issue. I don't pay taxes and are not going to do it. To demand payment of taxes you need to learn how to use them honestly.

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December 08, 2017, 02:47:18 PM
 #20

Depends where you live. Ask an accountant in your country. But most likely. It is earned income.
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