Bitcoin and not Paying Taxes

[FLoving]

as in my country at this time bitcoin no taxes, although in my country is very popular but no taxes..but likely some time bitcoin will be in wearing taxes. but with it for them no problem even taxable for them, it is better because the government has approved bitcoin.

On of the most important reasons which is helping bitcoin and other crypto currencies to gain the interest of the people is the relaxation of not paying anything to anyone in the form of tax. Bitcoin is so far not declared as a legal currency and till the time it will remain decentralized, there is nothing to be worried about like paying of anything to the government. This is helping people to make more money as well.

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[Swenna]

Bitcoin does not have to pay any costs for transferring from one person to another. So there is no tax to pay for Bitcoin. However, if you want to convert Bitcoin to local currency, you must pay a tax.

That is correct. Since bitcoin transactions are anonymous, no once can really tract the whole transaction process, therefore they cannot apply a tax on cryptoexchanges. But if one decided to cash out into fiat money, that is when people are required to pay the tax as long as it is under a government jurisdiction. They have to have a part of it as it is stated in the law and not doing so means you are disobeying the authorities and the law which will only result to something bad. However, it my country, people can get away with not paying tax for a long period of time, plus, there's no tax in cashing bitcoin at all. And I certainly do hope it will not be implemented in the future or else, I'll be packing my bags.

[Eternu]

Not paying tax always end badly, it is just matter of time before you get caught. Depend on country's laws you can go free with not paying tax for some time, if you know how. But that goes only until you start earning serious money, that you can not hide. Even if you earn it with bitcoin it is steal earning and you would need to pay tax, unless it is different in your country. Either way, you still would need to transfer that coins into fiat currency, because not every place accept bitcoin as way of payment, and that is one more thing that would be end of your not paying taxes.

[H0USE]

I ran across this video a while ago on what can happen to you if you don't pay your taxes.  At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.


https://www.youtube.com/watch?v=hf2fNEUPjQw

Tax is something which people usually avoids because they dont want to share their profits with government which is a wrong thing and ends up in a worst way for the tax avoiders so we need to change our mentality and pay taxes and enjoy the after benefits.Some countries are taking serious steps only due to this reasons which in turning all down.So pay taxes and enjoy your life.

[supermine]

I ran across this video a while ago on what can happen to you if you don't pay your taxes.  At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.


https://www.youtube.com/watch?v=hf2fNEUPjQw

Tax is something which people usually avoids because they dont want to share their profits with government which is a wrong thing and ends up in a worst way for the tax avoiders so we need to change our mentality and pay taxes and enjoy the after benefits.Some countries are taking serious steps only due to this reasons which in turning all down.So pay taxes and enjoy your life.

We don't have to pay taxes for using crypto currencies and crypto to crypto transactions.Only we have to pay taxes while buying and selling the cryptos and in some countries they don't have any specific taxes for crypto currencies they keep this under the income taxes so we need to pay taxes to government if the income of us exceeds the government limits.
But it is necessary to pay taxes if the is rules to pay in their respective governments but as long as keep our crypto as it is then no one can ask for taxes.I think in future there is no need to convert cryptos to fiat so the revenue of governments will decrease that's why many governments want to ban crypto currencies.

[fulmetal08larz]

Taxes are being paid by the exchanges and they are paying it thru taking off some percentage from the trading fees within their exchange, though very minimal and almost cannot be felt, due to the number of trades happening a day, the tax coming from it is profitable for the government. It's just how it goes for money, consumers spend on items/services and the government need these taxes to improve one's nation - hopefully.

[Ilegendph]

I ran across this video a while ago on what can happen to you if you don't pay your taxes.  At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.


https://www.youtube.com/watch?v=hf2fNEUPjQw

Tax is something which people usually avoids because they dont want to share their profits with government which is a wrong thing and ends up in a worst way for the tax avoiders so we need to change our mentality and pay taxes and enjoy the after benefits.Some countries are taking serious steps only due to this reasons which in turning all down.So pay taxes and enjoy your life.

I think this is the reason why government impose regulations to cryptocurrency, to avoid tax evasions. Government needs funds so that all of its operations will be work in smooth manner though not all government system is the same, I think they still develop their respective countries by using tax collected from taxpayers.

[Alalex]

Cripto money moves directly without any impediment to the state tax manager. But still this will be required transaction costs of buying and selling digital money. Production of digital coin money on taxes if any we can get a lot of cripto money taxes, I hope tax free. Assessing changes in progress here can be delivered without taxes we will feel a better and comfortable life. The world has a very high poverty rate, unfortunately if we let people around the world still have a low economy. The government should build a country that has the freedom to tax-free, not necessarily we live have the funds to pay taxes while we are only unemployed.

[Nahl]

i think most of bitcoiners has not paying taxes during use bitcoin because bitcoin still not regulated by the government even in my view very difficult to catch people to paying taxes if they still use bitcoin and indeed this is the biggest fear government to cryptocurrencies that some people had buy a lot of bitcoin as their asset and hold it for tax evasion purppose

[signup01]

Bitcoin does not have to pay any costs for transferring from one person to another. So there is no tax to pay for Bitcoin. However, if you want to convert Bitcoin to local currency, you must pay a tax.

it's true that if only transactions bitcoin to other people it will not be in tax but if bitcoin want to exchange to the currency rupiah / dollar then it could be taxed by the government of the country

[namjar]

It is risky to do not pay taxes, in fact, i am not on the US and i am paying taxes for my gains.

And that is a great move if you do not want to have complications in a near future, and came on, the taxes are not high, only a ten percent or less.

[1Referee]

I think this is the reason why government impose regulations to cryptocurrency, to avoid tax evasions.

That, and to have some sort of control in the way that they know who owns what in crypto. If you know who owns what number of coins, and even till the extent of the addresses connected to these funds, the government can basically track everything you do without much effort. I think we have come to a time where exchanges behind the scenes might be handing over all our data to the government. It has made me a whole lot more suspicious, and for that reason I trade with far lower amounts than I used to in the past. I even started to look at some decentralized exchanges to see how they operate, and whether or not it offers me the convenience centralized exchanges offer me, but thus far there haven't been any decentralized exchange offering that, and probably never will find it.

[ssuchy]

i think most of bitcoiners has not paying taxes during use bitcoin because bitcoin still not regulated by the government even in my view very difficult to catch people to paying taxes if they still use bitcoin and indeed this is the biggest fear government to cryptocurrencies that some people had buy a lot of bitcoin as their asset and hold it for tax evasion purppose

The fact is that the crypto currency is not realized and the government does not control. I fully agree with you. But if you take the law on taxation of citizens of any state, illegal enrichment or any income should be taxed or levied in the treasury of the state. It depends on what income. Thus, it is still crypto currency and earnings from it, is illegal.

[Kevin77]

In some countries you can not pay tax on BTC even if you want,there are no rules and regulations regarding BTC.In some countries like Germany you do not need to pay tax if you sold BTC one year + after purchase,also Denmark is completely free from paying taxes regarding cryptocurrency.

There is always way to avoid paying tax when convert BTC to fiat,but if you want to sleep peacefully and your government is pretty strict on this issue then it is better to give them their share.

Actually in my region the government is strict enough and on finding huge amount of bitcoins. The income tax departments files a raid on the particular person so it is safe to first pay taxes and than sleep peacefully. I guess some tax will be applied by the government and we do hence indirectly pay taxes for the government for cashing out bitcoins. That might be hence not be risky and also their are a number of chartered accountants who can help you to properly audit your transactions and pay taxes legally.

Bitcoins have the potential to be legal and it than depends on us about how we use bitcoins. If we are willingly paying taxes for bitcoins the probably government will not have much issue in legalizing bitcoins.

[superjeyy]

If a country requires payment from bitcoin profits, then there is no way out. You have to pay tax or it will end badly.

Yup that's true! However, where I come from they haven't exactly established or formed something with regards to the handling and taxing of Bitcoin that is why when we convert our Bitcoin to fiat, we don't have to pay any tax yet. We do not have any laws pertaining to it as illegal and no regulations as well that says it is legal, so I guess we are also in a confused and just go with the flow situation. Due to this, we don't know where to declare our earnings from Bitcoin so we don't know how much of the tax we owe.

[Shady]

Don't ever think the government won't catch up, despite them needing USD / Local payment. Eventually taxation could be linked into service features or by direct mailing. Stop thinking taxes hurt people and wonder about benefits gained on staying loyal.

Even though you can evade now, try and use some services to establish ways to better your citizen reward if sticking to the system with want.

[loragean03]

not all countries are getting part of this tax evasion to catch you up. like in US they are very strict about that tax evasion and money laundering so you will possibly imprisoned if you don't pay any tax related in. but on the other country there is no tax implement about in crypto so they are just sitting pretty and continue growing their wealth in crypto.

[Scavagers]

I ran across this video a while ago on what can happen to you if you don't pay your taxes.  At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.


https://www.youtube.com/watch?v=hf2fNEUPjQw

Bitcoin was introduced to me as a source of  income without paying tax. My friends told my college professor about it being not taxable and my professor reacts like it can not be. He said it is a fraud and illegal,they told him that money can be claimed in banks so it is not illegal, it has an authority from the government but I personally think it needs to be taxed. I guess there is a tax involved when converting it to fiat, correct me if i am wrong.

[acuwibi]

because by paying taxes, could build the country we dwell in, in order for the more advanced countries, and be able to compete with other countries, ...

[Semosuchi Tesongrato]

Well, until bitcoin are only online, a taxation is a nonsense (bitcoin are just some points of a strange videogame)
When you convert them in fiat money, they become a value and government can do something.
But if you act smart, there is a lot you can do to not be caught...