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Finestream
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January 08, 2018, 12:27:32 PM |
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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.
Yes that could be true.But in my country i do not see the government giving their full attention to cryptocurrencies so paying taxes is not an issue to us.But if one day there will be a law that states its compulsory to pay taxes on all bitcoin users,then of course i will be responsible enough to pay my obligation.If that tax will be for the good sake of everyone,then i see no reason for all bitcoin users to evade from it. |
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"I'm sure that in 20 years there will either be very large transaction volume or no volume." -- Satoshi
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Tegin92
Jr. Member
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Activity: 51
Merit: 10
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January 08, 2018, 04:06:56 PM |
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Actually, the tax applicable for users of land operating business is not specified for users to pay taxes in bitcoin there is only selling and buying for business actors and in bitcoin there is no unity of bitcoin holders, another thing with the bank in general it can be seen there is one holder companies that require those who want to use it.
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worle1bm
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January 08, 2018, 05:01:21 PM |
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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=hf2fNEUPjQwThe government cannot trace transactions made with this decentralized currency but when converted to fiat then you are in their hand and paying taxes is only way to get on the safer side but if you are planning to erode this and avoid taxes then you are on wrong side because the governments are keeping supervision and you cant win in this game. |
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Janation
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January 08, 2018, 05:09:39 PM |
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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=hf2fNEUPjQwI think that will be depending on the country you are in. I've been converting or selling of my bitcoin but the fiat that I am getting is still the same. I am not also taxed by the government, if there will be some additional deduction, I think that will be the fee of the exchange since they will just be adding the tax of that certain exchange and the tendency of that is to increase the fee of the converting of btc to fiat. |
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allthingsluxury
Legendary
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Activity: 1540
Merit: 1029
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January 08, 2018, 05:39:53 PM |
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You should be paying your taxes. If you make a massive profit, you are eventually going to be busted. Its on you at the end of the day.
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Gold & Silver Financial News: Silver Liberation Army, Gold & Silver News, Geopolitical & Financial News, Jim Rickards Blog, Marc Faber Blog, Jim Rogers Blog, Peter Schiff Blog, David Morgan Blog, James Turk Blog, Eric Sprott Blog, Gerald Celente Blog |
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jmlona
Member
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Activity: 279
Merit: 16
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January 08, 2018, 05:59:14 PM |
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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=hf2fNEUPjQwIt's a concern that I've had myself while I've been having good success in trading I've yet to withdraw earnings, it's difficult to think that 40% of what you earn is going to be taken away once you convert it to fiat and cash it out but I guess it's just the world we live in. It's much easier to take when you have a normal job and the tax is deducted from your paycheck before you are able to do anything about it. |
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youdacapt
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January 08, 2018, 06:26:19 PM |
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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=hf2fNEUPjQwIt's a concern that I've had myself while I've been having good success in trading I've yet to withdraw earnings, it's difficult to think that 40% of what you earn is going to be taken away once you convert it to fiat and cash it out but I guess it's just the world we live in. It's much easier to take when you have a normal job and the tax is deducted from your paycheck before you are able to do anything about it. I don't have a problem with it, if the government already has the accuracy of the tax regulations then it is just implemented, it will be proof they acknowledge our efforts so far in the cryptoworld, there will be no ban if we do not do wrong, my country even appreciate bitcoin though can not legalize it yet. |
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pixie85
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January 10, 2018, 02:51:08 AM |
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You should be paying your taxes. If you make a massive profit, you are eventually going to be busted. Its on you at the end of the day.
That's the problem with taxes. The less profit you have the harder it is to pay. When you're rich it's one million here or one million there, not worth the risk. When you're poor and got a loan to pay paying the taxes or not can make a huge difference. We all have to make our choices at some point and live with them. The government cannot trace transactions made with this decentralized currency but when converted to fiat then you are in their hand and paying taxes is only way to get on the safer side but if you are planning to erode this and avoid taxes then you are on wrong side because the governments are keeping supervision and you cant win in this game.
It's your personal stance. I wouldn't go as far as to telling people they are on the good or bad side of the barricade. Are you really sure that the government is good and people opposing it are on the wrong side? |
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lendahawkins
Member
Offline
Activity: 238
Merit: 10
“The Future of Security Tokens”
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January 10, 2018, 03:39:44 AM |
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A lot of people playing bitcoin but not paying taxes. Some of the country not legally bitcoin in their country that's why its hard to ask for taxes fee. But some country take the taxes fee direct from the web of wallet. Its easy way to collect the taxes than should collect from the user of bitcoin one by one. The web include the taxes fee in their change charge.but in my country most of people play btc not paying their tax since it's still illegal here.
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Dread Pirate Roberts
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January 10, 2018, 03:46:25 AM |
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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.
Agree . in asian not much money bitcoin its legal . only in china i guess . and now miner fee also more than expect so the fee its follow the price . if i can use real money for fee its will more help than like this. my option back to altcoin because this fee . |
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DPrillio
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January 10, 2018, 04:03:03 AM |
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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.
Agree . in asian not much money bitcoin its legal . only in china i guess . and now miner fee also more than expect so the fee its follow the price . if i can use real money for fee its will more help than like this. my option back to altcoin because this fee . Yes, even though bitcoin is no central control but still government can benefits of that because in the first place people will get more money from bitcoin then i think he will used its money to buy some goods and services in their society so i think he cannot escape the tax out of the goods that he buys. |
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mornabo
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January 10, 2018, 04:19:03 AM |
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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=hf2fNEUPjQwI think that will be depending on the country you are in. I've been converting or selling of my bitcoin but the fiat that I am getting is still the same. I am not also taxed by the government, if there will be some additional deduction, I think that will be the fee of the exchange since they will just be adding the tax of that certain exchange and the tendency of that is to increase the fee of the converting of btc to fiat. agree I think it will depend on the government and the rules on your own country, in my own country there is no regulation to give tax to uncertain income, even if you withdraw huge money from exchange to your local currency, you will not be taxed by government , so far my state government has only given taxes to company workers who have a definite income from the company |
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voztata
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January 11, 2018, 06:06:15 AM |
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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.
If someone is making use of Bitcoin, there is no need for them to be paying tax, cause I don’t think there is any government charging tax for it. And even if the government wants to be charging Bitcoin users tax, I don’t think it would be possible in any way. |
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Pleione527
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January 11, 2018, 06:38:28 AM |
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Paying taxes from bitcoin earnings for me is quite difficult to implement especially if the government does not support bitcoin market, We know for a fact that using bitcoin in any transactions will not show any history of information of the person who made it and since government cannot regulate it there's no way for them to assess the tax due of a person unless those earnings were sent to banks account which government can trace but for legality purpose any income should be tax properly.
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Ziskinberg
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January 11, 2018, 06:52:14 AM |
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Honestly I am not yet paying tax for my income in bitcoin because it is not regulated yet in our country.
I am happy with this situation because I can maximize my income but if we go deeper, it's not actually that we are not paying because when we buy goods and and avail services we have to pay taxes and in our country it's already integrated on the price that we have to pay.
Maybe it's just hard to tax bitcoin since you can easily launder your funds but I believe the government will find ways to make it possible sooner.
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johnalyn
Member
Offline
Activity: 314
Merit: 10
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January 11, 2018, 06:54:34 AM |
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I agree of paying taxes on it but for now governments didn't accept it and I think we should afraid rigth now of paying its taxes because it is not legal yet most of people like me also wants to pay a taxes for what earn too right.
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zoran.drobnjak
Member
Offline
Activity: 88
Merit: 18
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January 11, 2018, 07:01:22 AM |
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To All those having residence in countries that are taxing Bitcoin - there are many more other places and countries where you can acquire residence in no time and where it is perfectly legal not to pay taxes on BTC. You can even go back to place where you currently live as a formal resident of non-taxable jurisdiction.
Plenty of options are on the table to be perfectly in compliance with law and not pay tax on crypto.
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kaysersoze
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January 11, 2018, 07:10:09 AM |
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If a country requires payment from bitcoin profits, then there is no way out. You have to pay tax or it will end badly.
Yes.. i know a lot of people that refused to pay taxes or they just avoided them an they are now paying a huge amount of money because of that, and if they deny to pay that amount of money, they will go to jail. I do not understand why there is a lot of people trying to avoid paying taxes. |
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MAJICOIN
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January 11, 2018, 07:35:29 AM |
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I think for every thing we can pay taxes like if we buy some domestic things then you will pay some of the taxes over the small things. For example soaps and other daily need things bitcoin if we cash after that we will must use this to buy things and for that we will pay taxes to the governments so we can't say that we are not paying taxes the consumers are paying more than the big capitalist.
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Dilladupak
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January 11, 2018, 08:16:18 AM
Last edit: January 11, 2018, 08:56:41 AM by Dilladupak |
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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.
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