Is Taxing Bitcoins Possible?

[lautantepi]

The government does not conduct tax financial transactions, they gain tax benefits or income from income-generating traders. The same rule applies to cryptocurrencies. And usually you as a law-abiding citizen follow your country's tax law and declare your income. If you do not, and they know, big fines and possible imprisonment.

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[monster2]

and it is possible for you to have a bitcoin tax because bitcoin users make a lot of money and little to lose their income when bitcoin is taxed in the Philippines.

[Umar001]

Taxing bitcoin is possible, if only bitcoin is dolly register with appropriate government authority, for proper regulation, taxing bitcoin can make bitcoin global acceptable, like others hot currency,.

[Xester]

I have been thinking of this for long and the reason being that a lot of bitcoin transaction is going online everyday in many countries and i think government can generate IGR from this if possible. I am not a programmer and i have a little knowledge about bitcoin technologies but i just want to know if it is possible.

Well for me bitcoin cannot be subjected to tax.  Because it is very impossible to tax persons who are using or earning bitcoins.  Simply because transactions are untraceable.  It would take so many times and extensive planning and study to just tax our earnings from bitcoin.  The only thing maybe the government can do is to regulate bitcoin.

[JTEN18]

I have been thinking of this for long and the reason being that a lot of bitcoin transaction is going online everyday in many countries and i think government can generate IGR from this if possible. I am not a programmer and i have a little knowledge about bitcoin technologies but i just want to know if it is possible.

Well for me bitcoin cannot be subjected to tax.  Because it is very impossible to tax persons who are using or earning bitcoins.  Simply because transactions are untraceable.  It would take so many times and extensive planning and study to just tax our earnings from bitcoin.  The only thing maybe the government can do is to regulate bitcoin.

It is already implemented in some countries just like South Korea wherein you are obliged to pay for tax when you are doing trading or buying bitcoin, some that cannot control this one just like China just decided to banned rather than imposing tax.

[AnnaGeraMsk]

I think the only option that would all transactions are taxed is to control all exchangers

[Polonium]

It is possible to tax bitcoin investments but no bitcoin itself, I think this will work when you will be cashing out your earnings, it will happen will your online wallet, whenyou make transfer from your wallet to your bank, the money will be deducted for fees and taxes accordingly. I think this is the most viable option for bitcoin taxation.

[Ultegra134]

It's not directly possible to have your Crypto taxed. However, if you exchange your crypto to Fiat currencies and then withdraw your funds into a bank account then they will get taxed. Everything that's shown as an income is taxed, you can avoid it though if you are dealing in person.

[radjie]

I have been thinking of this for long and the reason being that a lot of bitcoin transaction is going online everyday in many countries and i think government can generate IGR from this if possible. I am not a programmer and i have a little knowledge about bitcoin technologies but i just want to know if it is possible.

Well for me bitcoin cannot be subjected to tax.  Because it is very impossible to tax persons who are using or earning bitcoins.  Simply because transactions are untraceable.  It would take so many times and extensive planning and study to just tax our earnings from bitcoin.  The only thing maybe the government can do is to regulate bitcoin.

bitcoin would be appropriate to be taxed by the government, if a country's government could formalize the existence of bitcoin. as we know most countries still can not formalize the bitcoin used as a means of payment transactions for fear the population is more comfortable using payment transactions using bitcoin. if the government is able to legalize the bitcoin most likely every bitcoin user, his income and expenditure will be imposed with tax deductions from the government.

[ityandsyn]

Taxation of bitcoin is possible if the government or any business establishment will legally accept bitcoin for payments  and it can be done during payments by adding the price of a subject or items paid with btc. In my country.there is an existing value added tax, but it can be add on if they want too.