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Author Topic: [2018-04-13] Latvia Recognizes Cryptocurrencies in Order to Tax Them  (Read 40 times)
limek
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April 13, 2018, 12:41:43 PM
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Trying to take its share of the profits, the government of Latvia may accept cryptocurrencies as a legal means of exchange. This year’s tax filing campaign is underway and officials don’t have much time. Two parliamentary commissions and the Ministry of Finance have expressed their views on the matter this week. Latvians may very soon owe the state tax on their gains from crypto transactions.

Cryptocurrencies Deemed Dangerous but Taxable

According to the Latvian Finance Ministry, 20% tax can be imposed on capital gains from deals with cryptocurrencies. Its representatives announced the proposal during a meeting with deputies from the Parliamentary Budget and Taxation Committee on Wednesday.

Read more: https://news.bitcoin.com/latvia-recognizes-cryptocurrencies-in-order-to-tax-them/

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carlisle1
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April 13, 2018, 01:29:25 PM
 #2

Trying to take its share of the profits, the government of Latvia may accept cryptocurrencies as a legal means of exchange. This year’s tax filing campaign is underway and officials don’t have much time. Two parliamentary commissions and the Ministry of Finance have expressed their views on the matter this week. Latvians may very soon owe the state tax on their gains from crypto transactions.

Cryptocurrencies Deemed Dangerous but Taxable

According to the Latvian Finance Ministry, 20% tax can be imposed on capital gains from deals with cryptocurrencies. Its representatives announced the proposal during a meeting with deputies from the Parliamentary Budget and Taxation Committee on Wednesday.

Read more: https://news.bitcoin.com/latvia-recognizes-cryptocurrencies-in-order-to-tax-them/
Seems like more governments wanna ha a piece of cake huh?but i guess this is the most effective way of legalization cryptocurrency in every country,because if taxation will be properly implemented in every countries worldwide this crypto community will ma a growth hugely and may become the biggest profiteering site in the world

Palmerson
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April 13, 2018, 02:10:00 PM
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It seems to me that all the taxes that exceeds 10% is robbery. Fiat confirms that. Governments still do not understand why people pay attention to cryptocurrencies. They pretend that nothing has happened and want to impose the same conditions for the use of cryptocurrencies. I will hide any income if the tax is more than 10%.
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April 13, 2018, 06:10:52 PM
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It seems to me that all the taxes that exceeds 10% is robbery. Fiat confirms that. Governments still do not understand why people pay attention to cryptocurrencies. They pretend that nothing has happened and want to impose the same conditions for the use of cryptocurrencies. I will hide any income if the tax is more than 10%.

Governments do surely know why people like crypto currencies. They are very well aware of what's going on, that I am very sure of. The main point of importance is that they know that at this point in time, the far majority of the people use Bitcoin and other currencies to speculate with, and not to actually use them as a fiat currency alternative. Most governments don't consider it to be a threat yet, but that could change later on. Other than that, 10% tax seems to be a blessing if that was actually the rate we would be subject to, but we have to follow the rules as long as we keep using centralized services. If you have used an exchange before, then what's the point of hiding your activities? One way or another, they will find you and make you pay what the IRS thinks you owe them. It's a disgusting game that's being played, but one you know you are subject to when using centralized services....
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April 13, 2018, 08:13:37 PM
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It seems to me that all the taxes that exceeds 10% is robbery.
It seems to me that that's an arbitrary figure - it's not like taxation is as simple as "my wage would have been X, but instead it's 0.9X", because life costs less when some essentials are covered by the state.

What I do find annoying though is taxation that's very complicated in which everything is split into many different classifications and there are many different variants of tax. 

Also, classification and "recognition" seems pretty much meaningless.  All that matters is how it's taxed.
audaciousbeing
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April 13, 2018, 08:28:57 PM
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Trying to take its share of the profits, the government of Latvia may accept cryptocurrencies as a legal means of exchange. This year’s tax filing campaign is underway and officials don’t have much time. Two parliamentary commissions and the Ministry of Finance have expressed their views on the matter this week. Latvians may very soon owe the state tax on their gains from crypto transactions.

Cryptocurrencies Deemed Dangerous but Taxable

According to the Latvian Finance Ministry, 20% tax can be imposed on capital gains from deals with cryptocurrencies. Its representatives announced the proposal during a meeting with deputies from the Parliamentary Budget and Taxation Committee on Wednesday.

Read more: https://news.bitcoin.com/latvia-recognizes-cryptocurrencies-in-order-to-tax-them/

Even though this is a confirmation of the view that I always hold that the issue about most government deciding whether bitcoin is legal or not is because they are not sure of how to take their own cut. A country like this I would say is the smart move. All over the world, government will continue to take noise about dwindling revenue and the continuous increase in the demand for social amenities by the populace and for a country that does not have the technical know how to stop the spread of crypto currency and the cost of getting that technology would eat deep into the already depleted resources, why not make the best out of it by making it a win-win situation

Users of crypto currency would pay tax so far it does not kill initiatives and not damming, while government gets its own cut in terms of new source of revenue without any cost such as signing a treaty, letting go of some sovereignty in disguise of aids and everybody is happy.
entrepmind23
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April 14, 2018, 04:03:56 AM
 #7

Since it is hard for the government to stop the people being involved with cryptocurrencies then might as well take their cut from it. If they continue to be against it then those who would like to still continue would do every means necessary so that they can still trade and earn cryptocurrency. If they legalize it then they can take their share of the profits and it would be a win-win situation. Some may be against regulation in cryptocurrency but still I would prefer it than being declared illegal because I wouldn't be able to earn from it anymore as I want to be a law-abiding citizen.
CryptoBry
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April 14, 2018, 05:31:00 AM
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Personally, I have no problem with the government imposing taxes and getting its share of the actions since collecting taxes is one of its many legal power. However, as part of the compromise so to speak the government must really recognize the use and utilization of cryptocurrency so that people can be free to be part of this new industry and at the end the government can collect more taxes because of broadening cryptocurrency use. The government is actually in the position of making this whole thing a win-win affair.

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April 14, 2018, 09:06:14 PM
 #9

Trying to take its share of the profits, the government of Latvia may accept cryptocurrencies as a legal means of exchange. This year’s tax filing campaign is underway and officials don’t have much time. Two parliamentary commissions and the Ministry of Finance have expressed their views on the matter this week. Latvians may very soon owe the state tax on their gains from crypto transactions.

Cryptocurrencies Deemed Dangerous but Taxable

According to the Latvian Finance Ministry, 20% tax can be imposed on capital gains from deals with cryptocurrencies. Its representatives announced the proposal during a meeting with deputies from the Parliamentary Budget and Taxation Committee on Wednesday.

Read more: https://news.bitcoin.com/latvia-recognizes-cryptocurrencies-in-order-to-tax-them/

This is my home country and there is NO united view from government agencies .
One of the agencies is thinking that it should be taxed and the other ( which is in fact is Finance ministry ) that the crypto currency impact is too small in country to negotiate
 this matter further right now.
Hence most likely there will be no taxing in near further.

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