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Author Topic: [2018-05-06] Azerbaijan to Tax Crypto Incomes and Profits  (Read 65 times)
limek
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May 06, 2018, 02:47:07 AM
 #1

Gains from cryptocurrency transactions will be taxed in Azerbaijan, according to a high-ranking official from the Tax Ministry. Authorities in the energy-rich nation intend to tap into both corporate profits and personal incomes. The country has previously taken a conservative stance on cryptocurrencies but the focus on taxation now signals a change in Baku.

Both Corporate and Private Incomes to Be Taxed

Revenues from crypto transactions are subject to taxation in Azerbaijan, said Nidjat Imanov, deputy-director of the Department of Tax Policy and Strategic Studies at the Ministry of Taxes. Imanov clarified his department’s position during the Financial and Investment Forum held in the capital Baku this Saturday, Trend news agency reported.

Read more: https://news.bitcoin.com/azerbaijan-to-tax-crypto-incomes-and-profits/
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May 06, 2018, 03:07:30 AM
 #2

Other countries are implementing it already so it is not surprising for the country to implement it as well. It is the people's responsibility to pay whatever taxes are due to them may it be from cryptocurrency or other source of income. The thing that people complain about is the usage of taxes by the government officials. Some just refuse to pay taxes because they can see that their taxes are not spent properly as it only benefits the government officials.

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Earlier this month, representatives of the crypto sector set up a new association called “Center for the Study and Development of Cryptocurrency Markets and Blockchain Technologies.” Its main activities will be to conduct educational work, prepare regulatory proposals, and offer consulting services. The center will also focus on the implementation of blockchain technologies in the corporate and banking sectors and support projects funded through initial coin offerings. Its representatives will seek cooperation with foreign experts.
It is good to know that they are taking a positive stance towards cryptocurrencies by having an association especially dedicated to cryptocurrencies. I do hope that for those countries who are deciding to ban crypto would just build an association like them to combat those fraudulent actions involving cryptocurrencies.

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May 06, 2018, 06:49:19 AM
 #3

It's good news that Azerbaijan is one of the countries who are taking advantage of cryptocurrency gains from their citizens and corporations rather than those countries who completely prohibits cryptocurrencies to even be traded in their country. Also their government early on has identified the economical opportunity they saw on cryptocurrency investment, sadly some cryptocurrency friendly countries don't have any kind of regulation to control profits from their citizens which means most of their gains are not taxed, from a developmentl perspective I see this as a problem from crypocurrencies being freely traded without the government's authority unlike Japan and Korea where they have regulated exchanges having a completely transparent income report won't be possible.

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May 06, 2018, 07:15:31 AM
Merited by richardsNY (1)
 #4

This isn't news, but common sense. Countries tax all kinds of income, whether cryptocurrency related or not. But this doesn't automatically mean regulation of cryptocurrencies. The two are quite different. A country can tax cryptocurrency gains or income, even if it is not regulated.


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May 06, 2018, 07:52:08 AM
 #5

It is good to know that they are taking a positive stance towards cryptocurrencies by having an association especially dedicated to cryptocurrencies. I do hope that for those countries who are deciding to ban crypto would just build an association like them to combat those fraudulent actions involving cryptocurrencies.

Unfortunately, other countries would just prefer to impose a ban rather than to deal with these cryptocurrencies. It's sad that they don't even make the time first to understand or learn about crypto which potentially would benefit their country instead of ridding it totally. A nation's government should have the prerogative to make decisions for the betterment of their country, and sometimes making a ban is not always the best.
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May 06, 2018, 10:26:45 AM
 #6

That's kinda confusing. Article says that they maintain a conservative stance on bitcoin. Meaning they dont recognize it as a legitimate means of payment. However taxing it is one way of legitimizing it. Am i missing something here? But anyways, i do hope the taxing system works both for the government and the crypto industry. If it works, then maybe other governments would follow.

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May 06, 2018, 04:25:21 PM
 #7

It said they have "previously taken a conservative stance." Anyway, looks like government wants their cut of non-government money.

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May 06, 2018, 10:09:56 PM
 #8

That's kinda confusing. Article says that they maintain a conservative stance on bitcoin. Meaning they dont recognize it as a legitimate means of payment. However taxing it is one way of legitimizing it. Am i missing something here? But anyways, i do hope the taxing system works both for the government and the crypto industry. If it works, then maybe other governments would follow.

For this last year, people are earning with BTC a big money and the some governments don't really care that much but when more people are earning more than the salary of high ranking official in the gov't they are bothered now so they try to impose tax as they recognized BTC and altcoin as one source of income aside from having full time job or small business.

Because someone who just deposit money to their bank account with large money and they don't have work or business at all will be suspicious and perhaps be investigated and maybe be charge with a case of money laundering or involvement to illegal business.
And you woudnt like it do you?
imsotiredofmoviereboots
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May 07, 2018, 07:29:54 AM
 #9

Well, bad news for them. I can clearly say that this country is just against crypto and they just wanted to see where it will go. I have a feeling that they will ban it eventually.

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May 07, 2018, 09:44:47 AM
 #10

Well, bad news for them. I can clearly say that this country is just against crypto and they just wanted to see where it will go. I have a feeling that they will ban it eventually.

Its clearly not hard to see where is this going. Last year there was a news that they are keeping a watchful eye on anything related to bitcoin and they have rejected bitcoin as a legitimate payment method.

https://news.bitcoin.com/azerbaijan-rejects-crypto-as-means-of-payment/

So I not totally surprise by this bitch mode. However, there are a lot of countries that are already implementing this kind of tax setup, but its up to the individual to declare it, which might tempted most of us not to declare it.So I have to agree that eventually we might hear from them a total crypto ban, so let's see how it goes. I hope I'm wrong though.

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May 07, 2018, 05:36:16 PM
 #11

I'm not an expert, but how do they plan to track every crypto user?  The strategy that Azerbaijan is going to follow is regulation and its definitely better than ordinary crypto ban, it is going to bring more money in the government's chest and to use this money on development of the country, but normally the begging part of money will stay in the capital.
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May 07, 2018, 05:49:48 PM
 #12

Let's not be naive: it was perhaps inevitable that, sooner or later, we would be taxed when going back to fiat currency. I only hope that, one day, we won't need to exchange our coins for that fiat rubbish. But if you go back to fiat be prepared for the taxman

I am not interested in preserving the status quo; I want to overthrow it. Niccolò Machiavelli
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May 07, 2018, 06:17:40 PM
 #13

A country can tax cryptocurrency gains or income, even if it is not regulated.

Spot on. I quite often see how people blatantly assume that they are exempt from paying tax over their crypto holdings and gains because it's either not regulated or explicitly mentioned. In most countries I am quite certain that there is always a category where crypto fits in, which is something they don't take into consideration. In my case there is a section called 'everything else' (rough translation). In case you gained profits or income through something that isn't specified in the form, you are obliged to make it fit in the 'everything else' option. Governments very well know how to squeeze every penny out of their citizens, that's something you don't have to doubt about....
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May 09, 2018, 02:36:06 AM
 #14

The implementation of this will remain stagnant for sometime until there are voices from their own people. Eventually...
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