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Author Topic: Taxation  (Read 113 times)
Mhd-Bobbi
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July 20, 2018, 05:30:46 PM
 #21

Crypto-to-fiat transactions will be subject to taxation in Azerbaijan, local news outlet Trend reported Saturday
https://cointelegraph.com/news/azerbaijans-taxes-ministry-says-crypto-revenue-is-subject-to-taxation

Do you think this has benefits?
"This is formalized as corporate income tax and income tax for an individual If someone buys cryptocurrency and then sells it after the price goes up, this amount is recorded as income and therefore should be interested in taxes."

I say this is helpful. Because if the State Tax Ministry they impose taxes. This means they have legalized the use of bitcoin. It is very nice. There is no prohibition for people in their country to use bitcoin.

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July 20, 2018, 10:03:16 PM
 #22

That's one of the benefits that the government will get if crypto will be adopted to a country, there's also a benefit to the citizens.

They will have another source to make money and that is through crypto's unlike other countries who banned it, you don't have any chance to make money with crypto or trade with it so that's the counterpart of letting a government support crypto.

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July 20, 2018, 10:28:32 PM
 #23

Crypto-to-fiat transactions will be subject to taxation in Azerbaijan, local news outlet Trend reported Saturday
https://cointelegraph.com/news/azerbaijans-taxes-ministry-says-crypto-revenue-is-subject-to-taxation

Do you think this has benefits?

In my own opinion, cryptocurrency should not have any taxes because people who invest are already paying for transaction fee's which compensate as a tax.

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July 20, 2018, 10:34:53 PM
 #24

I would consider it to be good, taxation is necessary in society but it needs to be fair
and that is a totally different discussion.

The fact that Azerbaijan are applying taxes on crypto means they are not banning it
and that is positive, they dont seem to be applying any extra tax on it either just
Treating it the same as capital gains tax, this will be easy for any other country to
do also. It might also mske a minority if people think twice about cashing out to FIAT.

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July 20, 2018, 10:46:53 PM
 #25

That's one of the benefits that the government will get if crypto will be adopted to a country, there's also a benefit to the citizens.

They will have another source to make money and that is through crypto's unlike other countries who banned it, you don't have any chance to make money with crypto or trade with it so that's the counterpart of letting a government support crypto.

It is true that crypto can provide many solutions for a country and its citizens if adopted to be used as a payment method other than fiat currency. In addition, blockchain technology used crypto can work for various sectors, especially processing and data storage that can be utilized by the government of a country to run various services that have so many problems related to it.



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July 20, 2018, 11:19:31 PM
 #26

That's one of the benefits that the government will get if crypto will be adopted to a country, there's also a benefit to the citizens.

They will have another source to make money and that is through crypto's unlike other countries who banned it, you don't have any chance to make money with crypto or trade with it so that's the counterpart of letting a government support crypto.
It is true that crypto can provide many solutions for a country and its citizens if adopted to be used as a payment method other than fiat currency. In addition, blockchain technology used crypto can work for various sectors, especially processing and data storage that can be utilized by the government of a country to run various services that have so many problems related to it.
Yes, blockchain and crypto's are separated if the government will take advantage of it and many sectors will be able to upgrade their systems in terms of data processing and storage.

But taxation is different from technology adaptation

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July 20, 2018, 11:31:11 PM
 #27

I think it's useful. After all, it was not forbidden. At least it can be said that it became legitimate with the tax option. That's what I always think; Tax forbidden is a more useful solution. Everyone will be pleased with a rate agreed on both sides.

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