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Author Topic: How to TAX Bitcoin. An easy way !  (Read 3953 times)
BrandeXMRLOVER
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March 13, 2018, 08:49:47 PM
 #161

Your idea has got point. I don't think any mistake is present and if there is any, using those holes would claim penalty
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March 13, 2018, 09:03:25 PM
 #162

Great idea as because now there will be onlookers on the transaction route thereby preventing the misuse of btc ecosystem
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March 13, 2018, 09:05:45 PM
 #163

I th

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March 15, 2018, 07:50:13 AM
 #164

Great idea as because now there will be onlookers on the transaction route thereby preventing the misuse of btc ecosystem
That would be a great improvement in the system and world of crypto currencies if it becomes possible for us to monitor them. This way, more and more people are going to invest into crypto coins making them common and reliable. More investors means that more people are going to sue digital currencies in their daily routine. Bitcoin monitoring will also deprive government of any excuse for making it illegal.

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March 15, 2018, 09:40:42 PM
 #165

If we impose tax on btcs too then what would be the advantage of using btcs over normal fiats
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March 16, 2018, 06:38:09 AM
 #166

In my country, I have to fill a form every year for the tax department, including my year end bank statement and the salary bill.
Together with some major bills for insurance and healthcare, that's all they get.

So I can hide cash under the bed, or have an overseas account, or have some Gold bars, etc. The goverment has to thrust me quite a bit.
They can check some transfers, but if you like to hide it, you can do it.

So the actual way of getting the real numbers is quite bad.

In Bitcoin
If the Tax department makes it a rule by law, that you have to report every BTC address you own, or every wallet you own ...

All problems solved, because then the Department has also the addresses of the petrol station and the deli you spend money.
In no time the system knows which tax counts here and can claim the respective amount from both sides.

Sure it is still possible to hide Bitcoins, but then it is illegal.


...or did I miss something?
Oh that’s nice, but what if I decide not to give out my addresses to them? What if I just give them a fake address I don’t make use of, do you think they will know? Nope, I don’t think so, they will never know. They will only know when you report to them that you have Bitcoin. And why should you let your government know that you’re making use of Bitcoin?



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March 19, 2018, 12:23:38 AM
 #167

The whole system is corrupted so how can tax implementation cause the corruption free btc regulations?
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March 19, 2018, 12:34:38 AM
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 #168

With blockchain technology, I am believe bitcoin more transparant, but bitcoin have anonymity system and no one know who own bitcoin wallet. If government want taxes from bitcoin I think they should tax from bitcoin trade and treat bitcoin as commodities. Thats my opinion and maybe I am wrong

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March 19, 2018, 12:39:31 AM
 #169

In my country, I have to fill a form every year for the tax department, including my year end bank statement and the salary bill.
Together with some major bills for insurance and healthcare, that's all they get.

So I can hide cash under the bed, or have an overseas account, or have some Gold bars, etc. The goverment has to thrust me quite a bit.
They can check some transfers, but if you like to hide it, you can do it.

So the actual way of getting the real numbers is quite bad.

In Bitcoin
If the Tax department makes it a rule by law, that you have to report every BTC address you own, or every wallet you own ...

All problems solved, because then the Department has also the addresses of the petrol station and the deli you spend money.
In no time the system knows which tax counts here and can claim the respective amount from both sides.

Sure it is still possible to hide Bitcoins, but then it is illegal.


...or did I miss something?
do you know that any user can make wallets and any address without restriction, and when they give their address to the government they can avoid taxes by using other address or other wallet? I think this system is still very easy to manipulate, I think it is difficult to implement tax on bitcoin

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March 19, 2018, 06:10:21 AM
 #170

With blockchain technology, I am believe bitcoin more transparant, but bitcoin have anonymity system and no one know who own bitcoin wallet. If government want taxes from bitcoin I think they should tax from bitcoin trade and treat bitcoin as commodities. Thats my opinion and maybe I am wrong

If they will really want to tax us it could be easy for us.
It's only anonymous if we are transacting and we are using our own wallet where we are the one who knows
the important information, however, the moment you need to exchange it, that will be the time you will have to comply with the KYC policy
which the government will impose.


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Bugsbey
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March 19, 2018, 07:35:41 AM
 #171

But that your government recognizes bitcoin as a currency? I doubt it. Your income in bitcoins according to the law is not revenue. If you buy goods with bitcoin it does not fall under the tax base. If you exchange them for your currency, then taxes will have to pay.
I doubt the government could impose taxes to all. How do government get our address. The system is decentralized, so how could the government impose taxes to every cryptocurrency transactions? Unless they will make this centralized. Maybe the government can let us pay taxes when our bitcoin will be converted to fiat money.

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March 19, 2018, 11:55:27 AM
 #172

With blockchain technology, I am believe bitcoin more transparant, but bitcoin have anonymity system and no one know who own bitcoin wallet. If government want taxes from bitcoin I think they should tax from bitcoin trade and treat bitcoin as commodities. Thats my opinion and maybe I am wrong

If they will really want to tax us it could be easy for us.
It's only anonymous if we are transacting and we are using our own wallet where we are the one who knows
the important information, however, the moment you need to exchange it, that will be the time you will have to comply with the KYC policy
which the government will impose.
The taxing for the bitcoin and also for the other crypto will come for sure because the government will be taking advantage of the profit that will be making by the bitcoin user from their country. It will be easy for them to tax us and i agree to what you said because they can just request a report from your profits in cryptocurrency to declare the required tax to be paid.

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May 19, 2018, 10:59:25 AM
 #173

In my country, I have to fill a form every year for the tax department, including my year end bank statement and the salary bill.
Together with some major bills for insurance and healthcare, that's all they get.

So I can hide cash under the bed, or have an overseas account, or have some Gold bars, etc. The goverment has to thrust me quite a bit.
They can check some transfers, but if you like to hide it, you can do it.

So the actual way of getting the real numbers is quite bad.

In Bitcoin
If the Tax department makes it a rule by law, that you have to report every BTC address you own, or every wallet you own ...

All problems solved, because then the Department has also the addresses of the petrol station and the deli you spend money.
In no time the system knows which tax counts here and can claim the respective amount from both sides.

Sure it is still possible to hide Bitcoins, but then it is illegal.


...or did I miss something?
So it is a test of honesty on your part and doing the right thing. Maybe in your country, you've seen the benefits of the taxes especially to those indigent people. But if most of the taxes is in the wallet of some few, then tax has no meaning for me at all. If bitcoin will be taxed, in our country, it will be so sad. Only so few will be benefited by this.

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May 21, 2018, 09:17:50 AM
 #174

In my opinion bitcoin should not be seen as property therefore it transactions should be exempted from tax. I see bitcoin as money and not gold or commodity or property but a medium of exchange for good and services.
True for me it is not really a commodity or wealth that need to be taxed,,,it is only a transactions through websites,,tax must be payable if companies,agencies or any stable works required.
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