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Author Topic: Irish authority published its new cryptocurrency taxation guidance.  (Read 78 times)
ClaytonLWils
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May 24, 2018, 03:13:08 PM
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Irish govt has published its new tax related guideline for the cryptocurrency traders. The tax advisors are advised to follow the guideline properly and take note for the traders according to new guideline. I hope it will reflect a positive effect among all the traders and the countries who are thinking about its acceptance.

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May 26, 2018, 05:21:26 AM
 #2

Well, as we all know tax is a thing which we don’t want to give. But it is a part of our social responsibility. So I think is a very good news for the cryptocurrency investors that soon many countries will start to accept cryptocurrency and it will give a good impact.
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May 26, 2018, 06:40:56 AM
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I think those who are into cryptocurrency, that is living in Ireland will now move to a different country, it is true thay taxes helps build bridges and structures, but a social responsibilty, I doubt it, creation of taxes was made way back even before the romans took over, this is just collecting money from the poor to make the rich get richer, and if we started to pay taxes, what is the sense of using decentralized currency if we are just going to give it away to the government, and there is no assurance that they will only take coins for what they are worth, if they decided that they will take an equivalent of .01 btc from you, at today's value, no one would agree, and why would they give out their names and all their assets, where will be the anonymity?
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May 26, 2018, 07:51:49 AM
 #4

I think those who are into cryptocurrency, that is living in Ireland will now move to a different country,

people are already paying taxes for a lot of things. for nearly everything that they do in their daily lives that involves money and they are not migrating to another country just because they have to pay taxes!!!

Quote
if we started to pay taxes, what is the sense of using decentralized currency if we are just going to give it away to the government,
you never pay taxes for using bitcoin, a decentralized currency. instead you pay taxes when you use bitcoin in a centralized platform which is connected to fiat. for example when you are trading it with fiat on a centralized exchange.

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May 26, 2018, 08:55:14 AM
 #5

In as much as we may see this as an attack on cryptocurrencies I do see this as a good development. Many of us did not no that cryptocurrencies need the intervention of governments for it development and for governments to come in there most be taxation.

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May 26, 2018, 09:49:28 AM
 #6

if they decided that they will take an equivalent of .01 btc from you, at today's value, no one would agree, and why would they give out their names and all their assets, where will be the anonymity?

Them taking as much as 0.01 BTC from a bitcoin user is impossible unless he/she has a lot of crypto in his/her stash. Also, the Irish government will take it in the form of fiat currency as stated by:
The authors of the manual point out, however, that cryptocurrencies cannot be considered functional currencies as defined in Section 402(1) of the TCA. Therefore, accounts for tax purposes cannot be maintained in crypto. Instead, euro or other fiat currency should be used.
I hope it will reflect a positive effect among all the traders and the countries who are thinking about its acceptance.
It might give off a positive effect to countries planning to legalize bitcoin, but I doubt it will have a positive effect on most of the traders(except to those who trade based on emotion).
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May 26, 2018, 11:25:52 AM
 #7

It is a positive news I think specially when many countries are banning crypto. I think this guideline will help the traders a lot with tax issues.
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May 26, 2018, 11:29:36 AM
 #8

I think those who are into cryptocurrency, that is living in Ireland will now move to a different country, it is true thay taxes helps build bridges and structures, but a social responsibilty, I doubt it, creation of taxes was made way back even before the romans took over, this is just collecting money from the poor to make the rich get richer, and if we started to pay taxes, what is the sense of using decentralized currency if we are just going to give it away to the government, and there is no assurance that they will only take coins for what they are worth, if they decided that they will take an equivalent of .01 btc from you, at today's value, no one would agree, and why would they give out their names and all their assets, where will be the anonymity?

The Irish traders won`t move to a different country.They will move their crypto funds to more "secret" places online or offline,in order to avoid taxation.You are right about the taxes and inequality.I really doubt that any crypto whale is paying taxes for his wealth.

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May 26, 2018, 08:32:47 PM
 #9

Some people think these type of guidances are negative for crypto ers. Because noone wants to give taxes. But I think its better for legality in future. Its affects will be positive for good coins friends.

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superstarbtc
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May 26, 2018, 09:28:41 PM
 #10

Ireland is about to charge its citizens with new law equal to cryptocurrency taxes even Indian also preparing such law
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May 26, 2018, 09:48:30 PM
 #11

you never pay taxes for using bitcoin, a decentralized currency. instead you pay taxes when you use bitcoin in a centralized platform which is connected to fiat. for example when you are trading it with fiat on a centralized exchange.

Technically speaking, it even reaches peer to peer trades. It all comes down to your obligation to declare all your activities in a honest manner. Even profits made from local crypto to crypto trades can be taxed, and that without even having dealt with fiat. In some countries just holding crypto is enough to make you pay tax, and that every year. It adds up to your regular wealth that gets taxed, so there legally isn't a way to escape here. People however have the option to avoid any centralized service when it comes to buying and selling crypto, and as long as you can operate under the governmental radar, you are fine. Excluding yourself from the centralized market isn't easy though, especially because of the convenience you'll be missing out on. Privacy however is worth more than convenience. Smiley
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May 26, 2018, 10:58:03 PM
 #12

I am also agree with you. I think that it will create a posiive impact to the people but there is always something which will someone or something which will create a negative environment. I really hope that it will not happen in this case.
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May 26, 2018, 11:30:40 PM
 #13

i think is good information in iris crypto user pay tax
this mean in there crypto currency already regulate

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May 27, 2018, 05:29:54 AM
 #14

Really it is great news for all of the investors of the crypto currency world. Now the crypto currency is becoming more and more popular day by day. It is earning recognition from different institutional investors and even also from the government. Bitcoin has made such thing possible as we are seeing the large scale adoption of bitcoin. We hope that very soon the government will accept bitcoin also as it has flexibility than others.
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May 27, 2018, 05:36:02 AM
 #15

It is really a great news for the industry. I think there should be a guideline of law and order by following which both traders and govt will be benefitted. Roll Eyes
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May 27, 2018, 05:58:23 AM
 #16

Well, many traders are not satisfied with the idea of paying tax. But of course, as a citizen you must pay your tax. I think this will bring a positive effect in the cryptocurrency platform.
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May 27, 2018, 06:15:22 AM
 #17

at least Irish government is not against cryptocurrency that is why i like them. they are much more advanced then many so called big countries. i hope irish treaders will be benefited from the new tax related guideline. and other countries will start thinking about its acceptance.
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May 27, 2018, 06:16:01 AM
 #18

and there is no assurance that they will only take coins for what they are worth, if they decided that they will take an equivalent of .01 btc from you, at today's value, no one would agree, and why would they give out their names and all their assets, where will be the anonymity?

if they wanted to take tax in bitcoin then they would have had to see bitcoin as a currency which they clearly are not. so they take taxes in fiat. in other words when you have 0.01BTC and it is worth $75 and then it goes up to $20000 and that same amount is worth $200 you have to pay a tax on the profit you made (assuming amount falls above the minimum amount you have to pay taxes on). and you pay it in fiat. and it would be something like $5 on your $125 profit or something like that.

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May 27, 2018, 12:52:19 PM
 #19

uh, so is anyone in this thread gonna tell us what the actual guidelines are?

should we all move to ireland to get rich or run screaming as fast as possible?
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May 27, 2018, 01:57:39 PM
 #20

Well, it's a good thing that they at least accept cryptocurrency and not like some countries which banned it and it activities. On the issue of taxation,  I guess many traders and investors will gladly follow the rules and pay their tax. It's either you pay your taxes and enjoy the benefit than to be totally banned like some countries. I guess this will also help in reducing cryptocurrency fraud activities too.

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